£500 Loan

Get between £50 - £5,000 paid out by

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  • 100% Online Process

  • Borrow up to £5,000

  • UK Based Lenders

  • Bad Credit Accepted

  • 2 Minute Application

  • Same Day Transfer

  • Representative Example: Rates from 35.9% APR to max 1304% APR. Minimum Loan Length is 3 months. Maximum Loan Length is 36 months. Representative Example: £250 borrowed for 3 months. Total amount repayable is £411.63 in 3 monthly instalments of £137.21. Interest charged is £161.63, annual interest rate of 292% (fixed). Representative 1192% APR (variable). *HappyPenguin will not perform a credit check but lenders will determine your loan eligibility by performing a soft search. If you accept the loan offer presented to you, a hard credit search will be performed.

    How to get a £500 Loan Right now

    If you need a £500 loan for some emergency expense or any other reason, it will be easier than you might think. Today there are all kinds of amazing options for those who need a fast loan for a significant amount. Whether you need to pay for a repair to your home or maybe just pay some important bill, you can benefit from reading this article. We will provide you with all of the information necessary to get the money you need without any hassle.

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    Don’t Borrow from Your Bank

    The very first thing you need to know is that your bank is not your friend when it comes to borrowing smaller amounts. In fact, a lot of banks and credit unions refuse to give out loans for £500. Private lenders, however, can be of great help in this situation. These online-based lenders have become very popular with UK borrowers for a number of reasons. They don’t have the same rigid and strict approval requirements for applicants.

    Easy and Convenient Borrowing

    Going through a private lender to get the £500 loan you need is very easy and convenient on the whole. This is primarily because everything can be done online. You will be able to fill out a loan application on the lender’s website, so there is no frustrating physical paperwork. This application won’t take up much of your time at all.

    The Application Process

    Applying for a fast loan is a quick and easy process that you can breeze right through. You should make sure that you fill everything out in full though. An incomplete application will get rejected, so remember to double check everything before hitting that submit button.

    When you go to fill out your loan application, you’ll be asked for some fairly standard information. This includes your full name, contact info (address, email, phone), as well as proof of income. The lender needs to know how much you make so they know if you’ll be able to pay back your loan on time without any issues.

    Before you get started on the application, take a look at the lender’s site to see if there are any special eligibility requirements. This information can potentially save you from wasting your time.

    How Does Happy Penguin Compare?

    Why Use HP?
    What's the max loan amount?
    Up to £5,000
    No hidden fees.
    Is approval instant?
    Yes, immediate.
    On Screen Decision
    Poor Credit Possible?
    Yes. Bad credit too.
    All considered.
    Same day transfer?
    Within the hour!
    Direct to bank!
    Flexible Repayment Dates?
    Flexible terms.
    Quick and easy.

    Examine Your Lender Options

    Because there are so many different private lenders that you can borrow from, you will need to make a point of doing some research. The time you spend looking into these lending businesses will ultimately pay off in a big way. Choosing the right lender can help you get an amazing deal on your loan so you end up saving money. It will also increase your chances of paying back all of the money on time.

    When you are going about looking into these lenders, you will need to consider a few specific things. The lender you end up borrowing from should be certified. Make sure that you check to see what the certification status of each lender is before making up your mind on one of them. This will prevent you from having some major regrets in the near future.

    A good private lender is known for being reasonable and taking care of their customers. If you want to find out what they are really like, you’ll need to read some reviews. Visit independent review sites to learn what sort of reputation some of these businesses have.

    Reviewing Your Loan Offer

    After you have submitted your instant loan application, you just have to wait to hear back from the lender. You probably won’t have to wait more than a few minutes, and you’ll receive notification on screen. If the lender has approved your application, you’ll be sent an emailwith all of the details of the loan.

    How Easy is it to Get an Instant £500 Loan?

    Believe it or not, a majority of people who apply for instant loans end up getting approved. There is never any guarantee, but the odds are inherently in your favour. This is because the standards for approval are typically very low. You will need a few things, such as a valid photo ID to prove your are over the age of 18 and a legal UK citizen. You also need to have an active current account. This is because the lender will transfer the money into your account electronically if you get approved.

    How Long Will I have to Pay Back the Money?

    Depending on the lender you borrow from, you could have anywhere from two weeks to a month to pay back the £500. Two weeks is usually adequate for most people, and it is the standard term for most same day/instant loans. You will be able to use your next pay cheque to cover the loan amount. It is important that you are confident you can do this. Taking out a loan if you aren’t sure you can pay it back is never a good idea. The lender will also take a close look at your income to decide this before making a decision on your application.

    You may be able to pay back your loan in instalments over the course of a few months if the lender is super flexible. Just keep in mind that opting for a longer term means that you are voluntarily deciding to pay more for your loan. You will have interest on every single payment, which is why it’s a good idea to pay back the money as quickly as possible.

    What if I have Bad Credit?

    Most of the private lenders that give out £500 loans won’t care much about what your credit is like. Lots of people with very low credit scores can get approved for these loans, so you won’t have to worry about that.

    Getting a Fair Interest Rate

    Despite what you might think about quick short-term loans, it is possible to get a decent interest rate. You will find that a lot of online-based private lenders list their borrowing rates on their site for your convenience. Spend some time looking at these rates and compare them to get the best deal possible. These rates are usually listed according to borrowing amount. This means that the more money you borrow, the higher your rate will be. Because you are only borrowing £500, you shouldn’t have to pay a ton of interest.

    Loan Matching Sites

    There are numerous websites on the Internet that exist for the sole purpose of helping people get the best deal on private loans. You can go through one of these sites to get matched with a lender that can give you the amount you need. You’ll still have to fill out an initial application, but it is well worth the effort. These sites have a high rate of success when it comes to getting borrowers exactly what they need. Once you submit your application, your information will be sent to numerous lenders for consideration. This ultimately saves you a ton of time and frustration.

    Are There Any Restrictions on How I Can Use the Money?

    One of the absolute best things about borrowing from a private online-based lender is that you won’t be limited with how you can spend the money. These lenders usually don’t ask applicants what they want the loan for at any point. This is definitely not something that you can expect from a bank or even a credit union. The flexibility of these private loans is a huge plus that you should consider before making a decision. Whether you want the money to finance a weekend getaway or for an important repair bill, you won’t be restricted in any way.

    Before You Get the Loan

    There are some considerations that you should make before getting your £500 loan, such as how much you can afford. You have to consider the interest and other fees on your loan. Make sure that you find out what the total amount of the loan will be before accepting any offer. This way you will know for sure if you can pay it all back by the due date.

    Spend as much time as necessary looking for the right lender, because this isn’t something you should rush into. Even those who are in a hurry to borrow money would do well to take this advice. Choosing a reputable and reasonable lender can help you get the funds you need without any regrets. By doing these things you will make it easy to obtain your loan without any unnecessary hassle or issues.

    Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk. Happy Penguin is a broker, not a lender, and does not make credit decisions.