The cost of borrowing £300 over 6 months:
#1
Fast Loan UK
£507.48
#2
Mr Lender
£544.00
#3
Cashasap
£556.23
#4
Lending Stream
£579.00
#5
Money Platform
£586.26
#6
Savvy
£595.00
#7
QuidMarket
£596.46
#8
Cash4unow
£599.82
#9
Fernovo
£595.92
#10
Ticket Loan
£595.92
#11
Loan Pig
£595.92
#12
Moneybag
£600.00
Proud to offer the cheapest instant short term loans in the UK
Compare our loans to other lenders here
Warning: Late repayment can cause serious money problems. For help, go to moneyhelper.org.uk
Representative example:
Borrow: £300 over 8 months. 8 repayments of £70.31. Total amount payable £562.44. Interest rate: 130.21% pa (fixed). Representative APR: 840.75%
If you have a short-term cash flow issue but are faced with an urgent bill that needs resolving quickly, at Fast Loan UK we can help you with our £500 loans. As a trusted direct lender, you can apply today and receive a fast decision based on what you can afford to pay, meaning we can look to help those with a poor credit history. Just choose a repayment term of up to 8 months if you’re a new customer, and we’ll see if we can approve a £500 loan today. To start an application, click apply now.
How Do £500 Loans at Fast Loans Work?
When looking to borrow £500 loans from Fast Loan UK, you will be assigned a personal Customer Care Manager who will be your direct point of contact whenever you need them during your loan term. They will assess your application, and if approved, will be available to discuss any queries you may have during repayment. It’s this personal approach to lending that makes us different to other direct lender loans available online.
If this is your first time applying for a £500 loan, the maximum repayment term available is 241 days (8 months). This enables you to choose flexible repayments that can make the loan more affordable when compared to payday loans that typically need repayment in full on your next salary date. If you are a returning customer who has repaid their first loan in full and seeking a quick £500 loan, you may choose up to 365 days (12 months) to repay your loan. Each application will be subject to credit and affordability checks, but as we can offer loans for bad credit, we won’t decline you just for having a low credit rating.
We’re a direct lender which means we make our own lending decisions and if approved, we can send you the funds quickly, direct to your bank account. Authorised by the Financial Conduct Authority (FCA), we can ensure that you will experience a swift application process that is designed to help you get the funds you need fast. We only need a few personal and financial details about you to get started, and if we need any further information, your personal Customer Care Manager will contact you. Unlike a credit broker, which usually involves an extra fee on top, we charge no hidden fees and offer transparent loan terms. We keep our loans simple, and if you do need to borrow more than £500, we can offer a maximum of £800 for new customers and up to £2000 loans for returning customers.
Ready to start your application? Just click apply now and you could have the approved funds within 10 minutes of signing your loan agreement.
£500 Loans for Bad Credit
We want to be able to offer £500 loans to those who need it most. Our decision process is fair and transparent and rather than use automated lending systems, we provide a human approach that ensures we can help those with poor credit histories. If you’re looking for a £500 loan for bad credit, there’s a good chance we can help you today if you can afford to sustain repayments.
Although performing a credit check is a crucial part of our decision process, having a low credit score doesn’t automatically mean you will be turned away from getting a loan with us. We will review your income and regular outgoings to determine if the loan repayments on a £500 loan for bad credit are affordable for you. Your application can only be approved if we are certain the loan repayments can be sustained alongside your essential outgoings such as your rent or mortgage. If we cannot determine it is affordable, we will have to decline, so be sure to apply only if this is affordable for you – you can use our loan calculator to adjust the repayments to fit your budget.
As FCA approved responsible lenders, we take our customers’ financial situations very seriously and will not approve £500 loans for anyone where it is likely to lead them into financial difficulties. Our loans are designed to be used in the short term and are not suitable as a long-term solution. You should visit Money Helper for further information if you are someone needing financial advice and in long-term financial difficulties.
Why Choose Fast Loans for a £500 loan?
Applying for a £500 loan with Fast Loan UK is a simple, quick and easy process. Everything can be managed from your smartphone or tablet, which is great if you need to apply for a loan in an emergency when away from home. To apply for a £500 loan, you must meet our eligibility criteria:
- Aged 18 years or over
- Be a current UK resident
- Be in full or part-time employment or self-employment
- Receive a regular income
- Have a valid bank account and debit card
We can offer a quick loan application process from start to finish, showing you exactly how much your £500 loan will cost for the duration of the chosen loan term. As we do not charge any hidden fees, this makes the loan as affordable as possible for you and easy to understand exactly how much will be due each month or week.
At Fast Loan UK we do not charge any late payment fees or additional admin fees like other lenders, and if you can afford to settle your loan in full earlier than planned, you may be able to save money on the interest charge. We only charge interest for the days you borrow, so the earlier you can repay, the cheaper the loan will be – just contact us to get your early settlement figure.
During our quick application process, we will run necessary credit and affordability checks with Credit Reference Agencies (CRA). If your credit file does not give us all the information, you will receive a call from your personal Customer Care Manager that should only take around 5 minutes of your time. Once we have all the information we need, we will provide you with an instant approval decision.
If approved, you will be sent a digital loan agreement to read and sign electronically and once done, you will receive the full £500 in your bank account within 15 minutes, helping you get a same day loan where possible.
If you would like to find out more information about our loans at Fast Loan UK, our representatives are available 7 days a week via phone and email. Contact us today and we will provide you with all the information you need to decide if a £500 loan is the right choice for you.
To begin your application today for a quick decision, please click apply now.
Representative example:
Borrow: £500 over 16 weeks. 4 repayments of £183.59. Total amount payable £734.36. Interest rate: 151.4% pa (fixed). Representative 766.18.% APR.
£500 Loans FAQs
Do I need a good credit rating for a £500 loan?
Whilst we know having a good credit rating is ideal, we know that this can take time to build, especially if you have had a history of poor credit. If you are someone with a low credit score, as long as your financial difficulties are in the past and you have plenty of affordability, we can look to help with a £500 loan. We understand your low credit rating doesn’t always mean you cannot afford repayments. That’s why we’ll assess your affordability as well as perform a credit check before making a decision.
How quickly will I get approval for a £500 loan?
We work fast to provide you with a decision on the same day, so you won’t be left waiting to find out if you have been approved. Once your personal Customer Care Manager reviews your application, they may need to call you to confirm details, but this is generally very quick, no longer than 5 minutes. If we have all the information we need from the CRA and can approve your application, we can then send your loan agreement for you to sign. Once completed, you could have the funds within 10 minutes into your bank account.
Can I get a £500 loan with no credit check?
We’re required to perform a credit check for all applicants by the FCA, so we cannot provide £500 loans without a credit check. However, if you are someone with a low credit rating and are concerned you’ll be declined, at Fast Loan UK we work differently. A credit check is one part of our approval process, so we may still be able to help provide a £500 loan for bad credit if the loan is affordable for you.
Are there any hidden fees with a £500 loan?
We do not charge any hidden fees with our £500 loans, so you will be able to see the full costs before signing a loan agreement if approved. We feel it’s important for our customers to have full transparency with our loans, so you will be able to see all information regarding the amount of interest and default fees before proceeding with an application. We only charge interest for the days you have borrowed, and we do not charge any late payment fees or processing fees.
Am I guaranteed approval with bad credit?
We cannot guarantee approval before fully assessing an application and completing credit checks. If you have bad credit, we may still be able to help you with a £500 loan if you can afford the repayments and we can determine this. If you find lenders online that claim to offer guaranteed loans, you should carefully consider whether they charge any additional or hidden fees instead. At Fast Loan UK, we are happy to help customers with a bad credit history as long as they can afford to sustain the necessary repayments.
Is £500 the maximum I can borrow?
We can help you apply for up to a maximum of £800 as a new customer. If a £500 loan is not quite enough to cover your emergency expense, you can use our loan calculator to see how much the repayments will be for a loan up to £800 if you require it. Potentially, we can offer loans up to £2,000 for returning customers, but this is only once your first loan has been fully repaid and is subject to credit and affordability checks. You should only apply for the loan amount you need rather than the maximum amount available.
How do I make an early repayment on a £500 loan?
If you want to settle your loan in full early, all you need to do is get in contact with your Customer Care Manager. They will be able to provide you with an early settlement figure which can mean you will save money on the total amount of interest. We only charge for the days you have borrowed, so potentially you may pay back less in total than if completing the full term. Please note, that there will be an early settlement fee of £10 that may be added to the settlement figure.