Get Your Offer
Getting an offer on an installment loan for 500 dollars or more is simple. Just fill in a bit of information about yourself and get your offer. If you like it, great. If not, you are under no obligation.
The Scoop On Installment Loans
Installment loans are probably the most common form of loan out there. Some common examples include home mortgage loans and car loans. They divide the money owed into equal payments that are paid over time and interest accrues as the loan progresses. If you are looking for $500 installment loans, things might be a bit different than a higher dollar installment loan. Here is what you need to know.
Pros & Cons Of The $500 Installment
Long Loan Terms
PRO: If approved for one of these loans, you will have the time you need to pay the loan back. The loan will be broken down into monthly payments that you will have to pay as you go or that will be automatically withdrawn from your account. This can give you the time to pay the loan back slowly instead of having to pay it back all at once, like with a payday loan.
CON: The downside to this is that interest will accrue until the loan is paid off. Every payment that you make will only pay a portion of the original loan amount. The other portion will go towards the interest that accrues on a daily basis. The ratio of how much goes to principal or interest will depend on the term of the loan and the interest rate that you receive.
Easy To Apply For
PRO: It takes just a few minutes to apply for a loan these days. We provide a simple form at the top of this page, for example, which will get you on your way. In a matter of minutes, you can complete the form and submit it. Then, your lender will respond with a quote for your approval.
CON: Not really a lot of negatives to easy applications except perhaps the short decision making period. You will be presented with an offer quickly so there is not a lot of time to decide if this is the loan for you. Try to make up your mind before submitting your quote.
All Credit May Be Accepted
PRO: There are all kinds of lenders out there and you may be able to qualify for an installment loan for $500 even if your credit is less than perfect. This is particularly true with our network of lenders. The plus about dealing with a network is that all of the lenders are looking for something different. If one does not want to work with you, your information simply moves on to the next lender until a match is made.
CON: The con to having bad credit is that the loan might have higher than average interest. This can cost you more money than someone with perfect credit would have to pay. Your lender will provide you with information that will show you the total cost of the loan. Make sure that the cost is worth it to you.
Getting Your Installment Loan
Before the internet, getting a loan was complex and took a very long time. Now, it takes just a matter of minutes to get a quote and you will have a decision even quicker. Everything can also typically be done online. Here is how it all works.
Step 1: Get An Installment Quote
Fill out your quote form with all of your details and submit it to the loan network. Just basic information is required such as your contact information and your source of income. Once you complete the info, you will be asked to agree to the terms and then you can hit the submit button. Poof, it is now off to the network.
Step 2: Review Your Installment Offer
If approved, you will have an offer in a matter of minutes. Your lender is required to send you all of the details of the loan so that you can make an informed decision. Carefully review these details and then decide if a loan is right for you.
Step 3: Sign Your Contract
If you like the loan, you can approve the loan and sign your loan contract. Most lenders will allow you to sign your contract online. Some might want to personally contact you by phone to discuss the details but it will be an easy process.
Step 4: Get Your Money
Your lender will deposit your money into your account as soon as possible. This will typically be the next business day. Once you have your $500, you can use it immediately to pay for whatever you need.
Step 5: Pay Back Your Loan
You will now start making the installment payments. Some lenders will want to use automatic deductions and others will allow you to pay the installments manually. Either way, stay up on the payments to keep the loan in good standing and avoid any penalties or fees.
Your 500 Dollar Installment Loan Decision
Now is the time to ask yourself if the loan is for you. The facts are all in front of you, so here are some questions to ask yourself.
Is the total cost of the installment loan worth it?
Look at the total cost of the loan and see if the money paid in interest and fees is worth getting the money now. If the costs are too high, perhaps the best choice is to not get the loan and save up the money or do without.
Can you make the monthly payments?
Take a look at your budget and insert the installment loan payment. Do you still have enough money to pay for your other expenses and still have some discretionary income. You do not want to be cash strapped for the entire loan term while you pay back the $500.
Can you get the $500 elsewhere?
Can you borrow the money from family or friends or can you simply sell something. Any time you can go without a loan, it may be good to do so. It is never a good idea to pay interest when it can be avoided.
Do you need more money?
The great thing about an installment loan is that it can be for more money than what a payday loan would be for. Borrow 500 dollars or ask to borrow 8000 dollars. The choice is yours.