How To Get a Same-Day 500 Dollar Loan
When you need a small cash loan on a quick note, $500 same-day payday loans can be the real thing. Once approved, you will get the money in several hours and repay on your next pay date.
A quick 500 dollar loan comes with no credit checks and lengthy paperwork. Even if you have a poor credit score or no credit history, you may still be eligible for a loan. Use payday loans online to settle bills or pay for something out of pocket.
What Is a $500 Loan?
A $500 loan is a short-term, small-dollar solution when you need money urgently. To get a $500 loan online the same day, your best shot is to apply with a direct lender online. To this end, you should fill in the online form with the essential details and the loan amount you want to borrow.
Your loan application reaches our vast network of renowned direct lenders. Once approved, the money will hit your checking account by the end of the same day or the next business day. The proceeds from 500 dollar loans can get used to cover any financial needs. For example, you may cover a medical bill, car repair, or pay for your baby shower party. Our lenders never interfere with your financial decisions.
What you must be particularly vigilant of when taking small loans is the due date. Depending on your contract, either the lender will extract the loan amount from your account, or you’ll have to submit a check—make sure you have enough money when the time comes to avoid late repayment fees.
Ensure you consider the loan cost, too. Most payday loans include a charge of $15 to $20 per $100 borrowed. Often, this amount translates into APRs that exceed 400%. Last, be aware that no loan comes without risks. If you can’t repay the loan, you might get forced to roll the loan over or pay extra charges.
Can I Get a 500 Dollar Loan Instantly?
You have probably faced an urgent need to pay for or buy something that costs $500. So, in case you’re looking for a 500 dollar loan, the quickest way is to reach out for an online payday loan.
Our lenders cater to the demands of customers looking for quick personal loans online. Start the procedure by filling out our short application form. Submit it and wait for a reply on your instant cash request.
Once we consider your application, you’ll receive a loan offer with applicable terms. The sooner you sign the e-agreement, the faster you’ll get the money in your checking account. Most transfers take place on the same day or the next business day. However, before you take the payday loan, think about the short and long-term consequences involved in the process.
Where Can I Get a Quick $500 Payday Loan?
In this modern era, we can get whatever we need online. Navigate to our website and discover more about our offerings there. Once you decide to apply via our site, you’ll find it pretty easy to locate and open our application form.
We urge all prospective customers to get familiar with the application process and eligibility criteria before committing. Also, save yourself the trouble by exploring the possible penalties and fees associated with the loan, the repayment process, and the interest rate.
Our extensive network of direct lenders has significant experience in the industry. We take pride in satisfied clients, low interest rates, and transparent loan terms. Plus, our customer care service is always willing to help you out should the need arise. Feel free to contact our expert team if you have doubts or if something is unclear about the borrowing process.
Finally, dedicate some time to read the terms and conditions part of your agreement carefully. Also, check the repayment clause before signing the contract. Then, once you select the offer with terms that suit your financial situation, follow the process to get the money in your bank account.
Will a Bank Give Me a $500 Small Loan the Same Day?
If you happen to need cash urgently, you may need to get a $500 loan to cover the emergency. Hence, you need a financing option that reacts and processes applications fast.
In such an instance, a bank loan is usually out of the question. Most banks take too long to approve even small loans and are not ideal when you need the money the same day. Also, most banks will not let you get a 500 dollar loan as they consider it too much work for a tiny profit margin. A bad credit score will further lower your chances of getting a green light.
What Types of 500-Dollar Loans Are Offered?
Most loans get approved for pre-planned expenses, such as buying or renovating the house, college fees, and car loans. As a result, you’ll need to borrow a more considerable amount of money, so traditional lenders may not even consider a $500 loan. Even worse, taking out a loan with bad credit can prove virtually impossible for many consumers.
Luckily, some online lenders are eager to help out and offer small loans in various forms. Some of the most frequent 500$ loan types are as follows:
- Payday loans: These are the most straightforward ways to get a fast 500 dollar loan. Most payday lenders circumvent hard credit checks and consider borrowers with a bad credit score, too. These are usually short-term loans, so you should repay them with your next paycheck.
- Car title loans: Auto loans may allow you to borrow up to several thousand in exchange for your vehicle title. In short, you will pawn your car as collateral for the loan, but you’ll still keep driving it. If you can’t keep up with payments, the lender has the right to repossess your vehicle to repay your debt. One of the setbacks of car titles is that you’ll pay interest and possible extra fees on top of the borrowed amount.
- Personal loans: A $500 personal loan or a 1000 dollar loan can get repaid in several monthly installments instead of one lump sum. The average APR of personal loans starts at 5.99% and can reach 35.99% in rare cases. Also, late and origination fees may apply, so check this out when applying for a personal loan.
APRs and Fees
The cost of taking out a payday loan varies depending on your state of residence. Note that the average rates tend to be higher in states that do not cap the maximum APR. Also, shorter-term loans (for example, one week) are subject to higher interest.
The typical APR for a $500 loan is about 400%. As for the finance charge, it ranges from $15 to $30 to borrow $100. For a 14-day loan, these finance charges translate into interest rates up to 780%.
Suppose you took a $500 payday loan in a state that imposes a fixed charge of $20 per each $100 borrowed. In this case, you’ll repay $100 on top of the borrowed amount on your due date, or $600 in total.
Qualifying for a 500 Dollar Loan
Many applicants wonder if they qualify for a payday loan. Below, you can find the most common criteria for payday loans to check your eligibility. Still, requirements vary across states since they have different laws for small loans.
Ensure you meet the following criteria:
- To be 18 years or older.
- To own an active checking account in your name.
- To have valid government-issued identity proof.
- To provide email and a telephone number.
- To have a regular income source and submit relevant documents to validate it. Papers can vary, but a bank account statement showing your salary credit for the past months should suffice. You can also submit your Social Security Number, salary slip, or a letter from your company HR team.
As for personal information, you may need to provide residential and office address, designation, office and personal phone number, and two personal references. The mandatory details will vary from lender to lender, but the data given above are most common.
Remember that even if you meet the underlying criteria, loan approval is not 100% guaranteed. Before considering you for payday loans, creditors examine your lending history and your ability to service debt. Overall, the more requirements you fulfill, the higher your odds of a fast and reliable money transfer.
How Can I Improve My Chances of Getting a $500 Loan?
Consider taking a few steps to increase your chances of qualifying for a 500 dollar loan. First, take note of the following:
- Prepare a comprehensive budget to prove that you are capable of repaying the loan amount as required. Even if you want to borrow a small amount, such as a 200 dollar loan, the requirements are the same.
- Provide income proof. Some lenders accept to lend you only if you have a steady source of income. Hence, ensure you provide an SSN or a salaried job. You can further submit proof of your investments, assets, or self-employed income.
- Prepare necessary documents to prove you are responsible. For example, ensure you have your long-term employment, military veteran status, or homeownership at hand.
Search for Payday Loans Online: Quickly, Easily, and Secure
First, you need to apply for the wanted short-term loan, like, for example, a 300 dollar loan, online. You must also ensure your profile and submitted information match the eligibility criteria of the lender. If you meet the criteria, the loan application process will go through pretty fast. You’d probably get the funds by the next business day.
Most payday lenders charge an amount that ranges from $15 to $30 for every $100 borrowed. Meaning, if you borrow $500, you’ll have to repay from $575 to $600, depending on the lender. One way to pay the money back is through advance checks. Or, you can grant your creditor online access to your checking bank account to withdraw the money on your next pay date.
Today, many lenders offer no-credit-check loans but charge higher interest rates. More specifically, online direct payday lenders only run soft credit inquiries. Hence, credit bureaus have no way to find out, so your credit score won’t get affected. Instead, direct lenders focus on your monthly income to determine your ability to repay the payday loan.
If you took a loan in the past and defaulted on it, this will haunt you whenever you try to get a new one. The reason is that most lenders run a credit check when considering your application. Luckily, independent lenders offer loans without running a credit check. In short, you can be an eligible borrower and take a loan with bad credit.
Small loans typically reach your checking account in a matter of hours. The timeframe will depend on the cut-off times of lenders and banks. In most cases, if you get approved before noon on a working day, you’ll get the payday loan the same day. If the lender approves your request in the afternoon, during the weekend or holidays, you’ll receive the cash the next business day.
Whether you’ll qualify for a fast 500-dollar loan depends on various criteria. First, it’s essential where you live as these products aren’t legal in all US states. Then, it’s vital to meet the eligibility criteria, some of which include age, income, and residency status. Most of our lenders will serve customers with no or bad credit as long as they meet the other requirements.
Borrowers can spend a $500 payday loan however they please. The lenders from our network don’t limit or restrict you in any way. If you qualify for a loan, you are free to use it for parties, groceries, emergencies, and so on. The only important thing is to pay the loan back on its due date to avoid extra fees and penalties.
Proudly serving our customers and helping them find the best 500-dollar loans ever since 2016!