A loan for £500 is something we’re asked for every day by our borrowers here at Growing Power. But what are the types of situations which lead to our borrowers needing to take out a £500 loan?
Your car might have just been through its MOT. Your boiler may have broken down and it might be in need of serious repair. Your pet may have taken ill and the vet has just presented you with a whopping bill to make them better. Winter might be coming and you might want to have your loft insulated otherwise you’re concerned that your heating bills are going to be huge.
Whatever you need a £500 loan for, Growing Power can help you find trusted and established lenders and the money you need could be in your account within just 10 minutes* depending on your bank’s policies and procedures.
Let us try to find the right lender for you by contacting the 40+ lenders on our panel on your behalf.
You can pay back your £500 loan over 3 months, 6 months, or 12 months. If you are sure that you can comfortably afford each of the repayments when they’re due, please click here for our easy-to-complete form.
£500 loans – frequently asked questions
- Q1 - Where can I borrow £500 in a hurry?
- Q2 - Can I get a £500 loan if I have poor credit?
- Q3 - Can I borrow a small loan fast?
- Q4 - Do many lenders offer £500 loans?
- Q5 - Do I have to repay the whole £500 on my next payday?
- Q6 - Will applying for a £500 loan harm my credit score?
Where can I borrow £500 in a hurry?
Growing Power works with a wide range of established and reliable Financial Conduct Authority (FCA)-authorised and regulated lenders. Every lender on our panel tells us in detail exactly the type of person they’re happy to approve a loan for.
Because we work so closely with the lenders on our panel, it means we have a strong track record of matching borrowers with lenders who can offer you a competitive and affordable loan (subject to your personal and financial circumstances).
Ready for a quick loan?
Can I get a £500 loan if I have poor credit?
Although what is on your credit report is still very important to them, many of our lenders are happy to approve £500 loans even if you have a less than perfect credit history.
Everyone knows that it’s been a rough few years for ordinary Britons. For nearly a decade, what things cost in the shops rose faster than our wages (source). A situation like that makes it really difficult for people to save money up for a rainy day – and it gets even harder when an unexpected bill lands on your doormat.
Many of the lenders on our panel understand this. They now consider many different factors when they’re making up their mind on whether they’re going to approve your loan application or not. Lenders still have to run a credit check on you as part of a complete application – it’s the law – and what they find on your credit file is a big factor in helping them make up their mind about whether to approve your loan application.
However. the additional factors many of them look at nowadays include:
- how affordable the repayments are for you,
- how stable your employment is,
- how long you’ve been at the same address, and so on.
While your credit report provides lenders with a snapshot on your financial past, the information you provide on your application form gives lenders a snapshot about your financial situation today.
Can I borrow a small loan fast?
If you apply for your £500 loan, the money could arrive in your personal bank account in as little as 10 minutes if your application is approved and depending on your bank’s policies and procedures.
We know that, if you need £500, you may need it in a hurry so we and our panel of lenders have built a system that’s as fast and as flexible as possible to respond to borrowers’ needs.
Do many lenders offer £500 loans?
Yes – most lenders offering £500 loans are based online. Borrowers either apply to lenders directly or they apply through FCA-authorised and regulated brokers like Growing Power.
Why choose a broker rather than go direct? If you apply direct to a lender, you’re only applying to one company for your loan. If you apply via a broker like us, we take the details you give us and then we match you with the lenders who are, according to our system, most likely to say “yes” to your loan.
So, when you apply direct to a lender, you get just the one answer. When you apply via a broker like GrowingPower, we’re very careful to only approach the lenders on our panel more likely to approve a £500 based upon what you’ve told us on your application form.
Do I have to repay the whole £500 on my next payday?
With a £500 loan arranged by Growing Power, you can repay the loan over 3 months, 6 months, or 12 months.
If you take out a loan over a longer period of time, you benefit from lower monthly repayments however please bear in mind that longer repayment periods may mean that you pay more interest overall on your loan.
Will applying for a £500 loan harm my credit score?
Not if you apply through Growing Power. When you apply through us for a £500 loan, we send your details to each lender on our panel most likely to approve your application based upon the information you share with us on your application form.
Each lender we contact does a soft credit search on you. Please remember though - only you can see soft searches on your credit report and they don’t affect your credit score.
Only full credit searches actually appear on your credit report. One recent full search on your credit report is likely to have little to no effect but, if too many appear in a short space of time, it can negatively affect your credit score. Lenders don’t like to see a lot of full searches in a short space of time on your report because they might get concerned that you’re desperate for money.
The chances are that you might just be looking around for the best £500 loan deal but most lenders won’t see it that way. So, if you apply direct to multiple loan companies in a short space of time rather than through a broker like Growing Power, it may make getting your loan you need much harder because of how many hard searches are on your file.
So if you apply though us, when would a full search be carried out? Only once we have heard back from the lenders after they’ve carried out the soft searches on you.
When they get back to us, we then automatically redirect you to the website of one of the lenders on our panel so that you can complete your application for your £500 loan. Please note that we cannot guarantee that we will find a lender who is able to help you.
Your lender will have a few more questions for you. You then have to give them permission to do a full credit search on you. Please note that, if you don’t give your lender permission, they will be unable to make you an offer of a loan.
If you currently owe money and you feel that your current level of debt is unmanageable, you might wish to consider contacting one of the UK’s six leading debt organisations for free help, advice, and support - Stepchange, PayPlan, NationalDebtline, theDebt Advice Foundation, theMoney Advice Service, and Citizens Advice.
To apply for a £500 loan through Growing Power, click here for our online form if you’re certain you know how you’re going to comfortably make each repayment in full and on time. Our service is completely free of charge to you and you don’t have to take out any loan we find for you.