Borrow £100 to £25,000*
- Bad Credit Accepted
- Fast Payout
- No Fees
- Secure Application
Short Term Loans
£100 – £1,000
Rates from 278% to 1576% APR*
3-12 month repayment
£1,000 – £25,000
Whole of Market panel
Trusted panel of lenders
Rates from 5.7% to 278% APR*
3-36 month repayment
Representative example: £500 borrowed for 5 months. Total amount repayable is £991.85 in 5 monthly instalments of £198.37. Interest charged is £491.85, interest rate 238.1% pa (variable). Representative 481.6% APR.
How To Choose The Right £500 Bad Credit Loan
- Any purpose £500 loans can be obtained from direct UK lenders online.
- Even if you have bad credit you will still be considered for a loan.
- Cheap loans and high acceptance rates make it easier than ever to lend money.
If you have bad credit, then you don’t need to be discouraged in taking out a loan right away. With a bit of research and shopping around, you will realise that there are actually a good number of lenders in the UK today that will cater your need for a £500 loan bad credit & £500 bad credit loan. When choosing the kind of bad credit loan for 500 pounds, you want a lender who will not only overlook your credit score but also one that is transparent on all the rates and fees and provides flexible payment terms that can be tailored to your needs and unique circumstances.
Borrow anything from £100 to £25,000 today.
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Choosing The Right £500 Loan for Bad Credit
To offset the risk associated in your bad credit, lenders providing bad credit £500 loans will normally put a higher interest rate in your loan deal. But aside from the interest rate, there are other factors that you might want to consider in choosing the right £500 loan for bad credit.
- Reasonable Interest Rates – The truth is, it would be extremely difficult for you to land a low interest rate if you have bad credit. With that being said, the best lenders will still keep their interest rates competitive based on your credit score.
- Minimum Fees – Some of the fees that are present in 500 loans if you have bad credit include charges for loan originations, late payments, prepayments, and unsuccessful payments. There are lenders who charge a lot of these fees but there are also those that don’t. The best leaders are those that put zero fees in their services and if they do have fees, they are at a minimum.
- Flexible Terms – The best lender should be flexible enough to allow you to pay off a loan as quickly as possible to save on interest payments or allow you to choose a payment term that is longer so the interest rate payments are low. Whatever works best for you and your present circumstances, the lender should be flexible enough to cater your payment term needs.
- Reputable – The right lender is the one that is licensed by the FCA or Financial Conduct Authority and enjoys a solid reputation in the industry. Ample experience is important and having the right staff to handle the different needs and concerns of borrowers is equally vital.
Finding The Best Bad Credit £500 Loan
Make sure that you check a wide array of options when you’re looking for the best bad credit loans for 500 pounds or any loan amount for that matter. You need to choose a lender who understands that your credit score is just a small part of a bigger picture. You must also determine the kind of loan term that you need, the kinds of options to avoid, and how you can evade scams and loan sharks. Most importantly, the best 500 loans bad credit would be the one that is perfectly suited to your present needs and circumstances.
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More FAQs About £500 Bad Credit Loans
Can I apply with a bad credit history?
Of course you can! Direct lenders are aware that not everyone has been able to maintain a perfect credit history due to factors such as job changes, unemployment etc. As a result, they have made it possible to obtain amounts as small as a £50 for bad credit with ease.
Can I borrow as much as I want?
Direct lenders have implemented various systems and protocols to help ensure that you only borrow as much money as you will be able to repay without experiencing financial difficulties along the way. For instance, if you only earn £1,200 per month, the chances of being able to borrow £10,000 will be fairly slim.
Will I get my funds today?
Most lenders are strongly focused on customer service, meaning that they will normally do everything possible to ensure that you will be able to access your funds on the same day you applied for them. In cases where it may take longer to obtain your cash, your lender will let you know.
Can I get loans if I’m on benefits?
Several direct lenders are now willing to assist individuals who are living on benefits by providing them with payday loans. There may be some terms and condition s that will have to be met when applying though. For example, your benefit payments will need to be consistent and sufficient to cover loan repayments.
How soon must my loan be repaid?
When obtaining your loan, your direct lender will inform you how many instalments must be paid in order to settle it in full. Smaller loans are generally repaid in fewer instalments than larger sums of money.