£500 Loans Everything You Need to Know
What is a £500 loan?
A £500 loan is a small cash loan that is designed to cover the cost of smaller expenses. The loan still comes with interest and can be secured or unsecured. These loans are flexible and can be repaid between a period of 1 - 24 months.
What can I use a £500 loan for?
£500 loans are very flexible and can be used to pay for any purpose. Often they are used to cover general expenses such as rent and bills. In some cases a cash loan is used for emergencies, such as a car breaking down or a bolider breaking.
Alternatively, they can be used to afford luxuries such as flights for a holiday. These loans generally pay for expenses that are less than £500, but can be used to contribute to more expensive items. If the loan isn’t enough to cover the cost of an expense, Flexy Finance is able to offer quick cash loans up to £5000.
What type of loan is a £500 loan?
A £500 loan is typically a short-term cash loan. This means that it is usually repaid in less than 12 months. However, you can choose to repay the loan repayments in monthly instalments over a longer period of time if you would prefer.
Depending on the lender, the loan may be secured or unsecured. A secured loan is attached to collateral, so if you fail to make a repayment you risk losing valuable possessions such as a car. An unsecured loan is not attached to collateral, so if you fail to make a repayment you will likely receive a penalty instead rather than losing something valuable.
A guarantor loan is where a close friend or family member agrees to repay the loan if the borrower defaults on a repayment. So if the borrower misses a monthly repayment, the guarantor will pick up the repayment that month.
What is representative APR?
What does representative APR mean?
APR stands for ‘annual percentage rate’. It refers to the total cost of borrowing money over a year, including the interest and standard fees you have to pay. ‘Representative’ means that 51% of applicants will receive the same interest rate advertised or a lower amount.
For example, the representative rate Flexy Finance offers is 1013.30%. Therefore 51% of customers will receive that rate of interest or lower. It is not a guarantee that customers will receive the same representative APR in their loan agreement.
Not everyone within the 51% will receive the same rate as the APR that is advertised. You will likely receive a personal rate which may be different from other applicants.
A personal rate may be higher, lower, or the same as the representative APR. It is usually determined by your credit score, how much you want to borrow, and your finances. APR is often used as a comparison tool to help people compare different loan providers.
Need a loan of £500? Where can I get a £500 loan?
Whether you’ve had a financial emergency, such as a broken vehicle or boiler, or an unexpected bill which has affected your cash flow; we’re here to help by working with lenders who are offering small loans of £500. We specialise finding applicants short term finance of £100 to £5,000 for 1 to 24 months.
Where can I borrow a small £500 loan?
At Flexy Finance we are able to offer loans of between £100 to £5,000. Therefore allowing you to borrow a loan amount of £500, for a period of anything between 1 and 24 months. All you need to do is fill out an application form, and you’ll receive your decision.
Am I eligible for a £500 loan?
To be eligible to borrow money, you will need to be able to meet the minimum lending requirements. You will need to be able to prove your identity, affordability and creditworthiness to show lenders that you are able to make the loan monthly repayments. You should also meet the following criteria:
- At least 18 years of age.
- You are a UK resident.
- Valid UK bank account and debit card.
- Monthly income of at least £750.
Can I borrow other amounts?
What information will I need to provide on my loan application?
When it comes to applying for loans online using our online application process, you will need to provide some personal and financial information. You will need to provide the following information on your application form:
- Your name
- Your date of birth
- Your address
- Annual income
- Monthly expenses
- Contact information
- Loan amount
Once you have submitted your application, a soft search credit check will then be performed to confirm both your personal details and affordability.
How do I apply for a £500 loan?
Our entire process is designed for ease of application and to provide you, as the borrower, with your funds as soon as possible. All you’ll need to do to apply online is to visit our apply page and fill out the form with your personal and financial details.
As our application process doesn’t require you to provide additional paperwork or a guarantor; you should be able to receive your decision within as little as 24 hours.
How much will a £500 loan cost?
Borrowing can be costly; therefore, it is advisable to only borrow an amount that you can afford to repay. Make sure that you check rates of interest to ensure that you can afford the total amount payable in addition to your repayments, specifically if you intend to repay over a longer period.
What is the interest rate on a £500 loan?
Our personal loans at Flexy Finance have an average Representative APR of 1013.30%.
How long do I have to repay a £500 loan?
The maximum repayment period you have to repay the ammount borrowed is 24 months (2 Years). You can tailor your repayment for between 1 - 24 months, so that you can choose how long you need to repay the loan. Make sure to check with the lender how long you have to repay.
Can I get £500 loans with bad credit?
You can get a £500 loan with bad credit. Although it may be difficult to be accepted for the exact finance you want, the lenders we work with will accept applications with bad credit. It is likely these loans will come with a higher interest rate as a result.
Many applicants worry that their poor credit rating will hinder their ability to take out credit; however, this isn’t always the case. With our panel of lenders, we’ll help match you with a lender to help you receive the finance you need.
Lenders will access your ability to manage credit responsibly based on your affordability.
Can I get a £500 loan without a credit check?
No, £500 loans with no credit check do not exist. It is a requirement for lenders and credit brokers to undertake a credit check on each application, even if the borrowing amount is small.
Credit brokers and credit lenders will perform what is known as a ‘soft credit check’ when they assess your application to see your creditworthiness. A soft credit check will not leave a mark on your credit rating.
So, if you see a lender offering a ‘£500 loan, no credit check needed’, it is a good idea to avoid the lender as it is too good to be true. For more information on no credit check loans, check out our guide.
What should I do if I'm struggling with debt?
It is important to remember to not to borrow more than you can afford, so always borrow responsibly. These loans should not be used for long-standing financial debt or other issues. Remember, if you are struggling with debt please click on the links below:
Why Choose Flexy Finance?
Wondering why you should choose Flexy Finance over other brokers? We specialise in finding our customers short term finance, for periods from 1 to 24 months. When you apply for unsecured credit with us, we’ll provide you with:
- A quick and easy application process
- No paperwork or guarantor required
- An instant decision on your application
- Receive your funds in as little as 24 hours
- We charge no fees for the service we provide
- Match you with a top lender
Is Flexy Finance regulated?
Yes, Flexy Finance is a regulated and authorised credit broker that only works with regulated direct lenders.
©Flexy Finance is a registered Trading name of Quiddi Hub Limited which is an Appointed Representative of QV Holdco Ltd, and is entered on the Financial Services Register under reference number: 740571. QV Holdco Ltd is authorised and regulated by the Financial Conduct Authority, and is entered on the Financial Services Register under reference number: 672826.
Frequently Asked Questions FAQS
What is a £500 loan?
A £500 loan is a small short term loan which is borrowed and repaid by monthly instalments, either in full or spread over a period of a few months. As these loans are for smaller amounts and repaid quickly, they are usually unsecured.
How much will a £500 loan cost?
The cost is dependent on the rates of interest, APR and any additional fees or charges that a lender issues in your loan agreement. In addition to this, it will also depend on how long you wish to borrow the loan for.
How can I apply for a £500 loan?
You can apply for a £500 loan via our online application form. The application is simple to complete and only requires you to provide some personal and financial information. If successful, you could receive the loan on the same day.
Why choose Flexy Finance?
We specialise in helping applicants find deals on short-term finance in emergencies when time is of the essence. If you wish to borrow money and spread the costs over 1 to 24 months, consider applying with Flexy Finance.
Can I borrow more than £500?
Yes, you can borrow more than £500. We are able to offer loans from £100 up to £5000. It is always important to remember to only borrow the amount of money you need. Overborrowing can cause financial problems, so make sure to borrow responsibly.
How long can I borrow a loan for?
You are able to spread the cost of a £500 loan over 1 - 24 months (2 years). The loan repayment plan is very flexible and allows you to tailor the repayment to your needs.
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