£500 Loans

For the small emergency that won't wait until payday. Borrow £500 and repay it over a few months – most people choose three.

What people use a £500 loan for

£500 sits in the middle ground: more than most people can find at short notice, but nowhere near enough to need a big bank loan. It's usually for one specific cost that's too big to cover from this month's money.

Appliances you can't do without

A cooker, fridge or washing machine that's broken down and needs replacing now.

Car repairs

Tyres, brakes, a battery or MOT work – especially if you need the car for work.

Unexpected bills

A phone bill that's higher than expected, or an insurance renewal you weren't ready for.

Getting through winter

Gas and electricity bills that peak when it's cold.

Urgent travel

Train fares, flights or fuel for a family emergency or for work.

Dental or optical

Treatment or new glasses that can't wait until you've saved up.

Things you need for work

Tools, uniform, a licence or training to keep earning.

A short dip in income

Lost overtime, time off sick or a holiday month – when your pay is back to normal soon.

What £500 could cost you

We don't quote example prices here, because the cost depends on the lender and on how long you take to repay. Your lender will show you the exact cost before you agree to anything. Most short term loans are covered by the FCA's price cap for high-cost short-term credit, and on a £500 loan that means:

£4 a daythe most a lender can charge in interest and fees on £500 (80p for every £100).
£15the most you can be charged as a fee if a repayment is late.
£1,000the most you'd ever repay in total on a £500 loan covered by the cap.

Those are the legal limits, not typical prices. The single biggest thing you control is the term: most people repay a £500 loan over three months, and the sooner you repay, the less interest you pay.

Is £500 right for you?

It makes sense when…

  • it's a one-off cost you couldn't plan for
  • you can see how you'll repay it over the next few months
  • a short dip in income will be back to normal soon

Think twice if…

  • you're borrowing for everyday spending, or something that can wait
  • your income has dropped for good, not just for a month or two
  • you'd need to borrow again to repay it

Need a little more? Take a look at a £1,000 loan, read about payday loans, or compare all our loans.

49%Representative APR

Representative example: £1,500.00 borrowed for 12 months. Monthly repayment is £154.12, total repayable is £1,849.47. Total cost of credit £349.47. Representative 49% APR. Credit broker not a lender. All loans are subject to status and only available to UK residents over the age of 18. Warning: Late repayment can cause you serious money problems. For help, go to moneyhelper.org.uk

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