When a life emergency such as a car repair or boiler breakdown happens, we cross our fingers (and toes) and hope that it won’t cost too much. But sometimes, these emergencies can cost a lot of money and you may find yourself needing to borrow £500 or more for these repairs. For some people that can be a real strain on their finances.
At Sunny you can apply for a loan in values anywhere from £100 to £2,500, giving you the freedom to apply only for the amount you really need. For a £500 loan, your repayment term will likely be six months but it can be structured in a way that suits you. You can even pay back the entire sum at once when you have been paid – and save money on interest for doing so.
Can I get a £500 loan with bad credit?
Sunny offer £500 loans to people from all walks of life and financial backgrounds. If you need a loan for an emergency situation, we will try to help. You can check how likely you are to be approved before you apply, without impacting your credit score***. This can help you avoid a record on your credit report if you’re likely to be declined when applying for a £500 loan.
Here, we’ve broken down everything you need to know about taking on a £500 loan and when it could be the most appropriate solution for you.
Eligibility for a £500 loan
To apply for any loan or credit product, you’ll need to tick a few boxes before you are considered eligible. Sunny, for example, looks for some of the following criteria:
- You must be 18 years old or over
- You must have a regular income
- You must be a UK resident and have a permanent address
You must agree to a credit and affordability check We also ask that you have a valid email address and are able to supply proof of your address for the past three years. With all these things, we can review your application and come back with an instant decision regarding your £500 loan.
£500 loan example
Check out our calculator, which breaks down the entire cost of a £500 loan with Sunny, plus what you’ll pay back in interest. It can also help you decide which repayment period will be best for you. Use the sliders to see which option works for your current financial situation.
£500 loans information hub
Looking for more information on our £500 loans? We’ve answered some common questions here regarding applying for emergency cash and making the right choice for you.
How a £500 loan from Sunny could help
Our loans are designed for emergencies but we also believe in offering you a great experience on top. Here are just three reasons why Sunny could be the right lender for you:
We can have your £500 transferred to you in no time. We will deposit the money straight into your account in as little as 15 minutes of approval.
We don’t charge fees, so you don’t need to worry about finding the funds for extra charges that some other lenders ask for.
If you don’t need your loan, you can call to return it to us in five days* and you won’t pay a penny of interest.
More information on £500 loans
Our quick £500 loans are a good solution in an emergency, if you need financial support before payday. They are transferred directly into your bank account, resulting in little to no delays when it comes to sorting out that unexpected expense.
A £500 loan can help cover expenses such as having to replace a washing machine, or paying to fix damage to your car. You can use your money to get the fix sorted quickly, then make repayments once payday rolls around.
These loans ensure you don’t fall behind on other important expenses, such as bills and direct debits, while also helping in an emergency. What you borrow is paid back in manageable instalments, but we also encourage our customers to repay their loans early if they can, and save on interest by doing so.
What our customers think
We have some happy customers here at Sunny, who appreciate our simple and easy to understand approach to lending money. You can see exactly what they say about us, as well as our great TrustPilot reviews***, below.
Have everything you need?
A £500 loan can be a good option in an emergency and if you feel confident that this amount is right for your situation you can apply online today for an instant decision. If you have any queries about the application process or our loans, get in touch with our team.
Looking for more information?
Take a look at our guides, featuring tailored information for a variety of urgent money situations. Whether you have bad credit and need a loan or are looking for a payday loan to tide you over until your wages land, click on the links below to find out more about these.
***Soft search is currently only available to new customers. Our eligibility check will assess whether you meet our lending criteria. Even if you are eligible, we may still require proof of ID and/or proof of income before we approve the loan.