There are often situations where we need $500 instantly. And you don’t always want to turn to relatives and friends with requests to lend money. And getting a loan from a bank is also not easy too: you need to stand in line, provide a lot of documents, wait for a decision… What can you do? There is a way out – to apply for a fast loan online through our referral service. It’s faster, easier and more convenient.
Table of contents:
- What is a 500 dollar loan?
- How does a $500 loan work?
- How much can I borrow?
- What are the different types of $500 loans?
- What is the easiest way to get a $500 loan?
- Get a 500 dollar payday loan in 3 easy steps
- Will a bank give me a $500 small loan the same day?
- Benefits of a 500 dollar payday loan
- How can I use an online $500 loan?
- Where can I take a $500 loan: top 3 places in Connecticut
- APRs and fees
- Can I get a $500 loan for bad credit?
- Where can I get a $500 loan with no credit check?
- What credit score is needed for a $500 loan?
- Who is eligible for a 500 dollar loan?
- Can I get a $500 loan for unemployment?
- How do I repay a $500 payday loan?
- What is the best place to get a 500 dollar loan?
- Factors to consider when getting a $500 loan
- Why would I get denied for a $500 loan?
- How to improve your chances of getting a $500 loan
- Is it worth taking a 500 dollar payday loan?
- Cheaper alternatives to getting a $500 loan
- Why choose us for your $500 loan in Connecticut?
- Top tips to get yourself the best 500 dollar loan
- FAQs: 500 dollar payday loans
A $500 loan is a short-term, small-dollar loan when you need extra cash quickly. To get a quick 500 dollar loan online same day, your best option is to apply with us online. Payday loans are issued by microfinance institutions. Usually, these are unsecured, fast cash loans you borrow and repay all at once in a short period. Because they are instant payday loans have relaxed borrower requirements, allowing a lender to issue your loan faster. Payday loans can provide somewhere between $100 and $1,000, depending on the lender.
“Payday” describes the repayment terms for a loan: the lender expects you to return the money + interest on your next payday. Once the loan is closed, you and the contract ends on a good note.
The first step in getting a $500 loan is completing and submitting a loan application form. We automatically send your loan request to our network of over 100 direct lenders online. This process takes a few minutes or even seconds and is fully digitalized. We match you with the right lender and you learn the lender’s decision instantly if you are approved.
Carefully read the loan terms and conditions, especially things like APRs, additional fees, penalties, etc. If you do not have any questions, e-sign the agreement. The funds will arrive in your bank account as soon as the same day or by the next business day, depending on the lender’s funding times.
When you get the funds, you can use them to cover short-term financial needs right away. The lender will withdraw the money from your account on the due date specified in the agreement. Make sure you have enough funds in there so you avoid late repayment penalties.
With us, you can typically borrow from $500 to $5000, depending on the laws of your state. Repeat applicants may qualify for an increased loan amount depending on their payment history and the affordability of the amount they ask for.
The amount you are eligible for is based on your state of residence, our assessment of your solvency and your credit history. Some states are unable to offer lower loan amounts. You can learn more about the available loan amounts in your state online.
Banks specialize in larger loans, and they will likely not issue a 500 dollar loan today. They will also decline your request if you have a bad credit score. Good news! Today there are innovative lenders who are willing to lend you 500 dollars, and they include the following:
- Car Title Loans. These kinds of loans enable you to borrow several hundred or even a few thousand dollars for a few months. You do risk losing your vehicle if you miss a payment. Car title loans are only legal in 15 states.
- Payday Loans. $500 dollar payday loans for bad credit-same day direct lenders offer the easiest and fastest way for you to borrow 500 dollars with no hard credit checks. They are usually short-term, and you should expect to return the money within a few weeks.
- Personal Installment loans. It is a long-term loan where you will have to repay the funds in equal monthly installments instead of repaying the debt all at once. These loans usually will require you to borrow at least $1,000. But there are some lenders who are ready to issue $500 loans with monthly payments.
- Pawn Shop Loans: This is similar to a title loan, but on a smaller scale. It’s a secured loan, which means you’ll need to provide collateral. The collateral in this case could be any valuable item that the pawnshop will accept (jewelry, a TV, a notebook, a musical instrument, watches, etc.). But it’s the same situation as a title loan, and if you can’t repay the debt, you will lose your item.
To get a loan online quickly and without unnecessary hassle, you should contact a payday lender that specializes in lending via the Internet. Our loan referral service offers professional financial solutions around the clock and without hard credit checks. Each client who meets the basic requirements of the company is able to get a guaranteed loan online, with no paperwork. Here you can borrow 500 dollars on transparent terms. The application is submitted via the Internet, and the money is promptly received by the borrower. The entire process of applying for a loan online takes up to 15 minutes. Microfinance institutions approve 9 applications out of 10 and offer same-day funding.
1. Apply Online
The first step in getting a short-term loan is to apply. For this, you need to fill out our secure online application. You will be asked to provide a few basic information about yourself and your income. The application takes less than 15 minutes to complete.
2. Get Fast Approval
Getting approved for a 500 dollar loan is fast because we, as well as participating lenders, look at the complete financial picture. We cooperate with lenders and can approve applicants in minutes.
3. Get Money Right Away
Upon approval, the lender will electronically deposit the money into the bank account within a few hours or sooner. Often, you can pick up the money directly from the lender’s store.
If you have an emergency and need to get a $500 loan, you may consider a personal loan from a bank. But this is not the right option if you need a financing option that processes applications quickly.
Most banks take too long to approve even small-dollar loans and are not suitable when you need the funds the same day. Also, most banks will not lend you 500 dollars as they consider it too much work for a small profit margin. And if you have a poor credit score, this will further lower your chances of getting approved.
Key advantages of online payday loans:
- Apply 24/7. It is possible to receive the funds on weekends and late at night;
- No need to specify the purpose of the loan;
- The client will be able to receive the funds in 60 minutes or even faster;
- Loyal attitude to customers, there are only a few requirements: US citizenship and age 18+;
- The entire process is online;
- No collateral required;
- No paperwork;
- Bad credit is OK;
- No hidden fees or additional payments.
The services of microfinance organizations are very often used by those who find it difficult to borrow money from traditional banks. These can be people with no job, students, freelancers, disabled people, pensioners, etc. Even those with bad credit history can qualify for a loan.
You can spend a $500 payday loan on anything. The lenders from our network don’t restrict you in any way. If you are eligible for a loan, you are free to use it for various emergencies such as:
- medical bills;
- car repair;
- tuition costs;
- home improvement;
- debt consolidation;
- mortgage payment;
- business expenses, etc.
The only important thing is to repay the loan on its due date to avoid additional fees and penalties.
Whether you are a self-employed person, a full-time employee, a retired person, or a student, you have several places you may contact for getting quick financial assistance when you need cash urgently. How can you get a $500 loan with no credit? You have three main options:
- Credit unions. These not-for-profit organizations help their members get financial assistance. Getting a personal loan may be not easy here as credit unions charge low APRs but they deal only with their members. If you don’t have a good relationship with any credit union, this option is not suitable for you.
- Banks. Getting a mortgage loan may be possible but if you only need a small amount for a few weeks, your local bank is likely to reject your application. The majority of traditional banks deal with customers who have good credit.
- Online creditors. If you need only 500 dollars for 1-3 weeks and your credit is bad, you may contact alternative lenders online. There are special companies and loan-matching services dealing with bad credit clients as well. You will be able to get a small loan within a short period for any purpose.
The cost of taking out a $500 payday loan today varies depending on your state of residence. Note that the average rates tend to be higher in states that do not cap the maximum APR. Also, shorter-term loans come with higher interest.
The typical APR for a $500 loan in Connecticut is about 400%. The finance charge ranges from $15 to $30 to borrow $100. For a 2-week loan, these finance charges translate into interest rates up to 780%.
Let’s say you took a $500 loan with a fixed charge of $20 per each $100 borrowed. In this case, you’ll pay back $100 on top of the borrowed amount on your due date, or $600 in total.
If you have bad credit, you may be wondering if it’s possible to borrow $500. The good news is that there are lenders who specialize in bad credit payday loans. However, these loans may be more expensive than loans for good credit. In general, you can expect to pay higher interest rates and may be required to provide collateral. But if you need fast cash with bad credit, a $500 loan may be an ideal solution.
Credit history is information about the borrower, which indicates all the credit transactions of this person. This includes the number of loans, amounts, terms of repayment, non-repaid loans. Based on this information, a financial institution decides whether to give a loan or not.
Banks will most likely refuse a loan if you have a bad credit history. But you can always use the services of microfinance institutions. Such companies provide loans on more loyal terms, and most often the funds are issued online.
You can even get a 500 dollar loan bad credit with no official job. The product is available to both students and pensioners or the unemployed.
To get a loan with bad credit, you’d better use our lender-matching service. We will process your request and find the best lender for your needs.
Getting a loan can be an easy way to finance a large purchase or consolidate debt. But before you apply for a loan, it’s crucial to understand what credit score you’ll need to be eligible. For a $500 loan, you’ll usually need a credit score of at least 650. However, keep in mind that each lender has its own credit score requirements. And do not forget that your credit score is just one factor that lenders will consider when deciding whether or not to give your loan. So even if your credit score is poor, there’s still a good chance you’ll get approved.
The good news is that you do not need a credit score to get a $500 loan through our online referral service. Credit scores are things of the past for a fast payday loan. Microfinance institutions will not check your credit score with credit reporting bureaus. So, even with a bad credit score, we will process your application the same way as any other score.
The requirements for payday loans online are relaxed, and most customers will get approved. To get a $500 loan with us, you need to meet a few criteria:
- be aged at least 18 years;
- have a steady income;
- be a citizen or a permanent resident of the United States;
- Have a phone number (cell) and email;
- Have an active checking account in your name.
Borrower requirements may vary slightly depending on the lender. Some state laws might also have additional conditions. You’d better research the eligibility criteria for your state of residence before applying. However, most of them are easy to meet.
You will need to submit relevant documents to prove your identity and income. Typically, these are a bank account statement, your Social Security Number, a salary slip, or a letter from your employer.
As for personal information, you may need to provide your home address, your office address, designation, phone number, personal references, etc.
Remember that even if you meet the eligibility criteria, loan approval is not guaranteed. Before approving you for an online payday loan, lenders examine your credit history and your solvency. Overall, the more papers and details you provide, the higher your chances of a fast money transfer.
Official employment is not a crucial thing for the lender. In other words, you can get your 500 dollar loan with no job in 2022. The more important thing is your ability to pay off your loan later on. So, you do need an official job to get approved.
Alternative forms of income include but unemployment benefits, disability benefits, rental income, investment income, alimony, or child support rights. The main thing is that you need a steady source of income.
You’re generally required to pay back a payday loan with a single payment by your next payday or close to this date. But some lenders offer $500 loans with monthly payments. Because lenders have varying repayment terms, make sure to check the specific due date specified in the agreement.
If you’re having difficulty repaying your loan, you might be able to ask your lender for an extended repayment plan. This lets you pay off the loan in smaller installments over a longer period of time.
You can also pay back your loan early if you want to and there are no late fees for doing so.
Our referral service allows you to find the best place to borrow 500 dollars. We have an extensive network of legitimate lenders across the US who have been checked and approved by our team.
We understand that it can be not easy to borrow cash at low rates or get accepted if you have a poor credit rating. But lenders from our network are willing to work with customers who have bad credit. We will connect your application with the lender most likely to approve you and offer the most beneficial rate.
We do not charge any fees for using our lender matching service. We simply receive a commission from our partner lenders if your loan is approved.
We are passionate about responsible lending and reasonable rates. Customers can apply and get approved 24 hours a day, 7 days a week.
It is not so easy to find a profitable offer because there are quite a lot of them. Each loan has its own advantages and disadvantages. Before applying, it is worth comparing various offers and choosing the most suitable option.
Experts advise to pay attention to:
- Interest rate;
- Repayment term;
- Available loan amounts.
The interest rate plays a huge role. You need to calculate everything so that you don’t overpay much later. This indicator is considered the main one because some microfinance institutions offer rather high interest rates, and the conditions are not always favorable.
If you need cash urgently, then you should consider the offers of online payday lenders. There are organizations that lend quickly. It will not be superfluous to pay attention to companies that issue loans around the clock. We have such lenders in our network.
Each borrower can choose the method of receiving money. For example, you can receive the money transferred to your bank account.
You must assess your own strengths. And if you understand that you will not be able to pay the debt off, then it is better not to borrow money.
Most adult US citizens have a high chance of getting approved for a 500 dollar payday loan. But there are some factors that negatively affect the decision of the lender. There are:
- Providing false information in the application;
- Errors/inaccuracies in the application;
- No source of income or frequent change of jobs;
- A criminal record or serious mental health problems;
- You are blacklisted by a financial company.
Each application is carefully reviewed. Therefore, when filling out the application form, be extremely careful and honest. It is typos in personal information that most often lead to rejections.
And, of course, the better your credit history, the higher your chances to get approved.
To get approved for a loan, you should try to provide as much reliable information about yourself as possible. If you need a large amount, you should prepare in advance and take a small $500 loan (which must be repaid as soon as possible) to improve your credit history. Some lenders from our network offer short-term credit builder loans. If you take out several loans in succession, the interest decreases, and the available maximum loan amount increases.
Your chances of being approved are higher if:
- you provide details of your work;
- you have an additional source of income;
- you have traveled abroad in the last six months and can confirm this;
- you are ready to give your contacts in the social network.
If you have received an offer to increase your chances of getting approved for a loan for a small fee, then you should not believe such promises. No one can influence the approval of the loan, except for yourself.
You may wonder “Is a payday loan right for me?” In an emergency, a 500 dollar payday loan may be an ideal solution, but a few tips must be taken into account:
A loan should be issued only if you have a clear understanding of how you will repay the debt. If you have a stable income, the debt will increase like a snowball, and fines and penalties for late payment will be added to the original interest rates.
It is strongly not recommended to take a cash advance loan to pay off other credit obligations. As a result, debts will constantly accumulate, and you will find yourself in a debt trap.
You should contact a microfinance institution only in an emergency. Do not resort to this service for making unnecessary purchases.
Borrow money for the shortest possible time or make early payments. This will reduce the overpayment.
If your current financial problems do not require an urgent solution, then before applying for a quick loan, you should try to get money in another way. For example, send applications to several banks or try to borrow cash from friends.
- Get money from your employer. Try to talk to your employer. Your boss might be able to help you solve your financial problems. Some employers are willing to give a paycheck advance. Also, your boss may offer you a low-cost emergency loan.
- Get a cash advance from your bank account. Your bank or credit union might be able to offer you a cash advance or allow you to take an overdraft to help you cover your emergency bills.
- Turn to your credit cards. As a last resort, you may turn to your credit cards. Paying your bills with a credit card will likely be cheaper than taking out a payday loan.
- Borrow from friends and family. Another way to avoid interest rates and overpayment is to ask your family or friends for a loan. It can also be easier to get the money you need since you don’t have to provide papers and fill out application forms. But you must repay the loan on time to maintain a good relationship with your close person.
Our loan matching service gives you the opportunity to borrow cash for any need in just a few hours. First, you need to determine the amount and term of the loan, then answer a few questions. For the convenience of customers, the application has been shortened: you only need to provide basic personal details: your name, birth date, phone number, home address, SSN, etc.
Upon approval, the client reads the contract and e-signs it. Then the money is transferred to the borrower’s bank account. This process will take no more than 15 minutes.
The online service guarantees data confidentiality and secure collaboration. We do not disclose data to third parties, except for our licensed lenders, the information is protected using modern digital protocols.
We are loyal to customers, loan approval rates are very high – up to 95%, and funding is speedy. The client is usually able to borrow between $100 and $1,000 for up to 30 days.
- This service can be used only if other methods of receiving money are not available. In addition, it is worth considering how serious your financial problems are. If you need to buy medicines or cover utility bills, then $500 same-day payday loans will really become a “lifeline”. But if you just want to buy a new TV, then we advise you to wait until you get paid.
- Choose an online microfinance company. Today, most microfinance organizations work with their clients via the Internet, and this is perhaps not only the fastest but also the most convenient way. If the lender operates online, all the borrower needs to do is go to the organization’s website, select the amount and terms of the loan, and fill out an easy online form. You need to specify general information: name, SSN, home address, phone number, email address; and choose a convenient way to receive money. As practice shows, the entire application process takes no longer than 10-15 minutes. If a microfinance organization issues loans offline, it always takes more time because the borrower will have to spend time coming to the office, discussing the terms of the transaction with a company employee, filling out papers, etc.
- Take into account the speed of processing applications. It is necessary to carefully study the information provided on the websites of microfinance organizations. Usually, it indicates how long applications from potential borrowers are considered. Large lenders have improved mechanisms for credit scoring, that is, assessing the solvency of clients. This allows microfinance institutions to consider applications on the same day – and often within 5-10 minutes.
- Choose the fastest way to receive funds. Today, microfinance companies offer multiple options for withdrawing funds. The most common are transfers to a bank account. The speed of funding will depend on the method chosen.
- Borrow money only if you really need it and if you are sure that you will be able to repay the debt within the specified time frame.
- Do not mislead microfinance organizations. One of the most important rules that can help you get a 500 dollar loan money in 60 minutes is to provide only reliable information about yourself. Even if you hide something, for example, that you once did not pay previous loans on time, the lender will still find it out. Before making a lending decision, the company will offer you to sign a statement of consent to verify the accuracy of the information specified in the application, after which a request will be sent to the credit bureau. And then the lender will get access to the information about all previously issued loans, including details about timely repayment. Therefore, provide only real data about yourself. By the way, once a year, all adult citizens can get a free copy of their credit reports from each of the three nationwide credit bureaus by visiting www.annualcreditreport.com. By requesting your credit history in advance, you can get a preliminary idea of whether you have a real chance of getting a loan.
- Before signing the contract, carefully study it for hidden fees and paid additional services. If you detect them, look for another organization.
I need a $500 payday loan now! What can I do?
You can borrow cash from friends and family. If they are unable to help you, you can request a payday loan if that is not a suitable option. Many lenders from our network issue loans on the same day.
Can I get a 500 dollar loan with monthly payments?
Usually, loans up to $1000 are called payday loans. And they are typically paid off in a lump sum within 31 days. But you can always negotiate with a lender and choose a convenient repayment plan. Apply now to find the right lending company.
Is it hard to get a 500 dollar personal loan?
With us, it is easy to borrow money online, without collateral or a cosigner. All you need to do is complete our simple online application. Borrower requirements are easy. You don’t need a good credit score and can get your funds within 24 hours.
I need a 500 dollar loan near me. Can I get it with no job?
$500 same-day payday loans may be available for unemployed people. But you must still have a steady source of income. For example, you may have a pension, a scholarship, social benefits, inheritance, savings account, disability funds, unemployment benefits, or other state support. Depending on your income and its stability, you may be eligible for a $500 loan.
What is a loan term for five hundred dollar loan?
The loan term may vary by lender. If you take a payday loan, the term will be up to 31 days while the term for a personal or installment loan is longer and can be up to several months or even years.
How long does it take to get approved for a loan?
It doesn’t take much time to get a 500 dollar loan now. You may be matched with a suitable lender within a few minutes and get approved instantly. Once you sign the online agreement with a particular lender, the money will be deposited into your checking account.
How quickly can I get a $500 loan from a direct lender?
500 dollar payday loans typically arrive in your checking account within 24 hours. Bank cut-off times can affect how fast you get the funds. Most lenders do not issue loans on the same day.
Do I need collateral to get a loan?
No. Collateral is not required for a 500 dollar loan direct lender if you apply with us.
How much does a $500 payday loan cost?
In most states, lenders are allowed to charge from $10 to $30 for every $100 you borrow. You should understand the terms and conditions of your loan before you accept the loan offer. Be sure you can pay back the loan on the due date set in your agreement.
How long before I must repay a $500 loan?
The repayment terms vary by state and lender. Typically, you must pay off the borrowed money within 31 days or on your next paycheck. However, you may need to repay the debt faster in some states, while others will allow you to get an extended payment plan. Ask your lender about your state regulations or look them up on your state’s website.
Is it possible to get 500 dollar loan money in 60 minutes?
You will get approved fast after applying. Then, you will e-sign the agreement. The entire process will likely take place in under 60 minutes! However, funding usually takes 1 business day. Ask your lender if you have any questions about payment terms. The reason is that your money is deposited into your checking account. Lenders cannot control the bank processing speed.
Will requesting a loan affect my credit score?
No, lenders from our network offer soft search loans that will purely check the basis of your credit record. You can be calm when you submit an application form that the form will not affect your credit score in any way, or influence your loan approval chances in the future.
Can I get a personal loan of 500 dollars?
It is possible to get a $500 personal loan. However, the interest rate and terms of the loan will vary by lender. Some companies may require collateral, such as a car or home, in order to be eligible for a loan. It is also important to note that personal loans are not usually available for people with poor credit. If you are interested in getting a personal loan, it is recommended that you compare offers from different companies to get the best deal.
Can I get a $500 loan with a credit score below 500?
If you’re searching for a $500 loan with a credit score below 500, you will probably not be able to get approved by a bank. Credit scores below 500 are usually considered to be poor, and most banks are not ready to work with borrowers who have bad credit. But there are microfinance institutions that may be willing to work with borrowers who рфму poor credit, so you’d better always do some research to see your options. If you need a loan with a credit score below 500, be sure to shop around to find the best rates and terms. And, of course, make sure you can repay the loan on time before you sign the contract.
What is the minimum and maximum amount I can borrow?
Whether you are looking to borrow $100 or $500 until your next payday,we are here 24/7 to help. With us, you can borrow up to $1000 depending on factors such as your income size, credit score and affordability.
What happens if I do not pay a $500 payday loan?
You may be subject to a late payment fee and have your account turned over to a collection agency. The agency can sue you in court. If you think you may miss your due date, contact your lender immediately. Many lenders will work with you to structure an affordable plan for your payment and avoid serious consequences.
Can I get a guaranteed $500 loan?
No, no legitimate lender can guarantee loan approval. It is impossible to guarantee loan approval before a potential borrower completes and submits a loan application. However, your chances of approval are much better when applying for a 500 dollar payday loan with a direct lender online through our referral service because lenders from our network do not do hard credit checks. For this reason, a $500 payday loan is sometimes mislabeled a “500 dollar loan guaranteed approval”. But lenders make their decision based on their own policies and regulations. Not all applications are approved.
What credit score do I need for a 500 loan?
Most banks that offer personal loans require a good credit score (660+). Some require even higher scores, (680-700). But many lenders from our network have no credit score requirement and you can qualify even with poor credit.
Are there any credit checks for a $500 loan?
Typically, direct lenders from our network do not perform hard credit сhecks but only conduct soft checks. This means that they only check the general details regarding your income and other significant information. They use alternative data companies to check your credit. Don’t worry! These checks do not affect your credit history negatively.
Do you charge any fees?
No, we do not charge any fees for using our loan matching service. You can submit an online loan request aroun the clock and no funds will be taken from your bank account.