There are lots of things in life that we have no control over, and when these things crop up we’re not always prepared for them. When it comes to your finances, probably the last thing you want is to come across something unexpected, like an extra zero added onto your rent or a bill for a broken boiler. When this happens, you can turn to LoanPig for some help when you need it most.
What Are £500 Short Term Loans?
Short term and payday loans are small loans that are designed to be paid back after a short period of time, usually within a few months. When you need £500 short term loans you can ask either a direct lender or you can turn to the likes of LoanPig to put you in touch with a lender that can meet your financial needs. Most people apply for payday loans online and they usually can have the money in their bank accounts in less than a week.
Why Do People Use £500 Short Term Loans?
There are lots of reasons why people take out £500 short term loans, but financial emergencies tend to be the most common reason. If your car breaks down unexpectedly, your boiler goes on the fritz, or your rent price suddenly goes up, a payday loan will keep you afloat until you can get back on top of your finances. Under the right circumstances, a payday can be a better option than a bank overdraft or credit card because they can be paid back a lot faster and the charges are capped.
What Does ‘APR’ Mean?
You might have seen the term APR used a lot when looking at loans. This term stands for Annual Percentage Rate. To go into further detail, the APR percentage that you say will tell you how much you will be paying back on your loan if you keep it for a year. This percentage includes interest and any fees that the lender might add on top, so you should always check the APR before you apply for a loan. Your APR might change depending on the lender you use, the length of your loan agreement, the amount you borrow and the fees associated with the loan. If you would like to see for yourself how APR works you can use our Loan Calculator on our homepage and see how a representative 1261% APR can affect your £500 payday loan.
What Can £500 Short Terms Loans Cover?
While £500 short term loans won’t put you in the lap of luxury, it can cover a lot of basic costs that are usually tricky to afford. With a £500 loan you could buy:
- A standard fridge freezer
- Basic boiler repairs
- Standard car service
- Small Home repairs
A £500 loan could be exactly what you need to get you through tough times and cover some of the expenses that have been keeping you awake at night. £500 short term loans can be put towards paying your rent, your utilities, your car fuel and any other bills that might be too big to manage.
How Do £500 Short Term Loans From LoanPig Work?
At LoanPig, we want you to have a £500 payday loan that suits both you and your financial situation. Our £500 payday loans are flexible, fast and available for everyone. Our innovative technology has allowed us to give you an application process that is both easy and efficient and we welcome all credit histories. It is our job to find you a same day loan for the best possible rates. We have a panel of lenders, consisting of some of the UK’s leading short term loan lenders, to provide you with the £500 short term loan you need and we’ll hunt down the best deal we can find.
Am I Eligible For A £500 Loan?
To take out £500 short term loans with LoanPig, you will need to meet our eligibility criteria. You must:
- Be over 18 years old
- Be a UK resident
- Be either in permanent employment or receiving a pension/disability allowance
- Have a bank account with a valid debit card
- Pass our affordability assessment and meet our credit criteria
We take responsible lending practises seriously, so we are unable to accept the loan application of anyone that does not meet all of our requirements. If you do meet our criteria, however, you can be sure that we will do our best to put you in touch with the right lender for your loan.
How Do I Apply For A Payday Loan?
Applying for a £500 payday loan through LoanPig is simple, fast and can all be done online. Using the Loan Calculator on our homepage, enter the amount you would like to borrow and the length of time you would like to keep your loan. After that click ‘Apply Now’ to be sent to an online form. Fill out your details as truthfully and as accurately as possible and click ‘Submit’ to submit your £500 payday loan application. The process only takes a few minutes and we will get back to you as soon as possible.
What Happens After I Apply?
After you have submitted your application for a £500 short term loan with LoanPig, we will pass your application onto our panel of lenders. They will look at how long you would like to keep your £500 payday loan for and decide if they can help. If there are any lenders that approve of your loan application, we will send you to their website where you can complete your £500 loan application. Depending on when you submit your application, we could get back to you on the same day and you could have your application complete and your funds in your account in a matter of hours.
Will My Credit Score Affect My Application?
We know that not everyone can afford a good credit score and when you’re in trouble a low credit score can make things even worse. That’s why at LoanPig we try to make £500 payday loans as accessible and flexible as possible, with some of the most competitive rates you will find anywhere. We won’t perform any credit checks until you have submitted your application and our acceptance rates are some of the highest in the UK. The lender that agrees to give you your £500 payday loan will make a credit check, but often this won’t affect your application.
How Do I Repay My Loan?
While the terms of your repayment plan might differ depending on the lender we connect you with, most of our payday loans have a standard monthly repayment plan. Your repayment total will be split up into manageable monthly payments for you to pay over the duration of your loan agreement. Some of our lenders may also allow you to repay your £500 loan early, either in part or in full. You can ask your lender directly or check their terms on their website to find out more.
What Happens If I Can’t Make A Repayment?
At LoanPig, we stand by our responsible lending practices and always advise that you think carefully about your financial situation before applying for a £500 payday loan. However, if something unexpected happens after you have already been accepted for a £500 short term loan and you suddenly find yourself unable to make your monthly payment, you can talk to your lender to discuss solutions. By telling your lender beforehand that you can’t make your payment, you might be able to arrange a payment plan. That way, you won’t find any missed payment fees added to loan and you can pay back your £500 loan in a way that better suits your financial situation.
Why Should I Choose LoanPig For My Short Term Loan?
Our panel of lenders is one of the largest in the UK, which means we can give you flexibility unlike any other loan broker. Our £500 payday loans are safe, secure and simple. We do our best to make all of the details of your £500 loan are as transparent as possible so there is nothing to surprise you. There are no hidden fees and no nasty surprises in store when you use LoanPig to find your £500 short term loan.
Are £500 Payday Loans Regulated?
We stand by responsible lending and all of the short term lenders on our panel comply with FCA regulations. Regulated payday lenders have a lot of benefits. Repayments and missed payment fees have both been capped, affordability checks are performed before accepting £500 payday loan applications to keep lending safe and sensible, and our information is as transparent as it can be. You can rest assured that our £500 payday loans are safe, secure and responsible.
What Is The FCA?
‘FCA’ stands for Financial Conduct Authority. They regulate financial services across the UK and set the terms for lending practice. They aim to make payday loans and short term loans as safe as possible, which is something everyone can agree with. We and all of the lenders on our panel are authorised and regulated by the FCA and are entered on the Financial Services Register. You can be sure that we are one of the best options for a safe and regulated £500 short term loan.
Are There Any Terms Applied To My Short Term Loan?
Because we are a loan broker and not a direct lender, the terms for £500 payday loans that you apply for through LoanPig can sometimes have different terms. All of the terms for your £500 loan are made clear for you when you complete your application. If you are unsure about them, you can find more information on your lender’s website or you can contact them directly. The length of your loan agreement and your repayment plan can also differ, so make sure to check all of the available information before submitting your £500 short term loan application.
How Long Does It Take To Receive £500 Short Term Loans?
We aim to get people’s funds to them as soon as possible. If you submit your £500 short term loan application sometime between Monday and Friday and before 3pm, we’ll probably have your funds in your account on the same day. We try to get all of our loan applications processed as soon as possible, however it’s not always possible to get everything sorted on the same day. If you submit your quick loan application after 3pm or during the weekend, you might need to wait until the next working day to receive your funds. While we do our best to get your loan to you as soon as you need, the time can vary depending on the lender you use.
Is My Personal Information Safe?
We take safety very seriously and take all measures necessary to ensure that our customers’ personal information is kept safe and confidential. We don’t store any of our customers’ details online and all of the short term lenders on our panel follow strict guidelines to prevent your information from being shared outside of our network. Our website is also encrypted and all of the information we receive is handled carefully and responsibly.
Why Should I Choose LoanPig?
At LoanPig, we have your best interests at heart. We know how stressful it can be to get yourself into a tough financial situation, which is why we do our best to make our application process as easy and as fast as possible. There’s no need to sign anything, pass an interview or pick up the phone. All it takes is a few clicks to get your application sent off and your funds in your bank account. No matter what condition your credit score is in, you can turn to LoanPig for help if you find yourself in a tricky financial emergency. Apply for an emergency loan in minutes and have your money ready to spend by the end of the day. Getting on top of your finances has never been easier.