If you’ve had an emergency expense, and are looking to borrow £500 to £1000, we offer instalment loans for up to 5 months. If you are looking for a smaller loan, we also offer payday loans up to £400. We want to help you keep things simple when the unexpected happens.
Why Might You Need a £500 Loan?
For those who can’t predict the future, short term loans can be helpful when you have an expense you didn’t plan for and don’t have the funds to cover. These expenses could include housing repairs, like a leaking roof, or replacing an essential appliance like a fridge if it breaks.
If you have a good credit history, you might look into bank loans or credit cards. With a bank loan though, you may end up borrowing more than you need, so you’ll have to pay back more in interest. Some banks also charge you for making early payments, so you can’t do this to save interest like you can with lenders like PiggyBank. We won’t charge you for making an early payment.
Credit cards can be a good option as long as you choose the right one - you can find more information on the Money Saving Expert website. If you’ve got bad credit, you may only be eligible for credit cards that charge a lot in interest and fees though.
Short term loans, which include both payday and instalment loans, are flexible - you can choose the amount you need to cover your unexpected expense, and the dates you can repay. We offer weekly, fortnightly, four-weekly and monthly instalment loans.
Do PiggyBank Offer £500 Loans?
At PiggyBank, we offer loans between £100 and £1000. If you’re looking for a loan of more than £400, as it’s generally more difficult to repay the funds in one lump sum, we offer instalment loans to allow you to pay over a longer period.
We’ll let you know the amount you’ll be repaying once you decide how much you need to borrow and how long you want it for. Just adjust the sliders on our homepage to check!
You don’t need to worry about being charged a fee for applying with us - we’re a direct lender and not a broker, and never charge a fee for borrowing. As some brokers do charge a fee for using their service, it’s a good idea to check who you’re making the application with as a direct lender doesn’t usually charge fees.
Before you apply for a loan, you do need to consider whether it’s a good option for you. If you’re able to save the funds for a purchase, it’s better to do that instead. If you need funds for a long term issue due to unemployment, taking out credit won’t be the best option, as you may not be in a position to repay the funds as agreed.
You can look into what benefits you may be entitled to here. Taking out credit to repay credit can also be dangerous, as you could be entering into a debt spiral. If you think you need help with your debts, you can contact Step Change for free independent advice.
Can You Apply for a £500 Loan With Bad Credit?
If you’re not sure what your credit score is like, you can find out for free via Noddle. If you’ve got a high score and your credit is good, you may be able to apply for a credit card or bank loan. As long as you don’t end up borrowing far more than you need and pay a lot of interest, these can be good options.
If you have bad credit, taking out a bank loan or a credit card can be more difficult. Credit cards offered to those with poor credit often charge significantly more in interest and can be more expensive than taking out a short term loan.
At PiggyBank, we don’t offer ‘no credit check loans’, but we consider each application on an individual basis. We understand that you won’t have a perfect credit history, and we’ll also look at things like your income and expenditure when making a loan decision. No guarantor is needed either, so you won’t have the hassle of asking family or friends to back you financially.
How Do You Apply?
Simply use the sliders to choose the amount and duration of your loan, and fill in our short application form. We’ll try to give you a loan decision as soon as possible, and if approved, you’d expect to receive the funds within an hour.
If you have any questions or need help, you can email email@example.com or call us on 0800 206 1560. We are completely UK based, from our Underwriting Team to our call-centre, and calls are free to make.