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Tip Of The Week
“If you need money in a hurry, consider cutting bills as an alternative. Contact creditors and ask if you can simply skip a payment. This will not relieve you of the debt but it could free up enough cash to pay for your urgent expense.”
How Does This Work?
At Loan Monkey, if you need 500 dollars or more, we make it easy for you to get a loan offer. Just complete the short form above and submit your information. It could not be easier and all that you need to do is enter some very basic information including your contact information, income details and your banking info so that your lender can get you your money.
Loan Monkey makes it easy for you to get that offer because we are not a direct lender. We instead get you access to a large network of lenders. If you have bad credit, this is important because more lenders equals a better chance of getting an offer.
Want To Know More First?
The process of getting a quote is simple. Fill out a short quote form with your information and click submit. Your information will be securely sent to a lender or lenders in the loan network and if approved, the lender will provide you with an offer. You will be able to review the offer and decide if it works for you. If you like it, accept the offer and your money will be wired directly into your account ASAP.
Now, you might be curious at how hard it is to get approved. Most of the lenders in the network are familiar with working with bad credit, so do not assume that some strikes on your report are going to kill you. In fact, many lenders do not even use the traditional bureaus.
To have good odds of approval, you need good contact information, verifiable income of some sort and a checking account. As far as the income goes, it does not even have to be a job, it just needs to be money you get on a regular basis.
So, what happens if you get approved? First and foremost, you need to review the details. Make sure that you know exactly what you are agreeing to. These loans are a great way to get some fast money but like every loan, it comes at a cost. Read your documents well before signing anything. If you are unsure about something, ask your lender for clarification.
If you do agree to the terms, your lender will deposit the money directly into your bank account, as soon as the next business day. You can then use the money for anything you like.
Other Ways To Get Money
Now, let’s take a look at some other sources of money if you need funds quickly. Some of these methods are free and some come with a cost, but every one is proven to work. Have a look.
- Ask friends or family.
Borrowing 500 dollars now from friends can be risky but if you are courteous and pay back the money quickly, it can work. A free loan with no fees can be nice so if this option is available, give it your consideration. The only downside is that you have to admit your financial situation but consider this another positive. Perhaps a family member can give you some advice to get you back on the right financial track.
- Get a credit card advance.
If you have a card with balance left, you can get a cash advance pretty easily. Check the fees, because these advances are usually charged at a higher interest rate than other balances.
- Get an advance from your employer.
Your employer may be able to extend you an advance on money that you have already earned. They simply give you money that you have already made and deduct it from your next paycheck. Many employers offer this service though they do not promote ie, you’ll have to ask.
- Get a title loan.
NOT a recommended option, but we should mention it. A title loan could be a viable option if you have a free and clear title. The only really good thing about this type of loan is that it is easy to qualify for. Beyond that, you risk losing your vehicle, so be very careful.
- Get a pawn loan.
A pawn loan might be an option for you if you have a high dollar item that you can put up. The item will have to be worth around $2000 because pawn shops will only give you a fraction of the value of an item for a loan. There will of course also be fees. Most pawn shops will charge interest plus contract fees and storage fees.
Selling Property To Get Money
Now, how about selling $500 worth of property. This can be difficult because you might not have a lot of items that you want to get rid of or can even afford to get rid of. Still, you might have a few of the items below and they might get you the money you need.
Even if you only make a few hundred dollars from the sale, keep in mind that the less you have to borrow, the less fees you will pay. This will make repaying the loan easier in the future.
- Jewelry: This tops the list of disposable items that can bring big money . You can sell it on an online listing auction site or simply go to one of the many stores that buy gold and silver.
- Electronics: Think computers, lcd televisions, iPads, high end phones, etc . Easily shipped items are great to sell at places like eBay while larger items like televisions are probably easier to sell locally.
- Furniture: Only if you will not need to replace it. A bedroom or living room set could net you 500 dollars or more with ease. If you do not want to sell it yourself, there are consignment stores that will do the work for you in exchange for a percentage of the sales price.
- Appliances: Refrigerators, washer dryer sets. These items are in high demand. You can probably just put a sign out and have someone knocking on your door for a washer and dryer.
- Scrap Metal: You probably do not have a pile of aluminum sitting in your driveway but you can get it. Scrap is lying everywhere, especially in neighborhoods on bulk trash day. Just drive around and pick it up in your spare time and sell it to a recycler. Do this on a regular basis and make an easy $300 a month or more.
Out Of The Box Ways To Get Cash
If the above options do not work for you, it is time to look at some more out of the box solutions.
- Cut back on expenses.
You might be able to save the money you need just by cutting back on bills. Call your creditors and ask to skip payments or make interest only payments. Put your satellite, cable or home wifi service on hold. Bring sack lunches to work. Walk or take the bus to save on gas. You might be amazed at all the ways you can save.Loans With Bad Credit
- Get another job.
If you can do without the money for a short time, perhaps a part time job is the right place to look for the money you need. Think about driving for Uber or perhaps getting a part time job stocking for Walmart. With a starting pay of $13 an hour, you can get the money you need from them in just 40 hours or two weeks of part time work.
You cold also change your main job and possibly collect a big “sign on bonus”. Lot’s of them out there because employers are desperate for new employees.
- Donate Plasma
You can earn $200 to $300 a week by donating your plasma. This would take weekly donations but you can have the money that you need in just a couple of months with this method. There are also a couple of side benefits to donation. You get to feel good about yourself because your plasma will be used to save lives. In addition, you get a mini physical since they will be taking your blood pressure, pulse and a few other tests when you donate.
More On Loan Choices
It is time to start swinging back around to loans. They are available even if you have less than perfect credit. This is because online lenders often use alternative scoring systems and have different requirements than traditional lenders.
Depending on your credit, your lender might offer you an installment loan or a cash advance. Cash advances will have lesser credit requirements but may have higher fees.
Here is what you need to get approved, even with bad credit.
- A source of income.
This should be verifiable. It does not need to be a job but it has to be money that you receive on a regular basis. This could be a severance, settlement, child support, etc. Your lender just needs to see that you have the ability to pay back the 500 dollar loan at the end of the loan.
- A checking account.
No, it can not be a savings account. Your lender needs to be able to deposit funds directly into your account and then they must be able to withdrawal funds out of your account at the end of the loan. The account should be in good standing.
- A valid telephone number.
Your lender needs to be able to contact you. This can be a land line or a cellular phone.
Have the above three items and you are well on your way to getting your money. Now, some lenders might require a few more things because each will have their own specific requirements. This is where Loan Monkey helps. Our lender network can get you in front of more lenders potentially. When you fill out the quote form your information will go from lender to lender until one is found with whom you meet their requirements.
- How long will it take to get started today?
You can fill out your quote form in no time at all. The online form is short and you will get your decision very quickly. Once this happens, you will be given an opportunity to review your loan offer. If you accept it, your money will be deposited right into your account, as soon as the next day.
- Can I Get Cash By Tomorrow?
In many cases, yes. If you get and accept your quote early enough you may be able to receive your money tomorrow. It depends on many factors though so we can not guarantee it.
- Can i be approved with bad credit?
Yes, even if you have what you consider to be bad credit, you can still be approved. Lenders realize that bad things happen to good people and you can still get approved with bruises on your credit.
- When do I pay the money back?
The length of the loan depends on how much you borrow, your credit and the offer that your lender sends you. Your term will vary.
- How much money can I take out?
Amounts can vary from state to state and based on your credit. In any case, you should only take a loan for the amount that you need to get you through an emergency. You can take out as little as 200 Dollars or thousands.
- What can I do with my money?
Whatever you want, it is your money. Once the money is in your account it is yours to do with as you please.
- Can I get an installment loan?
Sure, you can apply for both a $500 payday loan or an installment loan. The benefit to the installment version is that you can break the payments up over multiple months or pay periods. The benefit to the payday loan is that it is easier to qualify for, even if you have a poor credit score.
- How can I get a better rate?
Your loan interest rate is determined in large part by your credit score. To get a better rate, you need to improve your score. This is easily done by paying your bills on time and keeping your credit card balances low.
- Can I get more money?
If you qualify for an installment loan, you may be able to take out more than 500 bucks but you should use caution. Loans are serious matters and you should only take out as much as you need to get by. Even if offered more, it does not mean that you can afford it, so keep that in mind.
- Can you guarantee approval?
No, since we are not direct lenders, we can not guarantee that you will get approved for the 500 dollars that you need. We simply get you access to a network of lenders.
11 Replies to Do You Need $500
I like your tips on how to save money by cutting expenses. Never thought about asking for an interest only payment to save money. Keep up today work.
Thanks for the nice words. Glad to help.
My credit card company would not let me do an interest only payment. Had to go thirty days late and it dinged my credit. Bunch of jerks. Think they just wanted the late charges.
Never going to get $500 by selling a television. You can get new LCDs’ for less than that
Depends, there are still some pretty pricey larger sets. In any case, you might get part of the money you need.
I just bought a nice 50 inch LCD off of Craigslist for $200. Doubt you can get much more than that for a used television.
True, TVs drop in value so quickly after you leave the store. Buy something for $500 and you would be lucky to get $200 for it used.
I like the monkey logo, good job. Not going to get a loan though, just like the logo. LOL
What about a Title Loan? I have my title and was thinking about going to one of those places where you use your car as collateral.
Not a bad option. Just be careful, lots of people lose their cars with those loans.
Great work. This is an awesome article with some good tips. Very helpful.
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