Growing Power is a credit broker. When you use us to search for a £500 loan, we’ll scan our large panel of trusted, UK-based lenders for a suitable option. Searching for a loan with Growing Power is free and will not harm your credit score.*
Growing Power, and all the lenders we work with, are authorised and regulated by the Financial Conduct Authority (FCA). If approved for a £500 loan, your money could be sent today.**
Who can search for a £500 loan with Growing Power?
You can search for a £500 loan with Growing Power if you:
- Are over the age of 18;
- Are a UK resident;
- Have a UK bank account and valid debit card; and
- Have a regular source of income paid into your bank account.
Any credit score considered.
£500 loans for bad credit
Growing Power is proud to work with a number of lenders who specialise in loans for people with bad credit.
It’s important to be aware that just because you could get a bad credit £500 loan, it doesn’t mean that you should apply. Before you search for a loan, you should consider the cost of monthly repayments, which will include interest.
A bad credit loan could come with a higher rate of interest, and you might not be approved to borrow as much money as you need.
£500 loans for no credit
No credit history is commonly referred to as having a ‘thin’ credit file and usually happens if you’ve never paid bills or borrowed credit before.
Several of the lenders on the Growing Power panel could be willing to consider applications for a £500 loan from people who have a thin credit file.
If you’re approved for a no credit £500 loan, you could be offered a higher interest rate.
How long can I borrow £500 for?
You can use Growing Power to search for a £500 loan with a repayment term of either 3, 6, or 12 months.
How much will a £500 loan cost?
This will depend on the Annual Percentage Rate (APR) and will vary from person to person. The APR reflects the overall annual cost of borrowing and includes interest. The interest rate you’re offered will be based on various factors, such as your credit score and your chosen repayment term.
What’s the best repayment term for a £500 loan?
The ‘best’ repayment term for a £500 loan will depend entirely on your own personal circumstances. The table below could help you understand the key differences between longer and shorter terms.
| Longer Term | Shorter Term |
|---|---|
| More time to spread the cost of borrowing. | Less time to repay the money you owe. |
| Lower monthly repayments. | Higher monthly repayments. |
| You’ll pay more in interest overall. | You’ll pay less interest overall. |
Could I apply for a £500 payday loan?
With a payday loan, you’ll typically need to repay the full amount, plus interest, within a month.
None of the lenders on the Growing Power panel offer payday loans. Instead, they offer short-term personal loans with a range of repayment terms to suit you.
Search for a £500 loan with Growing Power today
Our process is straightforward, and can be completed entirely online, 24 hours a day, 7 days a week.
- Select £500 and your chosen repayment term. Fill out our online application. You can expect this stage to take no more than five minutes.
- In just 60 seconds, we’ll run a soft search on your credit history and scan our panel of lenders for a suitable loan.
- If we’ve matched you with a loan, you’ll be redirected to the lender’s website, where you can decide whether you’d like to make a full application.
- Should you choose to go ahead with the loan, the lender will carry out an affordability check. This will include either a hard search or Open Banking.
- If the lender is satisfied with the outcome of their checks, they will send you a loan agreement. Before you sign and return the agreement, please make sure that you’re happy with the terms and conditions.
What happens if I can’t afford to repay my £500 loan?
As previously mentioned, before you apply for a £500 loan – or a loan of any amount - it’s very important to make sure that you’re able to afford your monthly repayments. Repaying a loan should never leave you short when covering the cost of your other essential outgoings, such as bills, food, and rent or mortgage.
However, sometimes our financial situation can change due to events out of our control, such as a relationship breakdown or redundancy.
If you’re struggling to make the monthly repayments on your £500 loan, you should contact your lender as soon as possible.
They will listen to your situation with empathy and be able to talk you through any options that could help to alleviate some of the pressure. While every lender is different, this could include a temporary repayment holiday or reduced repayments for a set period of time.
Free, confidential money and debt advice
Very few of us like talking about money, especially when things aren’t quite right.
If you’re worried about anything money related, including debt concerns, please know that you can access free, confidential support and advice through charities and organisations such as StepChange, MoneyHelper, Citizens Advice, and National Debtline.
*If you’re matched with a loan and make a full application directly with the lender, an affordability check will be carried out. This will include either a hard search or Open Banking. A hard search will be visible on your credit file for up to 12 months, and undergoing multiple hard searches within a short period of time will have a negative impact on your credit score.
Open Banking is a secure process used by authorised third parties, such as lenders. With your consent, Open Banking allows your chosen lender to access your online bank account with a read-only view. This enables them to see your recent spending and repayment data, which provides an insight into your financial habits.
**Every lender will have their own payout timeframe. The time it takes for the money to become available in your account will depend on your bank’s policies and procedures.