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How To Get A $500 Loan

Written by Banks Editorial Team
4 min. read
Written by Banks Editorial Team
4 min. read

Loans give you extra funding when you don’t have enough money in your bank account. Many people use loans to buy homes and cars, but some expenses don’t have large price tags. For example, you may only need a few hundred dollars to cover an emergency expense, and it wouldn’t make sense to take out a loan for thousands of dollars. Instead, a $500 loan may make more sense for your financial needs, and if you need one of these loans, you’re in luck. Borrowers who need an additional $500 have several choices. We’ll share your options and how to secure favorable loan terms.

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Do Lenders Offer $500 Loans?

Several lenders offer $500 loans, and not all of them do credit checks. However, you probably won’t find a $500 loan at a traditional bank. Banks provide larger loan amounts and are not the best choice for emergency expenses. In addition, it can take too long to receive traditional financing, but you can receive funds on the same day if you work with an online lender. 

Where Can You Get a $500 Loan?

Many online lenders offer $500 loans and make it easier to obtain financing. They won’t ask for as much information as a traditional bank, and you can receive same-day funding. You can also reach out to pawnshops and payday lenders about receiving extra cash. These options have higher interest rates than conventional loans. You can avoid the high interest if you borrow money from a friend who you promise to repay. Not everyone has that option, and getting funds from a friend can take a while, but some borrowers may want to consider that choice.

What Types of $500 Loans Are Available?

$500 loans are plentiful. Borrowers can select from various loan types, but some have better terms and requirements than others. Let’s examine some of the loan options you have so you can decide on the right one for you.

No Credit Check Loans

You don’t need a good credit score to get the financing you need for an emergency expense. Many online lenders provide no credit check loans. You can get a $500 loan this way, but you can request a higher loan amount if necessary. Even if you don’t have to provide your credit, you’ll still need other details to qualify for this loan. Most lenders will ask for income verification, employment details, and identification.

Bad Credit Loans

A bad credit loan makes capital more accessible to consumers with poor credit scores. Borrowers with bad credit histories have fewer opportunities at traditional banks, and online lenders are a good alternative. You can get a bad credit loan and repay the principal over monthly installments. Just like a no-credit-check loan and the other financing options on this list, you can borrow more than $500 if necessary. 

Installment Loans

Installment loans split the loan repayments over several months. You can get a lower interest rate if you have good credit, but these loans also cater to people with low credit. A shorter loan term gives you less time to repay the loan, but you’ll save money on interest. Consider a lengthier loan term if you feel nervous about making loan payments. Although you will pay more interest, dispersing the principal across a longer term will reduce your monthly payments.

Emergency Loans

Emergency loans are personal loans that you get quickly because of emergency expenses like medical bills. These loans feature competitive rates and get repaid over monthly installments. A high credit score is a recurring theme for consumers who want lower interest rates, but you can qualify for an emergency loan even if you have a bad credit score. The great thing about any loan is that making on-time payments will improve your credit score. In addition, most lenders report your activity to the major credit bureaus, and a higher score will help you get better financing terms in the future.

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Cash Advances

Some mobile banking apps provide complimentary cash advances that you can use as needed. For example, you can borrow a few hundred dollars, and the mobile banking app will use future deposits to repay the cash advance. You can also get a credit card cash advance, but this approach comes with a higher interest rate. Some mobile banking apps offer 0% APR for their cash advances, making them the more affordable choice.

Payday Loans

Payday loans are easy to get and provide quick cash. The idea behind payday loans is that you repay the loan with your next paycheck, but some people let their loan balances linger for several weeks. While you will get cash right away even if you have poor credit, payday loans feature triple-digit interest rates. If you don’t pay the principal quickly, you can end up paying far more through interest than the amount you borrowed for the loan.

Things to Consider When Getting These Types of Loans

You can get same-day funding for some of these loan options, but that doesn’t mean you should rush into the loan application process. Knowing what you want in a loan can save you time and money. Having goals in mind will help you compare lenders and see which ones have the best offers for your needs. Here are some important details to consider before applying for a loan.

Interest Rate

Interest rates significantly affect how much you pay over the loan’s lifetime. A high-interest rate will keep you indent longer and take up more space in your budget. Some borrowers get overwhelmed by high-interest rates from payday loans and similar financial products. Those high-interest rates can result in you paying more than the loan’s principal. Interest rates are the decisive factor for many borrowers. Shop around and find lenders offering lower rates, then narrow the list with the other parameters.

Total Fees and Charges

Late fees, origination fees, and other charges add up. Some lenders try to get sneaky and disguise an expensive loan by offering a low-interest rate. Some of these fees may never apply to you. For instance, if you make every loan payment on time, you won’t have to worry about the late fee.

Loan Terms and Other Conditions

You can borrow $500 from many lenders, but each of those lenders will expect you to repay the principal with interest. Before working with a lender, consider how much time you need to repay the principal. Some lenders will want the payment within a few weeks, while others will let you stretch the payment plan over several months. Some loans will also require collateral, something you would have to give up if you can’t make loan payments. Collateral increases your risk but also lowers your interest rate.

Loan Requirements

Every lender has requirements, but their rules vary. Traditional banks will look at your credit score and have a minimum requirement. These loans may seem too daunting for borrowers with low credit scores. A no-credit-check loan will have a higher interest rate, but you will have easier access to cash. 

How Quick You Can Get Your Loan

How soon do you need the funds? Some borrowers can wait a few days to receive $500, but other consumers need the cash today. Unfortunately, traditional banks aren’t the best solutions for urgent needs since their loan application process and money transfer can take multiple days. Instead, online lenders offer quicker turnarounds, with some of them providing same-day funding.

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