Written by
Cara Bradley
4 min read
Updated: 12/01/2024
There are few things more frustrating than an urgent unexpected bill, or your car or washing machine suddenly packing up. Often, these things cannot wait, and if we don’t have the savings to cover the cost upfront, we might think about taking out a loan.
If you need £500, Viva Money might be able to help you find a loan.
How long can I borrow £500 for?
Viva Money is a credit broker, not a lender.
We work with a panel of trusted lenders who offer loans between £100 and £10,000. Depending on how much money you choose to borrow, you can repay your loan over terms from 3 to 60 months.
The available repayment terms for a £500 loan with one of the lenders on the Viva Money panel are 3, 6, and 12 months.
How much interest will I pay on a £500 loan?
If your application is accepted the interest rate you are offered will depend on a variety of factors, such as your credit score.
Who can apply for a £500 loan?
Each lender will have their own eligibility criteria, but generally, you can apply for a loan if you:
- Are over 18 years of age;
- Are a UK resident with a UK address;
- Have a UK-issued bank account and valid debit card; and
- Have a regular source of income paid directly into your bank account.
Can I apply for a £500 loan with bad credit?
Applying for a loan of any amount with bad credit can bring its challenges. However, some of the lenders on our panel specialise in loans for those with less-than-perfect credit scores.
If your application is accepted, you could be offered a more manageable loan amount or a higher interest rate.
If your need for £500 isn’t urgent, you may wish to look into building up your credit score before you apply. A higher credit score could unlock a wider range of borrowing options and could result in you being offered a better rate of interest.
How can I improve my credit score?
Taking the first steps towards a better credit position can feel daunting, but there are simple changes you can make to start your journey.
- Check your credit report for errors. Ensure the information on your report is accurate and up to date.
- Pay your bills on time.
- Do some research into credit-building credit cards. If used responsibly over time, these cards could help build your score when used alongside other credit-building methods.
- If you have a current credit card, be sure to stay well within your credit limit, and ensure that you pay at least the minimum repayment amount on time each month.
- Register to vote. Being on the electoral roll makes it easier for potential lenders to identify you and verify your information.
How can I apply for a £500 loan?
Viva Money could help you find a £500 loan. We’ve broken the process down into four straightforward steps.
Step one
Select your ideal loan and term and complete our online form. This should take no longer than five minutes.
Step two
Based on the information provided, we will use soft search technology to scan our panel of lenders to find a suitable match for you. If we’ve been able to find you a loan, you will be redirected to the lender’s website.
Step three
Once with the lender, you will be required to undergo further checks, including a hard credit search. If the lender is happy with the results of the checks, you will be sent a loan agreement. Be sure to read this thoroughly before signing.
Step four
Clear the balance of the loan by making your repayments on time every month.
How quickly will I receive my £500 loan?
Many of the lenders on our panel can send your funds the same day your application has been approved, although it’s important to remember that the time it takes for the money to show in your account will depend on your bank’s policies and procedures.
If your need for £500 is urgent – for example, you need to cover the cost of a car repair that simply cannot wait – then it might be a good idea to speak with your lender and ask when you can expect to receive your loan. This way, you can plan accordingly.
I’m struggling to keep on top of my repayments. What can I do?
While it’s easier said than done, try not to panic. Take a deep breath and a step back. Money worries can feel overwhelming but know that there are always options and things you can do to ease the burden.
You should contact your lender as soon as possible if you’re having trouble making your loan repayments on time or you feel you might miss a repayment altogether. While talking about money can be uncomfortable, your lender will appreciate the fact that you got in touch. They will want to work with you to find a solution and help take the pressure off.
Free, impartial money and debt management advice can be found online at MoneyHelper, Citizens Advice, and National Debtline.
Viva Money have teamed up with charity StepChange to provide a free, online Money Health Check quiz. The answers you provide will remain confidential and will help to generate tips on how to handle your current situation.
