If a financial emergency occurs and needs resolving fast, then you might need a £500 payday loan. Our £500 loans have been designed to provide you with financial support in the short-term so that you can get yourself out of financial difficulty. A payday loan should never be used as a means to try to solve long-term financial issues.

Using Your £500 Payday Loan

At Wizzcash, we will not impose a restriction or limitations on what you can or should use your £500 loan for, as this is not within our remit as a loan lender. However, we strongly suggest that your loan only be used to help yourself resolve a financial emergency.

Below we have provided a short list of the emergencies that individuals typically spend their £500 loans on, this is by no means an exhaustive list and is simply representative:

  • Home repairs i.e. boiler or washing machine replacements, repairing flood damage
  • Utilities or bills i.e. a larger than anticipated winter heating bill, medical/dental bills or vet bills
  • Vehicle repairs i.e. repairs to your car or motorcycle to return it to full working order

So What Are The Benefits of £500 Loans?

  • They are a large enough sum of money that they can be used to solve a wide range of financial emergencies but not too large that the loan itself is overly difficult to pay back
  • There is no paperwork to fill out, as the £500 loan application process is done entirely online
  • We will handle all checks, including the credit check that we run against your application

Secure Yourself A £500 Loan

Securing a £500 loan with us at Wizzcash is very simple and straightforward. We have an easy application process that is quick to complete. If you fulfil our eligibility criteria then we will proceed to running our checks upon your application, and if you pass these (meaning that your application has been successful) then we will try to have your £500 loan in your account within a working day. In some cases, we may be able to have your loan in your account sooner than this.

Do Wizzcash Offer £500 Payday Loans?

Yes, we do offer £500 payday loans. In fact, we offer loan amounts from£200 up to £1000. If you decide that a £500 loan is right for then we suggest that you make use of our simple loan calculator, this will show you how much you will be required to pay back.

Our Lending Criteria

Our lending criteria remain the same no matter what loan amount you decide to apply for with us.  In order to meet our criteria, you must be:

  • At least 18 years old when you made your loan application with us
  • A resident of the U.K
  • In a form of employment that pays at least £750 a month once all tax has been deducted

What Check Do We Carry Out?

We believe strongly in responsible and ethical lending practices and as such carry out a range of different checks that are designed to assess a loanee’s eligibility. The checks that will be performed are as follows:

  • A credit check – this allows us to take a look at your history regarding credit and finance and the results/findings will form a part of our decision-making process
  • An affordability check – this check will allow us to make sure that you are able to make your loan repayments
  • An employment check – this check will make sure that you are indeed in employment and do therefore fulfil our eligibility criteria

Bad Credit Score And Your £500 Loan

If you have a bad credit score then you can still apply and possibly be accepted for a £500 loan with us. If your credit score is less than desirable then you will not automatically be disqualified from securing a loan with us. We understand that individuals with poor credit history may well be those who require assistance the most, we, therefore, take multiple factors into account when making our decision regarding your £500 loan.

Are £500 Payday Loans Regulated?

As a fully Financial Conduct Authority (FCA) authorised lender, we make sure that we are following FCA guidelines regarding customer treatment and ethical practices to the letter. This means that you can borrow a £500 loan from us, confident in the fact that you are protected by FCA regulations at all times.

Repaying Your £500 Loan

Repaying your £500 loan is an easy process and will only require that you have the amount in your account prior to us processing the repayment. We use a continuous payment authority system which allows us to take the repayments automatically from your account without you having to play an active role in this process. As all of our loans have 3-month repayment periods, this means that your £500 loan repayment amount will be split into 3 (including the interest) and taken out of your account in 3 equal instalments.

Forgetting To Repay Your Loan

As mentioned previously, forgetting to repay your loan will not be an issue with us at Wizzcash. We will remind you via email when the scheduled date is impending so all you have to do is to make sure that you have the pre-agreed amount in your account a few days before this date.

If your repayments are not made because there is not enough money in your account to make the payments in full then we will be forced to move your account into arrears. This can have a negative impact on your credit rating which in turn can affect your ability to successfully secure yourself credit in the future. Furthermore, a fee of £15 will be charged as a result of missing your repayment, whilst the interest will continue until you pay your balance in full. Once 60 days have elapsed, we will freeze the interest on your account, and we will also freeze the extra payments that would be attached to your account.

Do We Offer Repayment Assistance?

Before we provide you with a loan, we will take every effort to ensure that you are able to repay the amount in full, in time and without incurring further difficulty. However, we understand that often circumstances change and sometimes worsen. If this happens to you then we are able to discuss setting up a flexible repayment plan that is more suited to your situation. You should contact Wizzcash as soon as you become aware that you will not be able to meet your repayment obligations.