£500 Loan
Looking for a £500 loan? A flexible line of credit might be a better choice. Drafty Flex is a personal line of credit with a maximum limit of £3,000. If approved, money from the line of credit can be sent to your bank in just 90 seconds*. Our online application makes it easy to apply for the funds you need. As a trusted direct lender, we consider people with bad credit too.
Representative 96.2%APR (variable)
Representative Example: Assumed credit limit: £1,200. Representative 96.2% APR (variable). Annual interest rate 69.4% (variable).
Not all applications will be approved for credit. An offer of credit is subject to status and affordability checks.
Why choose Drafty Flex for a £500 line of credit?
Fast
Cash sent to your bank in under 90 seconds, if approved. It may take longer to reach your account depending on your bank’s processes.
Flexible repayment
As long as you repay the monthly payment, how long you borrow for is up to you. No early repayment fees.
Trusted
Rated excellent on Trustpilot with over 10,000 reviews.
Convenient
Secure online application available 24/7. An instant decision.
Eligibility criteria for a £500 pound line of credit with Drafty Flex
To apply online for a 500 pound line of credit with Drafty, you need to meet the following requirements:
- Be at least 18 years old
- Be a UK resident with an active UK bank account and debit card
- Be in regular employment with a monthly income of at least £1,250
After you’ve applied, we’ll run affordability and credit checks. If approved, we’ll agree on a credit limit. Then, once you withdraw funds, we’ll send the money to your bank within 90 seconds. Depending on your bank’s processes, it may take longer to reach your account.
Representative 96.2%APR (variable)
How to apply for Drafty Flex, a £500 pound loan alternative
Here’s how you can apply for a Drafty line of credit:
Apply
Click on the apply now button below and complete our online application process. Choose how much you want to borrow. Then, fill in your personal, employment, and banking details. It takes around 15 minutes to complete (application completion time varies).
Flexible payment
As long as you repay the monthly payment, how long you borrow for is up to you. There are no early repayment fees. Also, it’s easy to make payments. With continuous payment authority, automatic payments are easy to manage. You can also pay with debit card or Google/Apple Pay in the Drafty app.
Fast cash transfer
Use Drafty Flex whenever you want, and we’ll send the money to your bank in 90 seconds. It may take longer to reach your account, depending on your bank’s processes.
Representative 96.2%APR (variable)
How quickly can I get the 500 pounds in my bank account?
With Drafty Flex, you can access a £500 line of credit quickly. Our simple online application gives you an instant decision. If approved, you’ll be given a line of credit (maximum £3,000). Once you withdraw funds from your Drafty line of credit, we’ll send the money to your bank within 90 seconds. It may take longer to reach your account, depending on your bank’s processes.
As opposed to a £500 loan, Drafty Flex line of credit is always there. No need to go through the application process again, your cash is ready when you need it, within the available credit limit. Drafty Flex offers clear repayment terms, no hidden fees, and a reliable alternative to payday loans.
Why Choose a Direct Lender for Your £500 Line of Credit?
Using a direct lender is a faster, more reliable option than using brokers or intermediaries. Borrowing directly gives you more control, with no delays or hidden fees.
Drafty is a direct lender authorised by the FCA (Registration Number 689378). Our flexible line of credit is like a pot of cash there whenever you need it (subject to having available credit). Even better, you only pay interest on what you use. Plus, you can repay early without extra charges.
What can I use a £500 loan for?
A £500 loan is perfect for handling unexpected financial emergencies or unexpected expenses. Here are some common uses:
- Car Repairs – Fix an unexpected breakdown without delay.
- Unexpected Bills – Cover urgent bills, or other unexpected expenses.
- Emergency Cash – Manage essentials when you’re short of cash before your next payday.
- Dental Costs – Pay for dental treatments or urgent dental care needs.
- Emergency Expenses – Handle any unexpected financial situation quickly.
With Drafty, you can borrow from a £500 line of credit for any of these needs. Unlike other loan providers, Drafty offers flexibility. You only pay interest on what you borrow, and there are no hidden fees. It’s a smart way to manage short-term financial difficulties while staying in control of your money.
Can I get a £500 loan with bad credit?
Yes, it is possible to get a £500 loan with bad credit. Some lenders consider more than just your credit score when looking at your application. They may review your overall financial situation. This includes your income and ability to make monthly repayments.
At Drafty, we look beyond your credit rating, so there’s a chance you could still be approved for our credit line, even with a low credit score or poor credit history. We use a soft credit check to assess your eligibility without impacting your credit rating. A hard credit check is only added to your credit file when you take out the line of credit. If approved for Drafty’s line of credit, you can withdraw the cash immediately. We’ll send the money to your bank within 90 seconds*.
What should I do if my £500 loan application is rejected?
If you’ve been rejected for credit, understanding why is important. It may help you make positive changes.
You can contact the lender to ask for the details of the credit reference agency that assessed your application.
Obtain a copy of your credit report and go through your credit history. Identify any errors or negative factors impacting your credit score.
If your credit score is on the lower side or you have a bad credit score, take steps to improve it. This could involve settling existing debts, ensuring timely payments, and reducing your credit usage. Boosting your credit score enhances your chances of future loan approvals.
Consider seeking advice from a financial advisor or a money advice service. They can offer insights on managing finances, explore alternative options, and provide support during challenging periods.
FAQs
Credit cards for bad credit
Does Drafty use a hard credit check?
Drafty uses a soft credit check during the initial application process. This allows us to assess your eligibility for a line of credit without affecting your credit score. If your application is approved and you decide to borrow, a hard credit check may be performed.
What happens if I miss a repayment?
Missing a credit repayment can impact your credit score and lead to extra costs. Your credit agreement will outline the repayment period and any potential fees for late payments. If you’re struggling to make a payment, contact your lender as soon as possible to discuss your options.
Can a £500 loan improve my credit score?
Yes, a £500 loan may help improve your credit score when managed responsibly. By making timely monthly repayments and avoiding late payments, you show lenders and credit reference agencies that you are a reliable borrower. Over time, this builds a positive credit history and may boost your credit score, improving your chances of being approved for loans in the future.
Can I get a no credit check £500 loan?
No, getting a £500 loan without a credit check is unlikely. All FCA-regulated direct lenders are required to conduct affordability and credit worthiness checks as part of the loan application process. This helps ensure responsible lending and a fair assessment of your application. Be cautious of lenders offering loans with no checks, as they may have hidden fees or unclear terms that could harm your financial situation.
Please think carefully about whether Drafty is the right solution for you. This is even more important if you're in financial difficulty. If we don't think you can afford to repay your credit, we won't be able to approve you. We'll look at your current finances and credit history before we decide whether to give you credit. Failure to repay could impact your credit file.