500 Dollar Loan

Sunlife Financial

May 15, 2021

More than half of Americans would not handle an unexpected expense of up to $500 with their savings account. It makes sense why an increased number of Americans rely on payday loans for financial emergencies. Taking a small-dollar loan to pay for unexpected things is a quick way to deal with a cash shortage. With a payday advance loan, applicants don’t need to worry about their credit score.

What Are $500 Payday Loans?

A 500 dollar loan is a short-term loan that you can take with a less-than-perfect credit score. For all the applicants that need 500 dollars, preferably today or tomorrow at the latest, payday lenders can provide options even with a minimum credit score. The interest rate for a short-term loan is a flat fee between $10 and $30, charged for every $100 borrowed. The terms are short: you can get the loan in one business day or less.

Small-dollar loans are short-term solutions for emergency cases. If $500 could solve your current problem, direct lenders are more likely to approve your loan application.

What Types of $500 Loans Are There?

There are enough loan products to fit each consumer, from pawn shop loans to credit cards. Different lenders will work with different rules, from the loan amount to your credit history and number of payments. Some will charge an origination fee; others will promise a no credit check. There are three types of loans for times when you need $500:

1. Payday loans. Short-term cash advances are easy to get and must be paid off in a matter of weeks. The amount one can get depends on their eligibility and state regulations. You can usually get a $500 same-day loan even with poor credit or no credit.
2. Car title loans. This option allows you to borrow a loan amount of a few hundreds or even thousands of dollars secured by your car title. You get to use the car and the loan money. Lenders typically give you a couple of months to pay off your debt in fixed payments. If you don’t comply with the repayment terms, you lose the car.
3. Personal loans. Traditional installment loans that you repay at fixed monthly rates. When applying for a personal loan, your credit profile plays a leading role. Approval takes a while due to the detailed verification.

Why Take a $500 Payday Loan?

$500 payday loans are easily accessible in most states. You can submit a loan request from a personal computer, a tablet, or a smartphone. Most borrowers receive their money in one business day.

Those who didn’t manage to get a bank loan can often obtain their money from payday loan providers. Around 80% of borrowers get approval on their 500 dollar loan application. The repayment period is also quick, usually up to a month. The loan terms are based on state laws and the applicant’s details. The eligibility criteria are looser than for traditional loans, and credit scores matter less. Lenders reach a decision faster than traditional institutions. Thus, a payday lender will often take a loan decision within minutes, especially when you apply online.

Get a 500 Loan With a Bad Credit Score

It’s possible to get approval on a $500 payday loan today, even with bad credit. That is possible because payday lenders don’t require a credit report from credit bureaus. Banks use credit rating to decide if they can grant you an installment loan. As a result, their lending process is more complex, and customers need a decent score to qualify.

A short-term lender will consider an applicant with a poor score, too. To them, bad credit history is not an indicator of an applicant’s creditworthiness. However, the individuals’ ability to repay their loans is critical. That’s why people need a regular source of income to get approved.

How Does a $500 Loan Work?

$500 loans have a simple process. First, you need to submit a loan request. The loan service provider will check your information, including a soft credit check, then decide if they can approve your request. In case of a positive response, you will receive all the terms, the finance charge, the APR, the possible penalty fees. You need to read it thoroughly, ask questions if you have any, then sign it and send it back. Then wait for the money to reach your checking account. Applying in the morning on a business day could get you a loan on the same day.

How to Use a $500 Loan?

People that take a $500 loan usually use it to pay for household expenses (utility bills, plumbing services, buying groceries), personal needs (medical bills, essential purchases, child tuition), car repair services. A direct payday lender or anyone on their team will not ask for a detailed explanation on how you want to spend the cash you borrow. From the moment you sign the loan agreement, it’s your money, and you are free to spend it on what you need.

How to Qualify for a 500 Dollar Loan?

To be eligible for a cash advance, an applicant has to meet a few requirements:

• - Be at least 18 years of age;
• - Hold a title of US citizen or permanent resident;
• - Have a recurring source of income (either from a job, regular benefits, or other monthly payments);
• - Have a bank account in good standing;
• - Provide valid contact details for communication purposes: a phone number and an email address.

The information needs to be accurate. Direct lenders typically request proof of identity and income.

FAQ

1. How can I get a $500 loan today?
Submit a loan application online today. Your request will reach several lending partners, which will boost your chances for approval. While you can receive the money on the same day, there are no guarantees.

2. What is the cost of a $500 payday loan?
The exact cost of a short-term loan depends on state and city regulations, the lender, and the applicant’s eligibility. On average, a $500 cash advance for a term of 2 weeks can cost between $550 and $650. The APR for the same loan would range between 48.67% and 146%.

3. How do I get a 500 loan with bad credit near me?
You can apply for a short-term loan even with poor credit. A payday lender is more likely to make you a loan offer, despite your credit score. However, it’s important to them that customers have a steady source of income. Apply online to find options near your location.

4. What are my loan options with a 500 credit score?
Poor credit loans are usually possible through payday lenders. Banks and credit unions will usually look into their customers’ credit records before deciding to lend them the money. For example, you have good chances of getting a 500 dollar loan, even with bad credit, from a direct payday lender.

5. Can I take a 500 loan with no credit check?
Usually no. Any lender does at least a soft credit check. The good news is that you gave good chances to get approval and receive the loan in your checking account as soon as one business day, even with bad credit.