£500 Loans?
Find out why a credit line might be better
Looking for a £500 loan? Try a Drafty line of credit
If you’re looking for a quick £500 loan to boost your cash flow, we could offer you something even better (in our opinion at least!). Instead of taking out a one-off £500 loan today, consider a Drafty credit line.
Here’s what a Drafty offers you.
- Speed - We pride ourselves on offering a quick and easy £500 loan alternative. You could get cash into your bank in under 90 seconds*, once you’re approved so you can get on with your life ASAP
- Borrow what you need – You can apply for up to £3,000 and redraw what you need from your approved credit line. Unlike a one-off £500 loan, you can access up to £3,000
- Reuse - As we offer a line of credit, you can draw from Drafty again whenever you want, without reapplying. Yes, it really is that simple
- No fees – The cherry on top? There are no fees. No – your eyes do not deceive you. What’s more, you only pay interest on what you use. If you don’t use any of your credit, it doesn’t cost you a thing
We’re fully regulated by the Financial Conduct Authority (FCA). We only offer our credit line to people we think can afford it.
We’re very proud of the personalised service we offer to our customers. If you’d like to see what others think of Drafty, take a look at our independent reviews and see why we’re rated ‘Great’ on Trustpilot.
To help you make an educated decision, check out our ‘Compare Loans’ page. Here, we highlight the benefits of our £500 loan alternative compared to some of our competitors. For extra information, discover more about Drafty.
Apply in minutes to see why our line of credit could suit you better than the rest.
Representative 96.2% APR (variable)
Can I get a £500 loan?
Yes, most people can get a £500 loan, it just depends on your eligibility.
Often, £500 loan direct lenders will delve deep into your financial history to ensure you can be relied upon to pay the money back. If you have a bad credit score, this might make things more difficult.
Taking out a £500 loan with bad credit could result in extortionate interest rates and repayments you struggle to keep up with. This is where a Drafty line of credit comes in.
We look beyond the numbers and consider the person behind the screen. Yes, we have to take the expected details (we wouldn’t be a responsible lender if we didn’t), but we try to make the process as painless as possible.
What is a Drafty line of credit?
If you’re looking for a quick £500 loan, give Drafty a try. We do things differently from a traditional loan, but we still offer the financial boost you’re looking for.
We offer a credit line. It's an alternative to an overdraft or a credit card, but, in our opinion, much better. In simple terms, it’s access to a pot of cash that you can draw from and pay back as much as you’d like – as long as it meets the minimum repayment amount.
You don’t have to use the funds on your credit line and if you don't it won't cost you a thing. If you do use the funds, it’s much cheaper than going to a £500 loan direct lender. A credit line is also cheaper than using most unarranged overdrafts. It’s even cheaper than some arranged overdrafts.
Time is precious, so we’ll also send the cash to your bank in under 90 seconds* if you’re approved.
Getting Drafty a £500 loan alternative
Like or unlike a quick £500 personal loan, a Drafty line of credit uses an unintrusive and straightforward application process. We’ll ask you all the expected questions such as the amount you wish to borrow, your employment details and monthly expenses – nothing shocking!
From here, we’ll ensure you pass our financial checks – we never offer anyone our £500 loan alternative unless we're confident they can pay it back. As soon as you pass our checks, we’ll provide you with your credit line terms and conditions and you’re good to go!
How much do you want to borrow?
Representative 96.2% APR (variable)
Subject to status. T&Cs apply.^
What can I use a £500 loan for?
£500 loans are typically used for unexpected, temporary or one-off financial outgoings. For example, if your car breaks down and you need some extra cash to help you cover the costs, a £500 loan will help you bridge the gap.
A Drafty line of credit works similarly but without the added obstacles. You can use our quick and easy service the same way you’d use a £500 loan. So, you can get immediate financial support safely and securely.
How do I apply for Drafty, a £500 loan alternative?
- Apply – We just need a few personal details to help us along
- Get a credit limit – If you’re approved, you’ll be given a credit limit of up to £3,000. You can then use as much or as little as you want, paying interest only on what you use
- Flexible payment – You repay a minimum amount every month. Want to repay early? That’s fine! We don’t charge and it’s easy to make payments on our app
- Fast Cash transfer – Redraw whenever you need from your Drafty credit line and we’ll send the cash to your bank in under 90 seconds*
Disadvantages of £500 loans
There are a few reasons we believe a Drafty line of credit is better than a £500 loan:
High interest rates - If you’re looking for a quick £500 loan, you may well have a low credit score. Consequently, you might end up paying higher interest rates when you borrow £500 with bad credit, as lenders see you as more of a risk.
Borrowing cycle – As £500 loans for bad credit often have higher interest rates, the repayments can soon mount up. This could really affect your financial stability in the long term.
Benefits of £500 loans for people with bad credit
People don’t choose to be in situations where they need a financial boost. Therefore, there aren’t many advantages to discuss. However, most £500 loans tend to be for shorter amounts of time and available quickly, as they’re usually online.
As long as you meet your repayments, taking out a £500 loan can actually improve your credit file. That’s not exclusive, though, and using a Drafty credit line responsibly will give you that same shine in the eyes of lenders in the future.
Am I eligible to apply for a Drafty line of credit?
Let’s see, shall we! We’ll consider you if you're:
- 18 or over and employed
- Earning at least £1,250 a month
- A UK resident with an active bank account and debit card
Once you’ve given us the lowdown, we can check your affordability and then agree a credit limit with you if you pass. We will then send the cash to your bank within 90 seconds, once approved.
Representative 96.2% APR (variable)
Subject to status. T&Cs apply.^
What if my credit line application gets rejected?
Don’t worry if your application gets rejected – it may be down to something that you can fix fairly quickly and easily.
We can’t tell you why your application got rejected. However, if you applied for our credit line online, we’ll provide you with the name of the credit reference agency by email if you want to check your file.
If your file is error-free, that doesn’t mean you’ll never get accepted. If your circumstances change for the better or your score goes up, there’s nothing stopping you from applying again in the future.
Contact Drafty today
- Live chat - Log in or create a new Drafty account to speak to our team through our live chat function
- Drop us a message - If you'd like to send us an email, checkout our contact us page and drop us a line. A member of our friendly team will answer your questions as soon as possible
- Give us a call - We're here to answer your calls on 0203 695 8072 from 9am to 6pm Monday to Friday, and 9am to 1pm every Saturday#
£500 loans FAQs
What credit score do I need for a £500 loan?
Sadly, there is no hard and fast rule to this. Those with a poor credit history may find it more difficult to borrow money than people with better credit scores. Some lenders will also look at your overall financial situation along with credit checks. Do you know who else looks beyond your credit score? Yep, you guessed it – we do!
How can I borrow £500 right now?
If you want money quickly, you might be looking at a £500 loan bad credit direct lender for the answer. However, these loans come with large interest rates that could impact your long-term financial stability. That’s where Drafty comes in, offering a responsible line of credit to help you get back on track without the added complications.
What is the easiest £500 loan to get?
The truth is each £500 loan direct lender is different. However, we can tell you that we make life as straightforward as possible. When applying for a Drafty line of credit, we get straight to the point so we can help you feel a financial boost in no time.
Drafty is an FCA-authorised provider of a Revolving Line of Credit with a credit limit of up to £3000, available to borrow as and when you need it (subject to affordability checks). You only pay interest on what you draw/use.
Representative Example: Assumed credit limit: £1200. Representative 96.2% APR (variable). Annual interest rate 69.4% (variable).
There is no set minimum or maximum repayment term, so long as the minimum monthly repayment sum is met, however, you may repay back early without any fees and save on interest.