How we work and why it could save you time and hassle on a £500 loan
“We are an introducer appointed Representative of T Dot UK Group Limited, who are a credit broker, not a lender” What this means is we have access to a large panel of lenders, and instead of going through all the different lenders, entering all your details numerous of times. You can simply enter your details once for your 500 pound loans on our quick quote page.
We’ll use our partner’s award-winning technology to scroll through 50+ lenders within seconds and the software will then automatically match you with the lowers rates to your circumstances.
Advantages of £500 payday loans
- If accepted by a lender, you could have the money in your account the very same day.
- 24 hours a day, 7 days a week our system operates so you can have your 500 pound loan at any time of the day, even at weekends. For more information on this please see our 24 hour payday loan page
- Some of the lenders specialise in bad credit, so if you’re looking for a £500 loan with bad credit, there’s a good chance you might still get a loan even when the banks have previously rejected you. We also have a page on bad credit quick loans should you need more information
- Getting a quote won’t affect your credit score. Yes, that’s right, the software we use called a ‘Pingtree’ which will only carry out a soft search on your credit file. Then, if you are accepted by a lender and decide to proceed with their quote, the lender will then proceed to carry out a full credit search on you.
Disadvantages to taking a 500 pound loan out
- High interest – unfortunately, this is the case for most short term loans.
- If you don’t make the repayments this can cause serious problems and in some cases leave you with a CCJ and very poor credit. So please consider the loan repayments and only apply if you know that you can comfortably make the repayments.
- A £500 loan is quite a large amount for a fast payday loan, so you will pay back more interest compared to a £100 loan or a £200 loan.
- Always check the APR, but most importantly check how much interest you will be paying back on your 500-pound loan, this is a lot clearer than using an APR. Check the monthly repayments and if they are too high, do not accept the £500 loan quote. Look at alternatives to payday loans or speak to a debt charity if you are really struggling financially.
FAQs on £500 loans
Here are some frequently asked questions about £500 loans in the UK:
What is a £500 loan?
A £500 loan is a small personal loan or short term loan that you can borrow from a lender in the UK. These loans are often unsecured, meaning you don’t need to provide any collateral, such as a car or home, to secure the loan. They are designed to help you cover unexpected expenses or finance a purchase when you don’t have enough money in your bank account.
Who can apply for a £500 pound loan in the UK?
To be eligible for a £500 loan with My Quick Loan, you need to be at least 18 years old, a UK resident, and have a steady income or employment. We will also consider your credit score and credit history to assess your ability to repay the loan.
How long does it take to get approved for a £500 loan today?
With My Quick Loan, once you’ve been approved, the funds are usually transferred to your bank account the same day. This depends on the lender we match you with but we only work with fast loan lenders so you will get a loan today.
How do I repay a £500 loan in the UK?
Most lenders we work with offer flexible repayment options for £500 loans in the UK. You can choose to repay the loan in full on your next payday or spread the repayments over several months. The repayment terms and schedule will be outlined in your loan agreement, and it’s important to make sure you can afford the repayments before accepting the loan.
Do you offer £50 loan for bad credit with no credit check?
We can offer a £500 loan for bad credit but we can’t offer any no credit check loans. All FCA-approved lenders must carry out a credit check. Whilst applying on My Quick Loan’s website, we will carry out a soft search to match you to a lender. If you get accepted, the quick loan direct lender will carry out a full credit search on you.
My Quick Loan for your £500 pound loan UK.
We have covered all the FAQs and advantages and disadvantages of taking out a £500 loan. Hopefully, you can use this information to make the correct decision. You should only take a £500 pound loan out as a last resort. If you are struggling with payday loan debt we suggest you speak to a debt charity.
Get your free loan quote todayAccess from £100 to £5,000
Representative 79.5% APR
Warning: Late repayment of payday loans can cause you serious money problems. For help, go to moneyhelper.org.uk.