What is a £500 loan?
When you think about loans, do you think about huge amounts of money and years and years of repayments? It’s time to change that type of thinking. Short term loans like a £500 loan are an easy way to deal with sudden financial crises, and a simple way to borrow money without being tied down to lengthy repayments. Get back in control with your finances by borrowing the amount that’s perfect for you.
You can borrow a £500 loan from a variety of lenders, with a simple, straightforward application process that can normally be done entirely online. No queuing on the phone or searching high and low for a local branch of your bank. Tap your details in on the keyboard, let the system search and you’ll be looking at a range of short term loan providers in no time.
£500 loans work much like larger loans. Start an application, enter all the relevant details (usually much less detailed than for a larger loan) and the money will be deposited straight into your bank account. Then it’s just a case of repaying at the agreed schedule, which you will get a chance to check before you agree to anything.
Normally all you will need is a current, valid email address, your home address information from the last three years, a contact number and, of course, the bank details where you would like the money depositing.
Why might you need a £500 loan?
£500 can help in many different situations. If the car suddenly breaks down on a month with no additional disposable cash, a £500 loan could be the difference between getting back on the road or missing work, school or other commitments.
£500 could pay for an emergency dental bill, something which all too often crops up out of the blue.
A £500 loan could be particularly useful in winter, for example, if the boiler suddenly breaks. This can feel like a nightmare, especially if it happens towards the end of the month when all the disposable income has already been used up. No one wants to face Christmas and new year in a freezing house. A £500 loan could be the difference between hiding under a duvet on the sofa and enjoying a fun-filled holiday season with your loved ones.
£500 could also be used for more joyful reasons. Perhaps you need a weekend away with the family. £500 could be that seaside trip that allows you to all recharge your batteries. Or maybe you just need that little bit extra to put towards your dream honeymoon.
How soon could I receive a £500 loan?
Many £500 loans are paid out the very same day. A quick online decision is the key to getting back in charge of your finances. Some payments could even be in your bank within 15 minutes.
To make sure your decision is as fast and accurate as possible, make sure you provide accurate information online, and have your bank details ready, as providers will be ready to transfer the money within minutes once you are accepted for a £500 loan.
There are no lengthy documents to sign and no legalese to pore over. This is a simple and easy to understand process. Simply enter your details, go over the agreement online, decide if it’s right for you and if it is, accept and wait just a short time for that money to arrive in your bank account.
Repaying £500 over time
A lot of people think that smaller loan amounts, like a £500 loan, have to be repaid the very next month. That’s not the case. Many £500 loans can now be repaid over time. Repaying £500 over several months makes it easier to manage your money. You can pay off those unexpected, one-off emergencies, and rest assured that your loan repayments will be affordable.
Payment terms for £500 range from 3 to 12 months depending on the provider. This allows you to stay in control with a term and repayment amount that’s entirely tailored to you and your personal situation. Providers will always take your personal circumstances into consideration, including your employment, your monthly income, your dependents and your current outgoings.
Of course, you get the chance to look at your repayment plan before you deice whether to take the loan or not. Measuring up whether a loan is affordable is important, and lenders offer complete transparency to allow you to make the most informed decision about your finances.
All loans are a financial contract between you and a provider. It’s important to understand the implications of your agreement, including what could happen if you miss payments or find yourself in financial difficulties. Understanding the details of your loan will help you relax and remove the burden of financial stress.
Period: 6 months
Interest rate: 80.98%
Payments: £150.81 per month
Total repayable: £904.86
Total interest: £404.86
Rates may vary depending on personal circumstances. Loan length may also vary. The above representative example is based on £500 borrowed over 6 months at 80.98% interest. Loan amounts are always subject to lenders' requirements and their approval. Time taken to receive funds may vary depending on different banks’ policies and procedures. The loan agreement will be subject to a credit search.