Need to borrow a £500 loan to pay for an emergency car repair, repairs to your house or another unexpected expense?
We’re a trusted, FCA authorised direct lender and credit broker. Apply today! Once your application is approved and the consumer credit agreement is signed, the Cashfloat team will get the funds to your bank account within an hour*. You can apply for a Cashfloat payday loans whether you’ve got a good or bad credit score.
Whether you need to borrow money for car maintenance or another emergency expense, Cashfloat can get you the cash you need fast. All you need to do is apply here, and you’ll get an instant decision.
How quick can I get a £500 loan?
At Cashfloat, we aim to process loan applications within 30 minutes of receiving them and to get the funds to our customers’ accounts within an hour* of approval. That’s as close as we can get to providing instant loans. Being a responsible, FCA regulated lender, we can’t quite offer absolutely instant loans because we have to carry out checks to ensure customers can afford the repayments before we approve a loan. These checks are essential, however, and they exist to protect your financial safety.
Over how many months can I borrow £500?
With Cashfloat, you can borrow £500 over 3 to 6 months.
You can use the Cashfloat loan calculator to look at your repayment options for a £500 loan. You’ll get a monthly breakdown of payment amounts over your chosen borrowing period. As well as this, you’ll find out the total interest you’ll pay and the overall total amount you’ll repay.
Did you know that you can repay your loan early with Cashfloat? Other lenders make early repayment charges, but with Cashfloat, you can always repay early for free. You’ll save a lot of interest by doing so.
Can I get a £500 loan with bad credit?
At Cashfloat we offer loans for people with bad credit scores. If you can pass our affordability test and it’s safe for us to provide a loan, there’s a good chance you’ll be eligible with Cashfloat. On top of this, at Cashfloat we don’t charge extra interest to people with low credit scores. All our payday loans are provided at the same interest rate regardless.
Be aware that other lenders often charge higher interest rates to applicants with low credit scores. Make sure you shop around and compare prices if you’ve got a low credit score. It’s also a good idea to look into repairing your credit score in order to save on borrowing costs in the future.
Can I get a £500 loan with no credit check?
As an FCA authorised lender, Cashfloat are required to carry out a credit check on every applicant to ensure that they have the means to repay a loan before we provide it. This is a standard procedure that the FCA requires and is an essential part of responsible lending. Be wary of lenders who offer loans with no credit check. These companies do not care about your financial safety.
It’s also always a good idea to check that the lender you apply with is listed on the financial services register.
Be aware: borrowing money you can’t really afford to repay could leave you with serious financial problems.
Can I get a £500 loan at a low interest rate with Cashfloat?
Short term loans always have a high interest rate because they’re a convenient, fast cash solution that you repay over a short period. To get a lower interest rate, you usually have to borrow money for a longer period of time or under different conditions. You might need to provide a guarantor or collateral, for example. If you’re looking for a cheaper option, have a look at our small personal loans, available in amounts of £1,000 to £2,500 for 6 or 9 months at lower interest rates.
Will I have to repay the loan on my next payday?
Payday loans were traditionally borrowed and then repaid in full after one month. This is no longer the case, however, with many lenders offering cash loans that can be repaid over several months. You can borrow a Cashfloat payday loan over three to nine months, for example, depending on how much you borrow.
Having longer to repay a loan gives you the time and peace of mind to get your finances back on track. Check out Cashfloat’s Easy Start feature for the easiest way to pay back a payday loan.
What if I can’t pay a monthly instalment on time?
We understand that unexpected things happen, and it’s not uncommon for a repayment plan to be thrown off course. As soon as you realise it’s going to be difficult to make a month’s payment, contact our customer service team and explain the situation. They’ll work with you to try and negotiate a new repayment plan that suits you better.
As another reminder, always make sure you can afford the repayments before you apply for a loan.
Why should I only take a £500 loan from a direct lender?
With a direct lender, the application process goes quicker, and you’ll likely receive your loan faster. Brokers also charge extra fees for finding you a lender, which you don’t have to pay when you borrow directly.
Who is eligible to borrow 500 pounds?
In order to apply for a £500 loan from Cashfloat, you must:
- Be over 18 years of age
- Be a UK citizen
- Have a UK bank account
- Have a steady source of income
Will applying for a payday loan affect my credit score?
It could have a positive or negative effect.
The most important thing, when it comes to your credit score, is whether you stick to your repayment schedule or not. If you fail to make payments towards a payday loan, this will reduce your credit score. If you stick to your repayment schedule, however, your score should improve.
In some cases, making new applications for credit can also temporarily reduce your credit score. This happens when hard searches are carried out against your credit history and new credit accounts are opened. With Cashfloat, this effect is reduced. When you apply for a loan with us, we only carry out a soft credit search in the initial stages to see whether we can approve the application. This kind of search will not leave any marks on your credit file. We only carry out a hard credit check when we fund a loan.
As well as this, some future lenders may look negatively on payday loan applications and accounts that are in your credit file. This is not always the case, however, and the impact it has may not be significant.
Can I borrow more than 500 pounds?
Yes, at Cashfloat we offer payday loans for amounts up to £1,500. However, we recommend that you only borrow the amount you need to cover your expenses because you’ll need to pay interest on whatever amount you borrow. Remember that taking out a loan is a serious commitment that should be considered properly beforehand.
What can I use a £500 loan for?
You can spend the £500 you borrow from us on whatever you want or need. We recommend, however, that you only take a loan to cover an emergency expense. You shouldn’t take out a payday loan to pay for something that isn’t absolutely essential. You also shouldn’t use a payday loan to alleviate a long term money problem. If you’re in debt or struggling financially, there are many free debt advice organisations that you can get in touch with, such as MoneyHelper, StepChange and Citizens Advice.