Life is unpredictable, and various unforeseen events and situations may unsettle you. When you are in a tight spot financially and can't make ends meet, $500 can save the day.
But it is not always easy to get these small loan amounts — most traditional lenders will not even consider you, especially if you have bad credit. Thankfully, many direct lenders are willing to listen to you when you are in need.
WeLoans aims to connect you with such lenders to help you get the help you need when you need it.
Can a Bank Help Me to Get a 500 Dollar Loan Now?
Sometimes, a $500 loan is all you need to get yourself out of a sticky situation. It might be an urgent medical need that requires $500, a car that needs immediate attention, or it could be that you do not have enough groceries to feed your family until the next payday.
A 500 dollar loan can help you cover these emergencies.
A bank loan might be out of the question in many such instances. This might be because most banks consider a $500 loan as a small sum and thus are not interested in going into all the trouble of processing it.
In addition, banks take too long to process a loan which might not be suitable when you are in an emergency situation. Therefore, banks are not exactly the best option when you require quick cash.
Where Can I Apply for a $500 Loan?
Are you wondering where you can get a 500 loan today?
Worry not. Whether you're self-employed, a full-time employee, or a student without job experience, you have access to many options for obtaining immediate financial support. Even without a good credit history, you will have access to a 500 dollar loan from the following options:
- Credit unions. Credit unions are not-for-profit organizations whose primary focus is to help their members obtain financial aid to improve their livelihood. Unlike banks, credit unions are owned by the members they serve. This means that any profit made by the organization is given back to the members through lower credit fees. That is why credit unions charge APRs of between 18% to 28% (low compared to most other lenders). However, you need to be a member of the credit union to qualify for a $500 loan from the union.
- Pawnshops. If you have an asset you are not using, a pawnshop is another alternative when you need urgent cash. The only disadvantage is they tend to charge exorbitant fees.
- Banks. Although it is becoming increasingly difficult to borrow small loan amounts through a bank, some banks are still willing to lend to you. However, even lending a small amount from a bank can be very hard without a guarantor, especially if you do not have good credit. But if you have a reasonable credit score and a guarantor, then lending from a bank can be a great option.
- Online lenders. Online creditors can be your knight in shining armor when you need an urgent small loan. When you need a $500 loan, you can search for a lender on the internet and apply or apply through a loan instant app. Don't worry, even if you have bad credit. Many online lenders are ready to help, and you will receive your loan within a short period to help deal with your emergency.
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What Type of $500 Loan Can I Get?
When looking for an urgent $500 loan, there are two types of loans you can get:
Installment loans are paid back in equal monthly amounts for a specified period. For instance, if you get a 500-dollar loan, you can pay it back in portions for 30 days to 6 months, depending on the lender.
This option is convenient and suitable for the situation when you want to have a fixed monthly payment over several months as it allows you time to plan and pay back the loan on time.
A payday loan is a more common and, in many instances, riskier option. They are best for when you need quick cash but don't have an asset to give as collateral for a loan.
The guaranteed payback time is short. This means that the full loan amount plus interest should be returned on the next salary day or after 30 days (whichever comes first).
When applying for a payday loan, it is vital to ensure that you fully understand the terms and fees and all the risks involved. Most lenders will also run a credit check before approving the loan, potentially temporarily affecting your credit history.
How to Get a 500$ Loan with Bad Credit?
If you need cash urgently but don't have decent credit, your situation might be tricky. It will be almost impossible to successfully get approved for a loan from a bank or a credit union — these only deal with reputable borrowers. If they happen to offer you a loan with bad credit, they might slap you with higher fees and rates.
But there are many reasons why someone can have bad credit. For example, suppose you secured a loan in the past and defaulted due to genuine personal reasons. In that case, this is likely to haunt you forever, and it might make the process of obtaining a loan from traditional lenders feel like an uphill task.
But worry no more. Many alternative lenders offer $500 loans to their customers even with bad credit. Yes. You are eligible even if your credit history is not impressive.
However, be prepared to pay higher fees and rates. Also, the loan tenure might be a lot less — usually a maximum of 30 days. Only apply for this loan if you are sure you can pay by the next payday or in the next 30 days( whichever comes first).
How much would you like?
What is a $500 Loan with No Hard Credit Check?
A $500 loan is a payday loan that allows you access to a quick small loan through a fast online process. Typically, lenders assess your loan eligibility using your income and repayment ability. But for these lenders, your credit history is of low significance. Instead, they base their assessment majorly on personal information.
When you apply for $500 loans, you get your response in minutes, even with bad credit. There are many financial products available for customers with bad credit. So whether you have good credit, bad credit, or no credit at all, you can find something that suits your needs. All you need is proof of sufficient monthly income to qualify for a $500 loan.
Can I Get a $500 Loan?
Yes. Several alternative lenders offer this service to their customers looking for a quick 500-dollar loan. You can request 500 loans online and obtain the money the same day or the following working day at the latest.
How Much Would a $500 Payday Loan Cost?
A 500 dollar loan is short-term fast cash at an interest rate of 10-30%. Therefore the maximum interest charged is $150. Online loans are typically repaid in 14 to 30 days. The lender may accept cheques to be cashed on the due date of the short-term loan. They may even access your bank account online to withdraw the money on your next pay period.
How Can You Use a $500 Small Payday Loan?
Payday loans are designed to meet urgent short-term costs, such as urgent medical needs, broken car, school fees, mortgage payments, credit card payments, utilities, food, and rent. etc. The loan tenure is typically due within 31 days—or your next payday.
I need a 500 dollar loan. Can I get it with no job?
The majority of internet loans are provided to unemployed individuals. However, you must have proof of income (any income source counts, and it doesn't have to be a paycheck). Assume that you have child support funds, social security, an inheritance, a savings account, cash from a pension, disability funds, unemployment benefits, or other financial support. Then, you can effortlessly apply for a loan online and receive the necessary funds.