Warning: Late repayment can cause you serious money problems. For help moneyhelper.org.uk | Representative APR 89.9%
Warning: Late repayment can cause you serious money problems. For help moneyhelper.org.uk

£500 Payday Loans

Learn more about £500 payday loans in this 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.

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 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 loans information hub

In this section, we've answered some common questions around 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 to pay for:

    • A new second-hand car if yours has broken down or a large repair to get your car up and running again.
    • An emergency repair on your home.
    • A vet bill if you have no pet insurance.
    • Last minute travel costs for an emergency.

    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.

Eligibility for a £500 payday loan

It’s important you look up the eligibility requirements for each lender you are considering applying for a loan with. Every lender will have their own set of criteria but typically they will expect that you are 18 years old or above, a UK resident, have a regular income, have access to a bank account and debit card, are not bankrupt or insolvent and can provide three years worth of evidence of your home address.

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 loans that are manageable 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 have to 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 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.

Apply now

Representative 89% APR