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Apply NowWhat are £50 loans?
As the name states, a £50 loan is a small loan that amounts to 50 pounds. Small payday loans are relatively easier to obtain and are designed for borrowers experiencing a financial emergency that cannot wait until their next paycheck.
Applying for small loans in the UK can be quick and easy. The borrower must pay back the £50 plus interest to the lender on the due date. The loan is typically paid back in a lump sum after a short period of time.
£50 Loan Requirements: Am I Eligible?
Applicants who wish to get a £50 loan must undergo a credit check to ensure they are eligible for the loan. To be eligible to apply for a small loan, borrowers must meet the following criteria:
Be at least 18 years of age
Be a UK resident with a permanent address
Be in employment with a regular income
Hold a UK bank account and debit card
The loan providers may have additional requirements. For example, in many cases, some payday loan direct lenders may refuse to lend to an applicant who is currently bankrupt. On the other hand, many different lenders may still be willing to work with a person who is unemployed but has a steady source of income.
Average Interest Rates
Quidable is not a direct lender, so we do not set APR or loan terms. However, the lending companies we partner with offer 7-day to 84-month loan terms with 18.7% to 1,576% APR.
Moreover, our lending partners follow the rules and regulations the Financial Conduct Authority (FCA) set. According to the FCA, interest caps on short-term loans must be capped at 0.8% per day of the amount borrowed. Also, under FCA law, interest and default charges must not exceed the initial loan amount.
Nevertheless, paying back loans as soon as possible is always good practice to save money and avoid paying more interest.
Consider the following example: if you were to borrow a £50 payday loan with a fixed interest of 292% over one month, your total debt, including interest, would be £62.17. If you were to pay back that same amount with the same interest over three months, your total would be £76.09.
Can I Borrow a £500 Loan with Bad Credit?
Even with a bad credit score, you may still qualify for a £50 loan. Even though our trusted network of lenders performs a full credit check, your credit score is not the only factor they consider. Our £50 loan bad credit direct lenders may assess your current affordability and circumstances and offer a flexible payment plan. Some lenders may also consider income when assessing an applicant’s eligibility for a loan.
The lenders we partner with may use a risk assessment model that adds more weight to your income than your credit score. For example, if the lender sees that you generate enough revenue to pay off a loan, they may be willing to lend to you even if your credit score is low. This can be especially true for small short-term loans due within a couple of weeks.
People often borrow a £50 loan to address emergency expenses. The most common emergency £50 expenses include:
- Unexpected small bills
For example, these may include seasonal expenses, pet emergencies, special occasions, and school expenses.
- Emergency home repairs
Such as broken pipes, a leaking roof, broken water heater, overflowing toilet, broken windows, furnace issues, broken air conditioning unit, and electrical problems.
- Minor car repairs
These can include oil changes, tire changes, and the headlight and windshield wiper replacements.
- Medical emergencies
A small loan can help pay for an office visit or prescription costs.
Advantages of £50 Loans
Getting a £50 payday loan has many advantages, especially when faced with an emergency expense. Below are the many benefits of taking payday loans from direct lenders.
- Easy application
- Quick funding
- Available to many credit types
- Convenient
- Higher acceptance rates
- Flexible repayment options