Can You Get a 500-Dollar Loan Within 24 Hours?
A doctor's visit for a fairly serious or urgent problem can easily cost $300, an emergency plumber may charge that much just for getting into his car, you'd be lucky to pay less for the computer you need to work, while a traffic ticket costs whatever the cops tell you. Clearly, five pictures of Benjamin Franklin can save you a lot of trouble and even serious hardship.
What, however, are my options if I need 500 dollars today? Banks take too long to process a loan application and usually aren't interested in making a 500 dollar loan or for lower amounts, anyway. Pawnshops and payday loan places operating out of storefronts are more flexible, but also sometimes charge extremely high fees on top of the money you have to repay. Your friends may be willing to give you a $500 loan regardless of your bad credit, but your relationships with them are probably worth more than the money itself.
Some direct lenders are more than willing to take advantage of someone who's desperate for a 500 dollar loan. There's no need to fall into their traps, though: legitimate, customer-friendly payday loans do exist, and some of them don't even require a minimum credit score.
What Kinds of $500 Loan Are Available?
Most loans are for pre-planned expenses: buying or renovating a home, going to college, and so forth. They are therefore for loan amounts much larger than a couple of hundred dollars, and the typical, traditional direct lender may not even consider a $500 loan. They also make it very difficult to get any type of loan with a bad credit score, unfairly excluding many people from the world of loans.
Luckily for us, more innovative lenders do make it easy to get a $500 loan, which is usually of one of the following types:
- Payday loans are often the easiest way to get a 500 dollar loan, even without a "hard" credit check. These loans are very short-term and the lender will expect to get their money back within a few weeks.
- Car title loans allow you to borrow a couple of hundred or even several thousand dollars for a few months. Essentially, you pawn your car but you're still allowed to drive it (and you may lose it if you can't keep up with payments).
- A $500 personal loan is an example of term loans, meaning that you pay it back in monthly installments instead of all at once. Formerly offered mostly by banks, you can now choose between numerous companies who'll give you a $500 installment loan online.
Can You Get a 500-Dollar Loan with Bad Credit?
The finance industry is constantly evolving. At one time, any direct lender would look at a person's character and reputation long before running a credit check. Decades later, your credit score was king and legit bad credit loans were about as common as hen's teeth. Today, many companies have realized that having bad credit doesn't necessarily mean that a person isn't reliable enough to repay a small-dollar loan, especially if it runs for only a short term.
A 500 dollar amount is just above average for payday loans. Loans on bad credit are often of this kind, precisely because these lenders are willing to look at factors other than credit scores (though most do run a basic credit check). In addition, applying through DirectLoanTransfer often means getting pre-approved within a few minutes, with final authorization taking perhaps an hour or two longer and the money appearing in your checking account the next business day.
Some of the things you can do to enhance your chances of getting a 500 dollar loan, even if some lenders have told you that you have too bad credit for loans, include:
- Apply to a large number of payday loan companies. They each have different requirements, so you may find it easy to borrow $500 from one even if another isn't willing to work with you. This is exactly what DirectLoanTransfer is about.
- Gather up any documentation that proves that you're a responsible individual. Some factors at least a couple of payday loan companies are willing to consider are home ownership, military veteran status, long-term employment, and so forth.
- Draw up a basic personal budget to show that you can repay the money, plus any fees and interest, on time.
- Be ready to prove your income. Some lenders only accept customers with a steady source of income, like a salaried job or Social Security. Others, however, are willing to think outside the box and will look at self-employed income, assets and investments you can sell if needed, or government benefits you qualify for but haven't been processed yet.
What Are the Risks of Getting a Loan for 500 Dollars?
When I need 500 dollars now and not a day later, it's easy to see loans as the simplest solution. However, we'd like to urge you to think of the short-term and future consequences. Easy-to-get $500 loans have indeed gotten people into financial and legal trouble. It may not seem like that big a number, but if you're unable to repay that money, penalty fees and interest can end up ballooning that amount to something much less manageable. Aside from having to pay back well over $500, your credit score will take a major hit if your case gets referred to a collections agency.
The thing to understand is that you sign a contract with your payday loan company or other credit provider. Complying with it is not optional, and it will most certainly specify what happens if you can't make the payments. The lender obviously wants to compel you to return their money on time, so it's best to avoid these clauses coming into effect.
Paying $50 on top of a $500 loan can work to your advantage if you truly need the money, but this may climb to $100 if you can't cover it out of your next paycheck (and keeps increasing thereafter). In other words, you have to separate wants from needs and emergencies from inconveniences when considering a payday loan. If not covering an expense now will cost you much more in future - fixing the car you need to get to work, or having a doctor check out something that may become more serious if left untreated - taking out a loan can actually save you money. If your TV is starting to look a little fuzzy, on the other hand, you don't actually need to buy one on credit. If you can't cover your ordinary household bills, a 500 dollar loan may help out temporarily, but the only real solution is to examine your spending habits and perhaps downsize a little.
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