If you are looking to borrow £500, you can apply online with Badger Loans and we will match your application with the lender most likely to approve you – and with the best terms.
£500 loans can be useful if you need to supplement your monthly income or your next payday is just a little too far away. If you have pressing bills, a recent urgent expense or need a little extra cash for a special occasion, we can help you get the finance you need.
We work with up to 30 direct lenders who are authorised and regulated by the FCA. We can help you get the loan based on your status and requirements including lenders that offer payday, secured or unsecured loans.
To get an instant quote, simply click on ‘apply now’ and you will be asked to enter a few basic details online. You will get a provisional decision on the screen and if successful, you could receive funds on the same day of applying. It usually takes a minute or two to get your provisional decision so please wait a while until it appears.
What are £500 Loans Used for?
£500 loans are often used for emergency expenses such as paying household bills, broken boilers, car repairs or helping you keep your bank account balanced before your next payday from work.
There are always emergency cash requirements that arise from out of the blue and this may include plumbing problems, dental bills or even paying for a funeral.
If you need to borrow £500 with Badger Loans, you can receive the money into your bank account in one lump sum. You can repay in equal monthly instalments over 12 months or longer if you need to.
There is also the option to repay early at any point – so if you find that you are in a better financial position in 3 or 6 months, you can clear your balance in full and save money on interest overall.
What is the Eligibility Criteria to Borrow £500?
- Over 18 years of age
- Full-time UK resident
- Employed (full-time or part-time) with a regular income
- Can afford monthly repayments
- No guarantor required
- Valid UK bank account, mobile and email address
Every lender wants to ensure that the individual is able to repay their loan and interest, without falling into debt or financial trouble.
By having a stable and regular income, you will have money coming in that can pay off your loan each month.
It is important to be based in the UK full-time and have a mobile phone and email address so that the lender can contact you if need be.
Our lenders will typically run a ‘soft’ credit check to make sure that you do not have any major debt problems or other high cost loans outstanding. Whilst running a ‘soft’ credit check is crucial to check your eligibility, it will not negatively impact your credit score in any way.
What is the Cost of a £500 Loan?
The loans available from Badger Loans consist of either personal loans and payday loans – with personal loans usually being cheaper but they will require a good or fair credit score. Payday loans are more expensive because they are able to offer loans for people with bad credit.
Representative Example: Rates from 43.1% APR to max 1333% APR. Minimum Loan Length is 1 month. Maximum Loan Length is 36 months. Representative Example: £1200 borrowed for 75 days. Total amount repayable is £1506.00. Interest charged is 0.34% per day amounting to £306.00, annual interest rate of 124% (variable). Representative 49.7% APR (variable).
Can I Apply for a £500 Loan with Bad Credit?
Yes, we are able to offer £500 for bad credit scores and to accommodate this risk, you may be charged a slightly higher rate, but still within the FCA’s daily price cap of 0.8% per day.
We work with a range of lenders, some of whom are willing to take a view on poor credit histories. Although you may have missed repayments in the past or have a CCJ, the lenders are able to consider your application if they can see you are employed and have made an effort to keep up with payments more recently.
Why Should I Apply for £500 with Badger Loans?
Badger Loans is a fully authorised broker who do not charge any upfront fees and is dedicated to helping you find the best loan possible at the best terms.
We offer a fully online application process and our technology is able to match your loan requirements and credit status with the lender most likely to accept you – saving you time and money.
You can receive an almost instant decision upon completing the application form and subject to further checks, you could receive funds to your bank account in 1 hour or more likely within 1 working day.