Sometimes when you are in desperate times, have little money of your own and are unable to borrow cash from your friends and family members, it is unavoidable that you will have to get the funding from outside help. Say, if I need a 500 pounds loan urgently by today, where can i borrow the money so that i can have cash fast now?

If what you need is to borrow 500 pound with bad credit, what you can do to find instant cash with same day approval is to approach some of these unsecured cash lenders who are able to provide small personal loans, starting from 100 pounds to a maximum of 1000 pounds loan. These instant money lenders give you an instant approval loan with no credit check and for short term borrowing with a fast turnaround, they are some of the easiest way for anyone to borrow money online.

However, it should be pointed out that there are requirements to fulfill before you can get approved for short term personal loans under 1000 pounds. Firstly, lenders will require you to be employed and you should be earning at least a minimum of 700 pounds monthly. You will need to be 18 years old and above and have a debit card available for making the repayment, although this is not always a prerequisite, and different lenders may be able to let you borrow money with no direct deposit or have quick loans with no bank account needed.

Your maturity date for a 500 pound loan will be set to coincide with the arrival of your next paycheck so most of these unsecured payday loans in the UK are usually good for 30 days at most, sometimes just under 14 to 21 days if you happen to be paid on a fortnightly basis. Loan extensions are possible though so if you are unable to pay back within 30 days, what some borrowers do is simply to extend the payback or "roll over" the debt for another month by paying an extra late payment fee.

By taking a high risk loan with more than 90 days to pay back, the costs of the personal loan will shoot up too. These loan till your salary are meant for short term credit needs, and if you find yourself baring able to stay above waters with your salary, it is probably best that you keep your loan payment on time and only borrow what you think is required, that is an online 500 pound loan with bad credit.