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Representative 736.8% APR. Representative Example: If you borrow £300 over 6 months at a Representative rate of 736.8% and an annual Interest rate of 237.25% p.a. (fixed), you would pay 6 instalments of £97.88. The total charge of credit will be £287.28 and the total amount payable will be £587.28.

Can I get a £500 loan with no guarantor?

Yes. There are lenders that offer loans for £500 without the need for a guarantor. It’s worth noting that if you have bad credit but can provide a suitable guarantor, your chances of being accepted for a loan are likely to increase and the interest rate you are offered is likely to be lower. So although not always easy, a guarantor loan is worth considering.

Can I still apply for a 500 pound loan with bad credit?

Yes. We work with a diverse panel of lenders that consider applicants for a range of credit profiles. If you do have a poor credit history and are looking to apply for a loan, the best place to start is by completing a Choose Wisely loan search. This takes two minutes to complete and will allow you to compare lenders that have accepted your application in principle before you apply directly and undergo a hard credit check.

Do I have to repay a £500 loan over 12 months or on my next payday?

How long you have to repay a £500 loan will depend on the terms outlined by the lender when you are approved for the loan. This will vary depending on the size of the loan, the lender and your personal circumstances.

Can I apply online for £500 payday loan with no credit check?

When applying for a loan the lenders number one consideration when deciding if they should grant you the loan is whether or not you will be able to afford to make the repayments. They want to make sure lending to you is not going to put you under increased financial pressure and that you can afford, and be trusted, to make the repayments. As part of this decision process you will be credit checked by the lender.

How does the Choose Wisely loan search work if I want £500?

The Choose Wisely loan search enables you to compare lenders that have accepted your application in principle before you apply with a direct lender. This is how it works:

  • You complete one form
  • We send your application to our panel of lenders
  • They return back an initial decision
  • You pick your chosen lender and visit their website to complete the full application
  • The lender will complete the final checks including a full credit check
  • The lender will then give you a final decision
  • If approved cash could be in your bank within an hour (sometimes as quick as 15 minutes)

£500 loan FAQ's

Is it possible to borrow £500 with low interest?

The lowest interest rates are offered by the high street banks and supermarkets and are designed for customers with a squeaky clean credit history, nearly always for loans north of £1000. If you are looking for £500 and have bad credit your cheapest option is likely to be a guarantor loan.

Is it free to use Choose Wisely to find a loan?

Yes. Choose Wisely is completely free to use. We get paid a commission by the providers that feature on our website, so we don’t charge our customers a penny.