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How To Apply For 500 Loans With Bad Credit

Key points

  • Loan up to £500 online with no guarantor.
  • Apply with bad credit, even if you are unemployed.
  • Obtain funds the same day as you apply.

Many people rely on loans, especially when a financial crisis occurs. But nowadays, not only those who are running out of fund resort to this option; even those who need an extra cash to expand a business or want to travel can take advantage of loans. While loans are helpful in someone’s life, it can wreak havoc on your finances if you failed to assess yourself and the lender. After all, you’re not only paying for the amount you borrowed but also, for the interest and other charges. Therefore, when you want to borrow 500 loans, be sure to look for a cheap lender. There will still be interest rates and fees but the costs are lower than its competitors. Having a good or excellent credit rating will help you acquire a better deal, such as affordable interests, bigger loan amount, and a flexible repayment term. Unfortunately, your credit report can easily be damaged due to negligence or discrepancy.

Due to the unemployment and economic crisis, one can commit arrears, late payments, defaults, foreclosure of properties, CCJs, bankruptcy, and the like. Meanwhile, there’s a chance for wrong data to be entered in your account so even if you are a responsible borrower, your credit report is still at risk. As a result, banks and other traditional lenders will reject your loan application automatically. However, this doesn’t mean that you will never get 500 loans; there are many lenders who are willing to accept your requests providing that you will agree to settle exorbitant interest rates and charges. Therefore, it’s best to improve your credit rating before you apply for a financial assistance.

500 Loans, 500 loans

If you don’t have a good or excellent credit score, there are still ways on how you can score a loan with lower interest. One of which is by choosing a shorter repayment term. Paying the loan earlier keeps you away from staggering interest rates. You can also look for 500 loans with lower or no fees. There are companies who will only charge for the interest rate.

Regardless of the credit score you have, it is your responsibility to read and understand the entire loan contract. There are borrowers who just sign the agreement without clarifying the terms and conditions. As a result, they miss the most imperative details such as early payoff penalties, and other hidden charges. There are companies who intentionally confuse borrowers with their contract for their own interest, thus you should be cautious with this. Meanwhile, there are scammers and loan predators, luring desperate loan seekers to their trap. If you’re not aware of the red flags, it won’t be long until you realize that you’ve been scammed. So, before you get 500 loans, be sure that you’re dealing with a licensed, reputable lender first.

Tips To Get Cheap 500 Loans

There are many lenders who offer cheap loans online, the hard part is choosing one. But before you compare different companies, it’s best to start with yourself. Is your income enough to cover the repayment of 500 loans? How will the repayment affect your daily expenses? Do you think you can meet the lender’s criteria? Assessing yourself and expenses will help determine your capability in handling the loan. In addition, find out why you need the loan and the exact amount you need. Do not be tempted to borrow more than what you can afford just because the lender’s ad is impressive.

Check out the repayment plan and find out if you keep up with the settlement in case you lose your source of income. Find out the total interest rates and other charges as well. You can also use loan comparison websites or do a research on your own. Comparison shopping may take time but it can help you save a lot of money and end up with the right loan provider. Using the Internet, find out which companies offer the most competitive prices. Otherwise, you can reduce your task by relying on a loan broker. These professionals have a wide access to different lenders, thus helping you search for the right match. However, most of their services come with an extra cost – commission fee – but at least, you’re guaranteed to get a lender who will accommodate your needs.

Options When Looking For 500 Loans

Personal Loans With Bad Credit

Whether you have a bad credit rating or an excellent one, personal 500 loans are handy. It comes with no restrictions and you can use it for any purpose, unlike a mortgage or car loans. It is flexible, convenient, and can be cheap at times unless you have a bad credit rating.

Fast Access Payday Loans

Many payday loan providers guarantee a hundred percent approval, thus making it a popular choice. However, the amount offered is small and can only be used for minor expenses. Nevertheless, it is very easy and quick to acquire; the loan application can be granted on the same day you’ve applied so you can have money can be sent to your bank account. But like personal 500 loans, the interest rates can be as high as 30%.

Person 2 Person (P2P) Loans

If you want an innovative and cheaper loan online, you can try Person-to-person lending (P2P). It works by connecting two individuals, the borrower, and the investor. The qualifications are easy because there’s no credit check or collateral required. All you have to do is find a legitimate P2P website, write a post stating the amount you need to borrow and the purpose.

Cosigner Loans

Also known as guarantor loans, the loan is ideal for anyone with a bad credit rating or low income. To start with, you need to find another person who will cosign in the contract. The other person – a.k.a. the guarantor – is required to have an excellent credit rating, a high income, and a property. He is also responsible for repaying the loan in case of default. That being said, it’s not easy to look for a guarantor, unless the other person knows and trusts you a lot.

500 Loans, 500 loans

£500 Loan FAQs

Will I get my money on the same day as I apply?

Many lenders are now able to pay your funds to you within 15 minutes to an hour after approving your application. If there is going to be a delay, the lender will inform you at the time of application.

Can I apply with a poor credit rating?

Yes you can. Many lenders are now willing to provide loans to individuals who have poor or non-existent credit ratings. High acceptance rates make this a popular loan type.

Can I borrow as much as I like?

The amount you will be able to borrow will depend on your personal financial situation and the amount of time you’ll need to repay your loan.

Can I consolidate debt with my loan?

Yes. Once you have your cash, you can use it for anything you like – including consolidating other debt you might have, or using it to pay off existing debts.

Can unemployed people apply?

These days, there are many loan companies that will be willing to provide short-term loans to unemployed individuals. You still need to pass eligibility checks however.

Must I provide a guarantor to apply for a loan

No. Several lenders are now willing to provide short-term loans to individuals without them having to provide a guarantor. Therefore you will not need to have someone co-sign your application.

Representative Example

Representative example of the total cost of the loan, including all applicable fees – Typical loan size of £25,000 over 120 months = £275.82 pm, 4.35% Variable APR – 6% (including £1800 in interest) total repayable £33,098Maximum Annual Percentage Rate (APR) – approx. 24% (lender starting rate 18%) – Typical Apr will be around 8%

*We are not a lender, we provide a free credit brokering service. We will never charge you a fee for using our application.
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Warning: Late repayments can cause you serious money problems. For help, go to moneyadviceservice.org.uk