$500 Loans Fast Approval for Bad Credit | Borrow Online
If you need to borrow $500 now, we are here to help you borrow cash or even more with our free online application form, immediate approval and same day funding, within 24 hours (or next working day). And yes, we approve even with bad credit!
What Is a 500 Dollar Loan?
A 500 dollar payday loan is short-term borrowing that you can get whenever you need money in an emergency. Typically, you should pay off the loan within 31 days when you borrow the funds this way. However, some direct lenders allow their clients to extend the repayment term and get a $500 installment loan with fixed monthly payments. It is done to help the borrower avoid late payment penalties and extra fees. Ask your lender specifically about it. If approved, the funds arrive in your bank account the same day or the next business day after approval.
Another benefit of a $500 loan is relaxed borrower requirements. Even people with poor credit or no credit can qualify for a short-term, small-dollar loan and get the cash instantly. These small payday loans with instant approval and no credit checks give people with different credit scores equal chances to get approved.
How Can You Use a $500 Payday Loan?
With small-dollar cash advances, you can use the money for whatever needs. Most Americans choose a payday loan to pay for emergency needs such as medical treatment, vehicle repair, utility bills, rent, education expenses, home improvement, or other things. We have an extensive network of direct lenders that guarantee high approval rates. They will never ask you your reasons for borrowing money. You do not need to disclose your financial matters, and you can choose any cause of spending.
Eligibility Criteria for a $500 Cash Loan
The requirements for small payday loans online are easy to meet, and most applicants get approved instantly. To get a loan for 500 dollars, you have to comply with a few eligibility criteria.
- Be at least 18 years of age;
- Be a US citizen or a permanent resident;
- Have a stable source of income (any source of income);
- Provide a valid email address and phone number;
- Have an active checking account in your name.
The requirements may vary slightly depending on your state of residence and the loan provider you work with. Some state laws add additional requirements as a higher minimum age. We recommend that you research the eligibility criteria for your state before applying.
How Does a $500 Loan Work?
The first step in borrowing $500 is filling out an application form. You will be required to provide basic personal details and the desired loan amount. We suggest you check the data twice to avoid any inaccuracies or incomplete information. Then submit your request and we receive your application!
We automatically send your request to our extensive network of direct lenders that are licensed to operate in your state. Some of them approve your request, and we match you with the most suitable lender for your current needs and budget. This process takes only a couple of 5–15 minutes, and it is fully online. Then, the company contacts you immediately and provides you with the agreement that describes terms and rates.
Carefully read the agreement, especially clauses disclosing APR, fees, costs, interest rate, and potential penalties. If you understand all the terms and are quite satisfied with the offer, e-sign the agreement. The funds will arrive in your checking account as soon as the same day or the next working day, depending on the lender’s policies. Many companies issue loans around the clock.
When you receive the funds, you can use them for whatever need right away. On the due date, the provider will withdraw the necessary sum from your bank account. It is important to repay the debt on time so you avoid late repayment payments.
What Are the Types of $500 Loans?
There are 500 dollar loans are for definite purposes: buying or improving a house, paying for education, buying a car, and so forth. For doing this, you’ll need a larger sum, and the bank may not even consider your request for a $500 loan. Besides, if you have a bad credit score, it will be challenging to get approved but the bank.
Great news! Direct lenders from our network make it easy and effortless to get a small-dollar loan, which comes up with the following types:
- Payday loans are often the easiest way to get a 500 dollar loan with no hard credit check. Typically, they are small-dollar, short-term and lenders expect you to pay them off in 2–4 weeks.
- Car title loans provide you access to up to $10,000 for a longer-term (commonly several months). Your car serves as collateral, but you’ll still be allowed to use it. If you do not make payments in time, the lender will repossess your vehicle.
- Personal loans. It is a long-term loan where you will have to pay off the debt in installments instead of repaying the lump sum. Personal loan amounts can range from $1,000 to $100,000, and typical repayment terms are one to seven years. You can usually easily apply online.
Can I Get a $500 Loan with Bad Credit?
Yes! People with a bad credit score are still eligible for a loan of $500. The reason you cannot borrow money from a bank with a low credit score is the hard credit check. Direct lenders from our network don’t do traditional credit checks with major credit bureaus. They only perform soft credit pulls. These credit checks allow the lender to get a simple overview of your credit profile.
Our lenders accept more borrowers. Moreover, it takes less time than traditional credit checks, so you get approved very quickly. In addition, the way you are getting the online loan for poor credit will not hurt your credit score.
Why Should You Borrow Money Online with Us?
We help people find the best place to borrow cash. We partner with only licensed and reliable payday lenders and short-term loan providers across the United States, who have been carefully reviewed and assessed by our professional team.
We understand that it can be challenging to borrow funds at affordable rates or get accepted if you have a poor credit score. But our lenders rely on factors other than your credit score. We will match your loan application with the lender most likely to accept you and offer the lowest rate.
We do not charge any fees for using our referral service, there are no hidden costs. We simply receive a commission from our direct lenders if your loan is approved.
We are passionate about hassle-free lending, competitive rates and helping people get into the best deal. You can submit a loan request online 24 hours a day, 7 days a week.
Frequently Asked Questions
I need 500 dollars same day. What can I do?
You can apply through our online platform. Many direct lenders from our network offer same day loans, regardless of your credit score. You can submit the application around the clock and get the money the same day or the next business day. If you need cash instantly, ask your lender about their cut-off times to stay informed about when you will receive the funds.
How much will a $500 payday loan cost?
The exact cost depends on the lender you work with and the state laws. Typically, lenders charge $10 to $30 for every $100 you borrow. It means that if you borrow $500, you will have to pay back $550 – $650. The costs can vary by state, so you should read the agreement carefully and ask the lender to clarify the repayment terms.
Can I get a 500 dollar loan with no job?
Yes. Most online loans are available for unemployed people as well. But you have to provide a permanent source of income. Various sources of income can be accepted as well. These may be inheritance, scholarships, savings account, a pension, disability benefits, unemployment benefits, etc. In that case, you can safely apply for a loan online via our platform and get the funds you need quickly.
How fast can I get a $500 payday loan from a direct lender?
Small loans usually arrive in your checking account fast. The speed depends on the lender’s policies. Most companies have similar policies. If you get approved before 12am on a business day, you can expect to receive the funds by the end of the same day.
Are payday loans legal in all US states?
Some states have banned payday loans. They are legal in Alabama, Alaska, California, Delaware, Florida, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Michigan, Minnesota, Mississippi, Missouri, Nebraska, Nevada, North Dakota, Ohio, Oklahoma, Rhode Island, South Carolina, Tennessee, Texas, Utah, Virginia, Washington, Wisconsin, and Wyoming.
How much can I borrow with your referral service?
You can borrow $100 to $2,500. The amount you can borrow will be based on your income size and frequency, credit score and current debt outstanding. The most popular borrowing option in 2022 was $255 payday loans.
Can I get a loan with no credit check?
Our direct lenders may carry out a soft credit check to understand how well you have repaid other loans and credit cards in the past. If you have a bad credit history, we may offer alternative ways to borrow cash.
Will requesting a loan affect my credit score?
No, we offer soft credit check loans that will not leave any visible footprint on your credit report. You are 100% safe when you submit an application – it will not hurt your credit score in any way.
Should I get a $500 payday loan or a credit card?
Despite the similarity between a credit card and a payday loan, they differ significantly. You should compare credit cards and payday loans in order to make the right decision.
How to get a guaranteed approval of a $500 loan?
Regretfully, no lender can guarantee a loan approval. It is up to a direct lender to accept your application or not. However, meeting all of the above requirements will significantly boost your chance of getting approved for a $500 loan, regardless of your credit score and credit history.