£500 Payday Loans

Discover more about our £500 Payday Loans in this helpful guide.

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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. However, before you fill in any applications, you must consider all possible routes and ensure you’re making the right decision for your needs.

What is a £500 Payday Loan?

If you need financial assistance, £500 loans (also known as payday loans) can help you cover unexpected costs until your next payday. A £500 payday loan can be used for whatever expense has come up, and therefore may be the right choice for you in such a situation. You can get the cash you need quickly and repay the loan within a month or up to 36 months if you prefer. However, keep in mind that the interest rate will be higher for a larger loan amount and longer repayment period.

Can I get a £500 payday loan?

Before you apply for a loan, it’s a good idea to check if you’re eligible. Each lender will have their own set of criteria, but to be eligible for a £500 loan with Sunny, you must be:

  • 18 years old or above
  • A UK resident
  • Receive a regular income
  • Able to provide evidence of your address for the past three years
  • Not bankrupt or otherwise insolvent
  • Able to supply details of a bank account and debit card
  • Able to provide a working email address and mobile phone number

Meeting these requirements doesn’t guarantee that you will be accepted for a £500 loan as your credit score and ability to make repayments are also considered. But it can identify if you’re more likely to obtain a loan or not.

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 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.

£500 Payday loan information hub

In this section, we've answered some common questions about payday loans for £500.

  • 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.

    • A new second-hand car if yours has broken down or a large repair
    • An emergency repair on your home.
    • A vet bill if you have no pet insurance.

    It’s a good idea to only consider a payday loan in an emergency 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 borrow £500.

  • When you apply for a loan, your credit rating will be impacted. However, if you continue to pay back what you’ve borrowed on time and in full, then this will improve again. This is why it’s important to apply with confidence, and be sure that you can pay back what you borrow to ensure you don’t incur any late payment markers on your credit report.

  • 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. Look at our guides on other lenders and how Sunny compares before making a decision.

  • 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 instalment 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 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, look at our sliding calculator further down this page.

More information about Sunny's loans for £500

At Sunny, we strive to be there when you truly need us, when you’ve considered all other options and believe that borrowing money to cover that emergency expense is the last resort. Our broker partner’s panel of lenders aims to offer manageable loans and every customer is thoroughly credit and affordability checked before being offered a loan.

A £500 loan could be with you today# if you are approved, which means there is no delay when you must deal with an urgent issue. You can also spread the cost of your loan out over a minimum of 3 months, making it easier to manage your budget and borrowing.

Ready to apply for a £500 loan?

Weighed up your options and think Sunny may be the right option for that £500 loan? Then use the button below to begin your application today.

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Representative 89% APR