This comparison shows lenders that offer short term loans of 500, even if you have bad credit.

They are known as payday loans and are the most expensive type of borrowing available, so only apply for one if you need the money in an emergency.

There are cheaper alternatives to payday loans, but you usually need a good credit history to be eligible.

How to get the best loan for 500

The best short term loan for 500 will be the one that costs you the least to pay back over the term you choose.

To help you find the cheapest loan:

  1. 1.

    Decide how long you need to pay off your loan: Lenders could offer loans under or over 500 too, so find one that lets you borrow the amount you want.

  2. 2.

    Use this comparison to find a lender: Each lender offers varying terms for their loans, from days to months; the shorter the term the less you pay in interest.

  3. 3.

    Visit each lender's website and get a quote: Lenders do not credit check you until you apply, so get as many quotes from lender's websites as possible.

What to think about before you apply

Payday loans should be your last resort, so only apply for one if:

  • You need the money urgently

  • You have bad credit

  • You cannot get the money any other way

500 loan with bad credit FAQs

Q

What if my payday loan application is declined?

A

Ask the lender why. You should also find out if there are any issues with your credit record.

Q

Is it harder to get a loan with bad credit?

A

Yes, your credit record tells lenders if you are a responsible borrower, but the lenders in this comparison may accept you with bad credit.

Q

When will I know if my payday loan application is approved?

A

Most lenders tell you within minutes, but it can take longer if you have given incorrect information on your application.

Q

When will the money arrive in my bank account?

A

Most payday lenders send the money on the same day your application is approved, but it could take up to a couple of days to reach your account.

Q

Can I get a payday loan without going through a credit check?

A

No, all payday loan applications require a credit check.

Q

Are payday lenders regulated?

A

Legally, they must be regulated by the Financial Conduct Authority (FCA) but not all are. Check the FCA website to find out which lenders are regulated.

Q

What does responsible lending mean?

A

Lenders can only let you borrow money if you can afford to pay it back. Here is more information on the rules a lender must follow.

About our payday loans comparison

Q

Who do we include in this comparison?

A

We include our panel of direct lenders and credit facilities that offer short term loans. They are all regulated by the FCA, satisfy our screening standards and do not pass your details to other lenders or brokers without your permission. Here is more information about how our website works.

We also check and verify that each lender in this comparison is authorised by the FCA, however you may find lenders elsewhere that are not. Find out more about unauthorised lenders on the FCA website.

Q

How do we make money from our comparison?

A

We have commercial agreements with some of the companies in this comparison and get paid commission if we help you take out one of their products or services. Find out more here.

You do not pay any extra and the deal you get is not affected.