Is it possible to get a £500 loan?
Yes, it is possible to borrow £500, you can borrow money online at any increment really, particularly if you have a good credit score but if you go to a bank, they will see your credit rating as a way to make money and will probably try to convince you to borrow more, you could be looking to get a £100 instant loan, but they may try to offer more as a result of your excellent credit.
Just try saying no to someone offering you a thousand pounds.
Credit cards are another way for you to get £500 in a hurry, you could also considering searching for UK loans online, and it’s far too tempting to only pay the minimum back every month and end up paying off the debt for years with a credit card, not to mention the risk of getting into the habit of hitting that card every time you desire something, with a quick online loan you’ll clearly see how much, when, and where you should repay.
Both of these options are only good if your credit score looks good to the people you want to borrow from, but they will no doubt refuse you if you have a bad credit rating as short term loans for people with bad credit are not a guarantee.
If you are unfortunate enough to have bad credit, you might be better trying to get a £500 loan from a short term loan lender who offer quick loans for anyone with bad credit assuming you meet the criteria they want.
What’s a short term loan?
These loans are perfect for people who are in need of quick cash but can’t go through the usual channels because of credit mistakes they made in the past, that’s where you would probably try to get a short term payday loan.
They are loans for smaller amounts that are to be paid back either in full with a one off payment, or in a short number of instalments.
The credit checks made by the lenders of these loans are not as in depth as credit companies and so the loans applications can be reviewed and an answer given to you very swiftly, thats why they are called quick loans – UK.
How does repaying these loans work?
When you apply for a short term loan the lender will review your application and then offer you an amount, it could as as little as a £50 instant loan but don’t upset, they don’t want you to financially struggle. This amount might not be exactly what you asked for though so please keep that in mind, online payday loan brokers can’t guarantee anything at all.
With this offer should be a breakdown of all the charges, interest rate, and a repayment schedule. If there is no information about how you will be penalised for missing or late payments, you should definitely get that clarified before accepting a cash loan today.
If you do accept the short term loan you applied for online, the lender is most likely going to get you to set up a direct debit payment to them for the amount of the instalments, probably to be made on your pay day which should make borrowing money easier.
Make payments of these loans on time to avoid problems
It is very important that you make these payments on time every time to avoid starting down a slippery slope of increasing debt, fast loans online are convenient and appealing especially if you’re looking to borrow money with bad credit so don’t get carried away.
To reduce the amount you have to repay from getting a cash loan, you should definitely shop around for the best deal and not take the first same day loan offer you receive. The interest rates, fess and payments schedules for these short term loans are not set in stone and can vary from one lender to another, so spending a fair bit of time searching for the right one is definitely worth it, even a £50 payday loan carries serious interest commitments, thats how payday loans in the UK work.
If time is not on your side, then simply sign up with a short term loan broker who will take your details and the amount you are looking to borrow and the apply with many lenders for you searching for the best loans for people with bad credit. This will allow you to spend your time in more productive ways such as planning out how to make the repayments.