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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.
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 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 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 Upward Finance Limited, who is an introducer appointed representative of Flux Funding Limited, who is 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.
Sunny is a loan introducer whose broker partner works with a market-leading panel of lenders. Their 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 they 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 89.9% (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.
Our broker partner finds £500 loans for people from all walks of life and financial backgrounds. If you need a loan for an emergency situation, they 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.