£500 Loans

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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 value 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 can be from three to thirty-six months but it can be structured in a way that suits you. You can usually even pay back the entire sum at once when you have been paid – and save money on interest for doing so.

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, lenders can review your application and come back with an instant decision regarding your £500 loan.

Representative 89% APR

Representative Example: Borrowing: £1000 for 18 months, Total Repayable: £1853.43, Total Interest: £853.43, Interest Rate (Variable): 89.9%. Rates between 9.3% APR and 1721% APR – your no-obligation quote and APR will be based on your personal circumstances. Loan term lengths from 3 to 36 months. Subject to lender’s requirements and approval.

Sunny Loans is a registered trading name of Flux Funding Limited who are a credit broker, not a lender. Loan repayment terms are 3-36 month loans.

Warning: Late repayment can cause you serious money problems. For help, go to www.moneyhelper.org.uk.

£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.

  • Sunny is a credit broker who works with a market-leading panel of lenders. Our aim is to find a lender who will approve your loan application and transfer you the money you want to borrow. By applying with us, you know that we have searched the market to find the best loan for your circumstances.

  • We recommend you only take on an emergency payday loan in an amount that you need. So if your car repairs come to £490, a £500 loan will more than cover the costs. Don’t apply for more emergency money than necessary though, to avoid paying more interest or making repayments for longer than you’d like.

  • You can use the money for anything you like,  but we recommend you only apply if it’s an emergency situation and you feel confident you can make the repayments after. It’s not a good idea to apply for a £500 loan so that you can make payments on another payday loan, as this could worsen your financial situation. If you need any help when it comes to your finances, speak to a free, impartial expert such as Stepchange.

  • Our Representative APR is 49.9% (Variable). If you have a low credit score you may pay a higher interest rate, as you could be seen as a riskier borrower. We have more information about this in our bad credit loans guide.

  • Sunny finds £500 loans for 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.

More information on £500 loans

£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 customers to repay their loans early if they can and save on interest by doing so.

How a £500 loan from Sunny can 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 company for you:

Our lenders can have your £500 transferred to you in no time. They 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 or brokers ask for.

Our lender panel offers flexible repayment terms so you can repay your loan at a time that suits you.

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.

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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.

Loan Guides

A lender eligibility check will assess whether you meet their lending criteria. Even if you are eligible, they may still require proof of ID and/or proof of income before they approve the loan.