500 Dollar Loan
With increasing expenses, people need emergency loans more than ever before. Getting a small loan is complicated, as many traditional banks won’t offer that. You have to rely on online lenders providing such small loans on reasonable terms.
Online loans differ and include payday loans, installment loans, or bad credit loans.
However, every loan has different requirements, and Money-Wise is on a mission to help you understand these requirements better. A payday loan requires you to have enough income to return the loan. An installment loan would be great, and you can pay scheduled installments regularly.
Small loans like this are perfect for someone with a bad credit score since most online lenders don’t care about their credit history. They’ll check your employment status and bank statement to ensure you can repay the loan. As mentioned earlier, a $500 loan may come with more APR than the market.
Apply for a 500 Dollar Loan
Gather all the necessary documents like ID card, bank account number, and credit history. Search for reputable online loan platforms with an extensive lender list. Fill out a small online form to see their lender list. Choose the most suitable lender and read the terms and conditions.
While it all seems easy, choosing a platform might be challenging as they’ll advertise their services as the best, but you’ll only know about it after accessing their lender list.
Remember to choose the right lender for the loan you can quickly repay. We recommend finding payday lenders if you have a monthly income of over $1000. Payday loans are easy to get and repay with lower APR.
You can negotiate the terms with the lender to ensure that no party faces any future complications. Settle the payday loan repayment time and learn the prepayment terms in case of an installment. Since this is only a $500 loan, you’ll get it instantly or within four to five hours.
Requirements to Get $500 Cash Advance No Credit Check
Cash advances are short-term loans offered by a creditor that you must pay within 30-60 days. If you have poor credit scores but earn enough to repay $500 with your next pay, these short-term loans are ideal for you. The best part is that a lender usually deposits such guaranteed loans within 24 hours. With that, you can easily cover an emergency expense.
If you have any issues on or before the due date, you can ask the lender to give you an extension. Most lenders are generous enough to do that, and you’ll have another month to repay the money. However, more repayment time means more interest to pay. So it would be better to pay the loan before the due date. Also, to get a loan from direct lenders instead of a broker so that you won’t pay extra charges.
With all precautions in mind, here are the eligibility criteria to initiate a loan request.
- You must be 18 years old and have an active checking account(bank account)
- Have a steady income that can cover a $500 loan and be a permanent USA resident.
How Can You Use the $500 Loan?
Such small loans are usually acquired to cater to sudden expenses, but you can use them for multiple purposes. Since the lender won’t ask for the reason for taking the loan, you are not bound to use it for specific stuff. For example, you can take this loan for online purchases. You can also tell the lender to pay on your behalf or use this loan for your credit card payment.
The best part of taking a loan from online lenders is taking another loan to repay the previous one. However, you must utilize this option as a last resort, as you might get tangled in this circle of taking a loan to repay the previous one. Repay the loan as quickly as possible to avoid getting penalties or extra APR on late payments.
Online loans make payment convenient as you can tell the lender to pay for your bills like medical, rental, or even your car repair. Simply share the account number of the person you are paying, and the money will reach their account directly. This saves the hassle of waiting to get the money for payment. The lender will still offer this facility despite your poor credit score or credit rating. However, you must check and find the lender offering such benefits.
How Much to Repay for a $500 Loan?
Since every loan comes with interest, you’ll pay more than you get. The main idea is to find a lender like Money-Wise, that won’t charge high-interest rates. A small loan usually comes with a higher APR, especially when you have low credit scores. Most lenders charge higher APRs because they know people take such small loans in emergencies. When you have no option but to get a loan, you might ignore the APR to get some cash quickly.
On average, you pay $10-$30 on a $100 loan; the interest decreases as you increase the amount. So, typically, you should pay up to $50-$100 on a $500 loan, but some lenders charge obnoxious interest rates. You might end up paying $800 for a $500 loan. This is where you have to watch out, and you can do that by reading the terms and conditions.
Another factor in determining the interest is your state. Every state allows some kind of loan and has a general interest rate that everyone has to follow. However, don’t expect that you can ask a lender in another state to get a particular loan at a lower APR. That lender will charge you the same APR you’ll get in your state. Of course, some lenders are generous and always charge lower interest than the market rates.
What Other Ways Can I Get a $500 Loan?
You might think that online lenders and banks are the only way to get a loan, but there are many. If you live in a community, there will be some credit unions. These unions are a great way to get a loan at a much lower interest than the market. Moreover, you’ll get flexible terms and more time to repay the loan. These unions aim to provide convenience to the community, and they won’t run after you in case of late payments. Yes, they don’t do credit checks, so you are OK even with a bad credit score.
If you like to avoid all the charges and interest, the best way to get a loan is from your family and friends. Since we are talking about $500, even your elder brother might have such money, and you can borrow it. The best part of taking money from family is the peace of mind, you can return it in installments or take more than usual, and no one will budge an eye. Just remember to repay it before they start asking because everyone requires money in some emergencies.
How Fast Will I Get the Money?
That depends on the medium you choose and your lender. Direct deposit might not take more than six hours, while a cash loan can take up to 24 hours. The confirmation process might take more than four to five hours if you want the lender to pay on your behalf. Some lenders have a policy to wait 24 hours before approving your loan. The worst is that you get a busy lender and your queue time is so long that it might take up to 48 hours.
Before you get into a contract with any lender, ask them about the deposit time and only proceed further if they are willing to provide the money in the most favorable time frame.
You can avoid all this by taking a loan from someone near you, as it won’t require paperwork and processing time. You’ll get the money instantly, and they won’t make your life complicated every month by asking for repayment.
Concluding On 500 Dollar Loans Online
Money is a never-ending need; you’ll always need it even if you have lots of it. While people tend to save money for emergencies, there are times when you don’t have the required sum. At such times, turning to a lender for a small online loan is a better option.
You’ll get the loan within 24 hours and have a whole month or two to repay. For more financial advice, visit Money-Wise today!