£500 sits in the middle of our £100 to £5,000 range, so you have room to choose a term that keeps the monthly repayment comfortable while keeping the total cost sensible.
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What a £500 loan costs across different terms
A longer term lowers the monthly payment but usually costs more overall. The table gives a rough idea across a range of terms at a representative 79.5% APR.
Why people borrow £500
In the first half of 2026, these were the most common reasons people came to us looking to borrow around £500, based on our own enquiry data.
Choosing the right repayment term
The term you pick makes a real difference to both the monthly payment and the total cost. As a rule of thumb, choose the shortest term you can comfortably afford.
- A shorter term means higher monthly payments but less interest overall
- A longer term lowers the monthly cost but usually costs more in total
- Make sure the monthly figure fits your budget with room to spare
Who can apply
Lenders set their own criteria, but as a general guide you will usually need to:
- Be a UK resident aged 18 or over
- Have a regular income the lender can verify
- Hold a UK bank account and debit card
- Pass the lender's own affordability and credit checks
How to apply
Representative Example: £1,000 borrowed for 18 months. 17 monthly repayments at £87.22, final repayment of £87.70. Total amount repayable £1,570.44. Interest total £570.44. Annual interest rate 59.97% (fixed). Representative APR 79.5% (Variable). Any representative monthly repayment shown is for illustration only, based on our representative APR. Your actual repayments will be confirmed by the matching lender if your application is approved.