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A wise guide to…

£500 loans.

Got bad credit and looking to borrow £500? Use Choose Wisely to compare suitable, personalised options without a hard credit check.

[*].

No obligation. 100% secure.
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Representative 99.8% APR (fixed). Representative example: If you borrow £500 over 52 weeks at a Representative rate of 99.8% APR and an annual interest rate of 99.8% (fixed), you would pay 52 monthly instalments of £13.41. The total charge for credit will be £197.32 and the total amount payable will be £697.32.
Choose Wisely is a trading style of Choose Wisely Limited and is a free to use price comparison website. Choose Wisely Limited is authorised and regulated by the Financial Conduct Authority as a credit broker not a lender, firm reference number 730574 and is registered with the Information Commissioner’s Office number Z3106681.

A quick, easy way to get a 500 loan today.

  • Borrow from £300 to £10000.

  • Choose between lenders who have accepted your application.

  • Absolutely no fees, ever.

Representative 49.7% (variable).

How to get a 500 loan in 3 simple steps.

Affordability assessment.

1 form - takes 2 minutes to complete and your data is 100% secure.

Compare products.

Choose from lenders that have accepted your application.

Speedy finance.

If approved, the cash can be in your account in as little as 15 minutes.[†]

Table of contents

Written by Andrew Freelander
Read time: ~5 mins
Published: 21st August 2020 Updated: 9th September 2020

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.

Written by
Andrew Freelander
Brand & Content Manager at Choose Wisely

Andrew joined Choose Wisely 5 years ago, originally working in a design capacity to make sure the website was simple to use. Most notably he worked with the Consumer Finance Association to design the comparison table of choice for High-Cost Short Term Finance products.

The quickest way to find the best 500 loan for you.

No obligation. 100% secure.

Important Information.

All of the information in this guide is correct at the time of writing.

Rates shown are quotes based on your personal circumstances, are subject to status and are available to those aged 18 and over. Rates available range from a minimum of 3.9%APR to a maximum of 1575%APR Representative and loan repayment periods range from 3 to 60 months.

[*][†] Once accepted, your loan can be transferred to you in as little as 15 minutes. The time that it takes for the loan to show in your bank account will depend on your lender and your bank.

If you need financial advice you can visit stepchange, speak to citizens advice, call the national debtline or speak to moneyadviceservice.org.uk.

If you've been declined, please refer to your credit report to gain an understanding of why before making further applications.
Your score can be accessed for free via any of the main credit reference agencies such as Credit Karma, Clearscore or Experian.