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Best $500 Loans – Where to Apply Now?

Looking for a $500 loan? Read our guide on how to get a $500 loan online.
Kane Pepi
Author: Kane Pepi

Last Updated: March 27, 2020
Fintech lending market growth-LearnBonds.com
Fintech lending market growth-LearnBonds.com

Are you looking for a $500 loan to cover a financial emergency? Or maybe you need to raise the cash to see you through the rest of the month? Either way, there are hundreds of lenders that can facilitate loans of $500 or more – with the entire process completed online or via your mobile phone.

However, the type of loan that you opt for will depend on your financial standing. For example, if your credit profile is less than ideal, then you’ll likely need to use a bad credit lender. These are usually packaged as payday loans – meaning you’ll need to pay the money back when you next get paid.

As such, if you’re looking for the best way to raise $500 – be sure to read this guide on How to Get a $500 Loan Online. We cover the different loan types available to you, how you can apply, what interest rates you’ll likely pay, and whether or not you’re eligible.

Try to avoid lenders that charge extortionate interest rates. While they might consider bad credit profiles and promise same-day funding, you will end up paying much more than the $500 you initially borrowed.

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    Apply for a Payday Loan Now! | Best Payday Lender 2020

    Our Rating

    Viva payday loan app company logo
    • Loans From $100 to $15,000
    • Instant Application & Approval
    • Bad Credit Considered
    • Lenders From All 50 US States Onboard
    Viva payday loan app company logo

    How do I Get a $500 Loan?

    Due to the small size of the loan required, a number of loan types won’t be suitable. For example, traditional personal loans are usually for much larger amounts – as are homeowners loans. With that said, if your credit rating is in excellent standing, you’re probably best to utilize a credit card or overdraft if you have these available to you. If not, then you’ll need to consider one of the following:

    $500 Payday Loan

    Best $ Loans -...

    While no two-circumstances are the same, if you’re only looking to raise $500 then its possible that you’re doing so to cover a short-term gap in your finances. This could be because you need to cover the costs of repairing a leaking pipe at home or to see you through the last two weeks of the month. Whatever the reason, you might be forced to obtain a payday loan.

    These are loan types that typically cover smaller amounts, and in most cases, you’ll be required to repay the money when you next receive your salary. For example, if you borrow $500 on the 17th of the month, and you next get paid on the 30th, the money will be due on the 30th.

    Payday loans are suitable for all financial profiles – even those with poor or bad credit. In fact, a lot of payday loan companies will even accept your application if you’re out of work. Moreover, most applicants will see the loan funds on the very same day of the application being approved.

    However, all of this comes at a cost. Notably, payday loan lenders charge an extortionate rate of interest. This will be further amplified if your credit score is in really bad shape. As such, taking out a payday loan should always be a last resort.

    A number of US states – such as Arizona, Arkansas, Connecticut, Georgia and Maryland, prohibit payday loans. If you are based in a state where payday loans are banned, you’ll need to consider another loan type.

    $500 Short-Term Loan

    Best $ Loans -...The second option that you have at your disposal in your search for a $500 loan is that of a short-term loan. These are loans of less than one year, so you’ll get more time to repay the funds than payday loan lenders typically permit. Moreover, unlike a payday loan – which requires repayment in one-hit, a short-term loan allows you to spread the payments out over a number of months.

    A short-term loan operates much like an installment loan; your monthly repayments will always be fixed. Furthermore, the interest will be built into your monthly repayments, which you’ll continue to pay until the loan is paid back in full.

    A $500 short-term loan is more suitable if you want to reduce the amount that you repay each month. This might come in handy if you find yourself short again. However, as you’ll be taking more time to repay the loan, the overall interest that you pay will end up costing you more.

    In terms of suitability, short-term loan lenders will consider applicants from all credit profiles. As is the case with most loan types, the better your credit, the better the interest rate. In a similar nature to payday loans, the application process can be completed online, and funding is often on a same-day basis.

    Some short-term loan providers allow you to repay the loan off early without being financially penalized. This will reduce the overall cost of your $500 loan, so it’s well worth doing if you can.

    $500 Auto Title Loan

    Picture of car to represent autoloansIt is also worth considering an auto title loan in your quest to raise $500. For those unaware, these are loans that are taken out against your car or motorbike. In a similar nature to a homeowners loan – where the LTV determines how much you can borrow, auto title loan providers will lend you an amount proportionate to the market value of your car. The process is simple too, as you can assess your loan amount by entering the number plate of the vehicle.

    Going with the auto title option comes with a couple of additional benefits. Firstly, if you have a very bad credit rating and have nowhere else to turn, an auto title loan provider might be able to help. This is because you are putting your vehicle up as collateral, so the lender will feel more comfortable approving the loan. Secondly, putting your vehicle up as security might allow you to obtain lower interest rates.

    $500 No Credit Check Loan

    No Credit Check LoansIf your credit profile is damaged beyond repair because you’ve previously been made bankrupt or you’ve got multiple defaults on your file, you might be forced to use a no credit check lender. These are payday loan lenders in all but name, albeit, they won’t perform a credit check on you.

    Instead, the lender will look at other areas of your financial profile. This will include your current income, whether you own or rent your home, how much debt you currently have outstanding, and when you next get paid. A $500 no credit check loan is going to be the most expensive option for you.

    No credit profile is “damaged beyond repair” per-say, as there are heaps of credit building techniques that you can engage with For example, by taking out a secured credit card and always meeting your repayments each month, you’ll soon start to see your credit score increase.

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    Am I Eligible for a $500 Loan?

    The specifics surrounding eligibility will mainly center on your financial profile and the type of loan that you opt for. For example, while no credit check loans and payday loans are tailored to those with bad credit, some short-term loan lenders prefer to accept credit profiles in good standing.

    Here’s what lenders will look at when assessing your application for a $500 loan:

    FICO Score

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    Unless you are using a no credit check lender, then its all-but-certain that the loan provider will run a credit check on you. This might initially be in the form of a soft credit check, meaning that the search won’t be posted to your credit file. However, if you then decide to proceed with the $500 loan offer, a hard inquiry will be needed.

    Income 

    Lenders will always need to know about your income, even for a loan as low as $500. This is to ensure that you have the financial means to repay the loan back on time. Some lenders will require you to be in full-time employment and have been working for the same company for a minimum period of time.

    In other cases, some lenders will only ask that you have an income of some sort meaning that they might accept benefits or a pension.

    Affordability

    In a similar nature to your income, lenders will also need to know what your affordability levels are like. This covers things such as how much you spend on your monthly rent or mortgage payments or the average size of your utility bills.

    The lender will need to know how much debt you currently have outstanding, not least because this will impact your ability to meet your repayments on time.

    Security

    Some lenders might ask that you put an asset up as security as a condition to approve the loan. While this won’t be a property on a loan of $500, it could well be a car or motorbike. At the other end of the spectrum, you might be able to reduce the interest on your $500 loan if you put your vehicle up as collateral, so it’s well worth considering to keep your overall costs down.

    US Resident and Aged 18+

    You will need to be a US resident or US citizen living overseas to get a $500 loan. You’ll also need to be aged at least 18 years old, although some states are higher.

    How Does the $500 Loan Process Work?

    Looking to get a $500 loan arranged today? If so, we’ve outlined the general step-by-step process that you will need to follow.

    Step 1: Choose a Loan Type

    You will first need to decide what type of loan is suitable for your individual circumstances. We’ve listed the key criteria for each loan type above, so be sure to read through them. With that said, your decision should be based on your credit profile. For example, if your credit score is in good standing, the cheapest option available to you will be a short-term loan. Alternatively, if your credit is somewhat damaged, you might need to opt for a no credit check loan.

    Step 2: Choose an Online Loan Provider

    You will now need to find a lender that offers your preferred loan type. This is no easy feat, especially when you consider the sheer number of lenders currently active in the online marketplace. One potential solution is to use a loan comparison website.

    Best $ Loans -...

    This will allow you to search heaps of lenders through a single search, and then assess which lenders are offering the best loan rates for your personal circumstances.

    Step 3: Apply Online

    Once you have found a lender that meets your needs, you’ll then need to head over to its website to begin the application process. This will require you to enter your loan size and preferred loan term. If its a payday loan website, then the repayment date will need to be when you next receive your salary.

    Nevertheless, you’ll need to enter some personal information to get the ball rolling – which will include your:

    • Full Name
    • Home Address
    • Date of Birth
    • Social Security Number
    • Government-ID Number
    • Contact Details

    You’ll also need to supply information about your income. This will include:

    • Annual Salary
    • Name and Address of Employer
    • Time at Current Employer

    Step 4: Review Loan Terms

    Once you have filled out the application form and submitted it, the loan provider will then cross-reference the information with its third-party sources. If it deems you suitable for a $500 loan, it should give you a decision in less than a minute. Once it does, you’ll be presented with your pre-approval loan terms. This will include the APR rate, the amount you need to pay back, and when.

    Even if you are using a no credit check lender, the provider will still need to verify your information. In some cases, it might do this with companies that fall outside of the main three credit bureaus. You’ll likely need to upload some supporting documentation, such as recent payslips and a bank statement.

    Step 5: Set-Up Bank Details and Electronic Debt Agreement

    In order to finalize the $500 loan process, you will need to sign the digital loan agreement. Make sure you read through the specifics before doing so, as there might be some hidden fees inserted that you weren’t previously aware of. If everything looks OK, you’ll then need to enter your checking account details.

    This will be the account that the loan provider forwards the funds too. Furthermore, if the lender asks you to set up an electronic debit agreement – meaning that they take the loan repayments directly from your account, this will be from the same account that you receive the funds.

    What to Consider When Choosing a Lender?

    • Interest Rates
    • Eligibility
    • Minimum and Maximum Loan Term
    • Origination Fees
    • Late Payment Policy

    Conclusion

    If you’ve read this guide from start to finish, you should now have a really good idea as to how you can get a $500 loan. As we have discussed extensively, there’s a number of options available to you. This includes the likes of a payday loan, short-term loan, auto title loan, and for those of you with really bad credit; a no credit check loan. Whatever loan type you do go for, the good news is that the entire application process can be completed online or via your mobile phone.

    Unless you have been asked to provide supporting documentation, most $500 loan applications can be funded on a same-day basis. This is ideal if you need the cash to cover a short-term financial emergency. With that being said, you need to pay extra attention to the underlying interest rate of your $500 loan especially if taking it out over a number of months.

    Apply for a Payday Loan Now! | Best Payday Lender 2020

    Our Rating

    Viva payday loan app company logo
    • Loans From $100 to $15,000
    • Instant Application & Approval
    • Bad Credit Considered
    • Lenders From All 50 US States Onboard
    Viva payday loan app company logo

    FAQs

    How much interest will I pay on a $500 loan?

    This will vary from provider-to-provider, as well as the type of loan you opt for. For example, while a short-term loan is likely to be the most cost-effective, no credit check loans are typically the most expensive. However, you simply won't know how much you will be required to pay on your $500 loan until you go through the online application process.

    What credit profile do I need to get a $500 loan?

    As $500 is regarded as a small loan size, you'll likely find a lender regardless of your credit profile. However, you'll still need to meet some minimum requirements such as being a US resident, aged 18 years old and over, and have a regular income of some sort.

    How long does it take to apply for a $500 loan?

    In the vast majority of cases, it takes no more than 5-10 minutes to apply for a $500 loan online. If the lender is able to verify your identity on the spot, and you subsequently have your application approved, you could receive the funds the same day. However, delays will occur if you are asked to send in supporting documents.

    What is the cheapest way to get a $500 loan?

    If you're looking for the cheapest way to obtain $500 in financing, then this will be in the form of a credit card or overdraft. However, if you don't have access to one of these credit facilities, you'll need to consider an online loan.

    How long can I take out a $500 loan for?

    This depends on the type of $500 loan that you take out. For example, if opting for a payday loan or no credit check loan, then you'll likely need to repay the $500 plus interest when you next get paid. Alternatively, if you opted for a short-term loan, you could get up to 12 months to repay the funds.

    What documents will I need to provide to get a $500 loan?

    This depends on what the lender was unable to verify through its third-party sources. For example, if the lender needs to verify your identity, then you'll be asked for a government-issued ID. If it's your income that needs to be validated, then you'll be asked for a number of recent payslips.

    How do I repay my $500 loan?

    Some lenders will ask you to repay your $500 loan in one-hit via your debit card. If they do, this will be when you next get paid. If the $500 is over a number of months, you'll likely need to set up an electronic debit agreement. This means the monthly repayments will be taken straight from your current account.

    All trading carries risk. Views expressed are those of the writers only. Past performance is no guarantee of future results. The opinions expressed in this Site do not constitute investment advice and independent financial advice should be sought where appropriate. This website is free for you to use but we may receive commission from the companies we feature on this site.
    Kane Pepi

    Kane holds academic qualifications in the finance and financial investigation fields. With a passion for all-things finance, he currently writes for a number of online publications.