A couple who need a $500 dollar loan.

500 Dollar Loan Quote

Do you find yourself in need of a $500 loan? We can help. There are a lot of different ways to get a loan for 500 dollars. The easiest is to fill out our short quote form and get an offer from one of our network lenders. It takes just a minute and there is no obligation or fee.

Your Loan Offer

If you need a $500 loan, we may be able to help you. Fill out the short quote form featured below and get an offer in a matter of minutes. It is the easiest and fastest way to get the answer to your money trouble.

Infographic On Getting a $500 Loan.

Loan Options

There are a lot of ways to get 500 dollars or more. Here are some possibilities.

Look At $500 Payday Loans

A payday loan or cash advance loan is a quick way to get a loan but it comes with a cost, namely high fees and a short loan term. It is a valuable loan that thousands of people take advantage of every week but you need to use it properly and in the right circumstances.

In general, what happens with a payday loan is you borrow, in this case, $500. The lender will deposit the money directly into your bank account and then pull it back, along with any fees, on the due date. Most due dates are within two weeks, usually on your next payday. Fees can vary depending on the lender.

An example of a loan fee might be $15 for every $100 borrowed. So, if you borrow $500, in this case, you would pay back $575 on the due date. It doesn’t sound too bad until you calculate the interest rate which can be over 400% due to the short length of the loan. If you think you might be interested in this type of loan, first get more information on $500 payday loans. It is best to go into it as a knowledgable consumer.

Get A $500 Installment Loan

An installment loan is a loan where  you borrow a set amount of money and then pay it back in equal monthly payments or installments. The loan term can be several months or several years. If you are borrowing just $500, you should not expect the term to be over a year though.

What happens with an installment loan is that you apply for a loan and then a lender will send you an offer. If you like the offer, a lender will typically deposit the money directly into your bank account. They will then withdraw equal monthly payments until the loan is paid in full. Interest will accrue during the course of the loan and the interest rate can vary.

Interest rates will depend on many factors including the amount that you borrow, your credit rating and the length of the loan. In general, the shorter the loan and the better your credit, the lower your interest rate will be. For more on installment loans for 500 dollars, read our article. It will go a bit more in depth into this type of loan.

Learn About $500 Bad Credit Loans

If you have bad credit, the loan process gets a little trickier but there are ways to get money in an emergency. You must realize that if you have bad credit the loan will cost you more money in interest and/or fees.

For most people, a bad credit loan will be a $500 payday loan. These are issued for those with little credit or poor credit. Lenders are willing to make these high risk loans because of the fees involved. They will charge you a fee based on the amount that you borrow with an average fee being about $15 to $17 per hundred dollars borrowed.

To qualify for one of these loans, lenders require very few things. They will want you to have a checking account in good standing, a source of income and good contact information. Most will not check your credit through the major credit bureaus, preferring to instead use alternate credit reporting services. If you have the above requirements and have never defaulted on a payday loan before, your odds of approval are good. Even with bad credit.

As I mentioned earlier, thee loans will come with fees and there are things that you should be aware of. Find out more about your bad credit loan options here. A payday loan might be for you or you might find another option that suits you better, even with poor credit.

A Personal Loan For $500

A personal loan is an unsecured loan that you can use for whatever you need. It can be issued to those with good or bad credit. To get a good rate on this type of loan, you should have a good credit rating. If you have a poor credit rating, the interest can be quite high on a personal loan.

For the best odds of getting approved for a $500 personal loan, your credit should be in good order. Keeping your credit straight is luckily, not very hard to do. It is quite straight forward. Basically, try to pay your bills on time and keep the balances on your accounts low. Making a few changes in your financial plan can pay huge dividends in both your approval rates and the interest that you will be charged.

Ways To Get $500 Now

Besides getting a loan for $500, you might have more options. Options that can net you the money you need without the fees and interest of a loan. Here are a few options that you might want to consider.

Borrowing from family and friends is the go to method for many people. If this is an option for you, it can get you the money you need and you will not need to pay any fees. It might also give you more time to pay back the money.

Another alternative to a loan is to just flat out sell something. You probably have something laying around that you no longer need. This can be an old piece of electronics, some old books or maybe some outdated gold or silver jewelry.

Finally, cutting expenses might be the option for you. There are dozens of ways to reduce your monthly bills. You can put your gym membership on hold, switch to a cheaper cell phone plan or perhaps walk to work instead of filling your car with gas. Be creative and you could cut your needs for that 500 dollar loan.

This just scratches the surface of ways to get $500 now if you need it. You may have more options if you are creative and willing to go the distance to avoid a traditional loan.

Final Words On Loans

A loan is a good tool that you can use when you need money but it is not always the best option. Sometimes a loan is the way to go but sometimes it might be best to simply do without or choose an alternate way to get money. Before committing, be sure to review all of your options and then you can proceed. Financial health is all about making the right decisions.

Posted by
James Car

James Car is a finance, loan and budget expert based in the United States. After attending Brookhaven college, he went on to become a successful entrepreneur. He now enjoys writing articles that help people save and make the most of their money.