If you need to pay for an emergency pretty quickly, a loan for £500 could be what you need. Payday loans for £500 are designed to support you when you need immediate cash for short-term but urgent expenses, sudden emergencies and other immediate costs.
£500 payday loans can cover what might be best described as ‘mid-range’ costs. The great thing about payday loans is that they are very flexible. You can take out a loan to cover you for exactly what you need and it’s never necessary to borrow more than you actually require.
What Are Payday Loans & Why Do People Use Them?
Payday loans are one of the most flexible loan types on the market because they allow you to pick and choose exactly what you need. Borrow specific loans, sort out what you need to sort out, and then pay it back.
Typically, payday loans are used to cover emergencies until you next get paid, so they’re used for things like:
- Medical emergencies.
- Emergency home repairs.
- Emergency car repairs.
What Can A £500 Payday Loan Be Used For?
All levels of payday loan will help get you out of a fix, but £500 loans are particularly useful for things like:
- Expensive, urgent household and motoring emergencies.
- Medical emergencies.
- Paying off urgent bills.
Benefits of A £500 Loan
- Really convenient – apply online and have the £500 loan in your bank within hours.
- Hassle-free – Credit checks can be performed by the lender online, thus there is no need for you to fill out a hefty pile of paperwork.
- All online – do everything online. There’s no need to visit a physical lender, so you can save time, too.
How Do £500 Payday Loans Work?
If you want to take out a £500 loan, most lenders will operate a fairly quick application process that you can complete online. After you’ve done that, the lender will make some checks and assessments and, if approved, you will have the money in your account very quickly.
How Are £500 Loans Paid Back?
This depends on the type of loan you take out. If you borrow a £500 payday loan, you would take out the money then pay it back when you next get paid. If you borrow £500 as part of an instalment loan, you would typically pay it back in three regular instalments rather than as a one-off payment.
What If I Forget When To Pay Back My Loan?
To make the £500 payday loan repayment process even easier and hassle-free for you, we use continuous payment authority to ensure the repayments are automatically collected on your specific pay date. We will send email and SMS reminders on the days leading up to pay date, so you can be sure that you know exactly when the money will be taken.
What If I Don’t Have Enough Money In My Account?
If repayments of the £500 loan are not made on the scheduled collection dates, then the account will be moved into arrears, and this can have a serious financial implication on your credit. Then, a one-off £15 default fee will be charged for missing the repayment and the interest will continue to build until the balance is cleared (although this will be frozen 60 days after missing the last repayment).
Can You Help Me If I Can’t Repay My Loan?
While we carry out affordability checks to ensure that you should be able to pay back your loan on time, we understand that sometimes people can fall into financial difficulty. While we do not offer rollovers or renewals on the £500 loans, in some circumstances we can provide you with a flexible repayment plan to help you to manage your repayments.
Can I Get A £500 Payday Loan From Wizzcash?
Yes, it’s possible to apply for a £500 loan from Wizzcash. We lend loans from £200 up to £1,000. If you’re interested in taking out a loan with Wizzcash, you can use our handy application calculator on our homepage that allows you to work out how much a £500 loan would cost you.
What Is The Criteria Of £500 Payday Loans?
Our lending criteria is the same across all of the loans that we provide, including £500 payday loans. In order to be eligible for a £500 loan, you will need to be:
- A minimum of 18 years of age
- A UK resident
- In current employment and taking home a minimum of £750 a month
Are There Other Checks As Part Of The £500 Loan Application?
As part of our responsible lending practices, we carry out a number of other affordability checks in order to match the amount that you wish to borrow with what you can afford. Some of the other checks that we carry out include:
- Employment Checks – Our underwriters might call you to confirm your employment. Do not worry, we never say to your employer where we are calling from or the reason for our call.
- Salary Checks – We might confirm your salary and match this with your application.
- Credit Checks – We work with credit reference agencies to determine your suitability.
Will Bad Credit Affect My Application?
While bad credit generally might prevent you from getting a loan from another source, such as a bank, this is not necessarily the case with payday loan lenders. While we run a credit check on every application for our £500 loans, this is not always the deciding factor, as we also carry out various affordability checks.
Why Do Wizzcash Carry Out These Checks?
Not only do we run checks on our £500 loans as part of the FCA guidelines, we also do it as part of our commitment to responsible lending. We will only lend to those who can truly afford it, in order to ensure that our customers don’t end up in a difficult financial situation.
What Is Responsible Lending?
Responsible lending is where the customer’s best interests are taken into account. Here at Wizzcash, we are very committed to responsible lending. Not only do we follow FCA guidelines, but we also ensure affordability, transparency of terms and conditions, confidentiality, and also put customers at the heart of our business.
Are £500 Payday Loans Regulated?
As a Financial Conduct Authority (FCA) authorised lender, we follow the FCA guidelines for payday loan lenders. When borrowing £500 payday loans from authorised lenders, you can be sure that you are protected at all times. Recent regulations have led to honest and fair practices, along with various price caps on things like interest – so you never have to pay more than double what you have borrowed.
How Do I Apply For A £500 Loan With Wizzcash?
Applying for a £500 loan with Wizzcash has never been easier. Our online loan calculator is simple – you choose how much cash you need, and for how long and click ‘Apply Now’. After that, all you have to do is fill out a few details about yourself and once your application is sent to us, we will begin carrying out our checks. With Wizzcash, getting a £500 loan is just one online form away.
When Will I Receive My £500 Payday Loan?
Once your application for a £500 payday loan has been made, we will perform our affordability and credit checks to ensure that you are able to reasonably afford repayment of the loan. In most cases you will receive approval and see the requested funds in your account within 24 hours of your application.
Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk