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A £500 payday loan may feel necessary if you’re dealing with an urgent expense such as a home repair bill or you need to buy a replacement appliance your household can’t manage without.
Before filling out that application it’s important you carefully consider your options. £500 is a large amount to pay back within a short period of time, plus interest.
This is where a short-term installment loan may be the better option. You can apply for one of these via a range of lenders. For now, we’ve taken a closer look at this type of loan and what to consider before going ahead to help you make a financial decision that works for you.
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.
Sometimes, an emergency expense arises before payday and you don’t have any spare cash to cover it. In this case, you may need a £500 loan to pay for:
It’s a good idea to only consider a payday loan in an emergency situation, not to deal with regular cash flow problems or a longstanding financial issue. If you need to speak to someone about your finances, we recommend reaching out to a free and impartial financial expert such as The Money Helper or StepChange.
You can get a payday loan with a lower credit score, however, most payday lenders will only offer small amounts, so you may be unable to obtain £500.
This depends entirely on the lender you choose. Some allow you up to 35 days to pay back your loan. To make things easier on you and your monthly budget, consider an installment loan. This allows you to spread the cost of your borrowing, plus interest, across a longer period of time, making the whole lending experience more manageable.
The best lender is the one that offers everything you need, at a price that is right for you. Check that the lender doesn’t charge fees, has an interest rate that is manageable and allows you to pay back your loan over a period that works for you and your budget. Take a look at our guides on other lenders and how Sunny compares before making a decision.
The interest rate you pay is set by the lender. To work out how much you would pay if you took on a short-term loan for £500 through Sunny, take a look at our sliding calculator further down this page.
Representative 89% APR