Finder makes money from featured partners, but editorial opinions are our own. Advertiser Disclosure
Get a $500 loan
Compare installment loans and cash advances with a fast turnaround and no credit score requirements.
You can find a $500 loan at a payday lender and even some local banks and credit unions. Loans of this size are usually fast — if you apply online, you can often get funded within one business day. They’re also often available to borrowers with good, fair and bad credit. Compare lenders to find the best deal available to you.
Compare $500 loans regardless of your credit score
When shopping for loans as small as $500, your credit score usually won’t affect your eligibility. Lenders like OppLoans and Possible Finance advertise to borrowers with bad credit, but none of the lenders on our list have a minimum credit score requirement.
Provider | Requirements | Loan type | Finder rating | |
---|---|---|---|---|
OppLoans |
| Installment loan | ★★★★★ | |
CashNetUSA |
| Payday loan | ★★★★★ | |
Ace Cash Express |
| Payday or Installment loan | ★★★★★ | |
LendYou |
| Payday or Installment loan | ★★★★★ | |
Fast5Kloans |
| Payday loan | ★★★★★ | |
RISE Credit |
| Payday or Installment loan | ||
Monevo |
| Personal loan | ★★★★★ | |
Check Into Cash |
| Payday loan | ★★★★★ | |
Possible Finance |
| Installment loan | ★★★★★ | |
Digital Federal Credit Union |
| Personal loan | ★★★★★ |
How much does it cost?
Depending on your lender and your state, you can expect to pay around $75 to $150 in fees or interest for a $500 loan. This works out to an APR range of around 182% to 365% on a 30-day loan or 365% to 730% on a 15-day loan.
How long does it take to get a $500 loan funded?
The time it takes to get your funds varies by the lender you use and where you want your funds deposited. Some cash advance apps offer instant funding in as little as 20 minutes to your app account. But most lenders tend to fund in one to two business days, or longer depending on the policy of your bank account.
How to pay off $500 in debt
The terms of a short term loan should include a payment schedule as well as any fees or interest you’ll be charged. You may also want to ask about any prepayment penalties to make sure you don’t get charged extra for paying off your loan early.
If you use a cash advance or payday loan, you’ll most likely pay back the loan in its entirety from your next paycheck. Some lenders allow you to pay off the loan amount more slowly, but you won’t be able to request another advance until the original loan is repaid.
Eligibility requirements for a $500 loan?
The requirements for a loan vary by lender, but you can usually get a $500 loan if you meet the following requirements:
- Regular source of income
- US resident
- At least 18 years old
To apply, you’ll need to provide the following documentation:
- Personal details. You’ll need your name, contact information and official documents to verify your identity – this can be your driver’s license, state ID or passport.
- Employment and income. If you’re employed, you’ll need to provide your employer information and how much you earn.
- Government assistance. If you receive any form of government assistance payments, you’ll need to provide information on how much you receive and how often.
- Finances and banking. Short-term lenders usually require documentation of your banking history for the past 90 days.
How to increase your chances of approval
Many lenders that offer $500 loans don’t run credit checks, especially if you apply through a payday loan provider. But if you have the time, take steps to build your credit — like signing up to have your utility and rent payments added to your credit report through Experian Boost. No credit check loans often come with astronomical interest and fees — and risk you getting trapped in a cycle of debt.
What to watch out for
Keep these questions in mind to find the best deal available to you:
- What’s the APR? The APR is the easiest way to compare loans with different rates and terms, since it tells you how much it’ll cost over a year.
- What are the fees? The fee tells you how much you’ll have to fork over for this loan.
- Is the lender reputable? Make sure your lender is legit by reading reviews and checking out complaints on its Better Business Bureau or Consumer Financial Protection Bureau page.
- Does it service my state? Some payday lenders don’t work in all states either because they aren’t licensed there or payday loans are illegal.
- Are there prepayment penalties? Early repayment terms can vary by lender. If you want to pay off your loan quickly, you can choose the shortest repayment period — which will also save you money in interest. If you want to pay off your loan even faster than the shortest repayment period, be sure to check the lender’s website about early repayment so that you don’t incur an additional fee.
- Reputation. While customer reviews don’t always accurately reflect a lending institution’s values, reviews can give you insight into how the company handles conflict. We recommended at least checking out our best picks for small loans and each lender’s Better Business Bureau profile to see if they have any active lawsuits or notice any trends among the negative reviews.
Alternatives for short-term loans
Some federal credit unions offer payday alternative loans (PALs) as a cheaper option than a $500 payday loan. PALs range from $200 to $1,000 with a maximum APR of 18% and terms from one to six months.
They’re more affordable than payday loans, but they’re not as fast. And you need to be a member of the credit union for at least a month to qualify. Plus, finding a federal credit union that offers them can be tricky. Still, the price difference may make up for those drawbacks.
For even more alternatives, see our guide to the top 11 payday loan alternatives.
Other loan amounts
More guides on Finder
-
Apps like SoLo Funds
Compare 6 alternatives that are very similar to the cash advance app SoLo Funds.
-
Cleo cash advance app review
Cleo is a budgeting app offering cash advances up to $100.
-
8 Best cash advance apps to cover you until payday
Compare the 8 best cash advance apps for low fees, high limits and more.
-
Apps like FloatMe
If this app’s $50 limit is too low, alternatives like B9, Earnin and Branch may be a better fit.
-
6 cash advance apps that work with Chime
Many pay advance apps don’t work with this online bank — but here are six that do.
-
Best instant money apps
Get at least $25 in as little as 20 minutes with these six apps for instant money.
-
A to Z list of cash advance apps
A comprehensive list of cash advance apps that our experts have reviewed, including Brigit, Dave and Earnin.
-
How to borrow money from Cash App
Select Cash App users can get a short-term loan for up to $200.
-
Apps like Possible Finance
Choose from 5 options to find the best pay advance solution. Top names like Dave and Brigit are joined by 3 other pay advance apps.
-
Apps like MoneyLion
MoneyLion is a pay advance app stacked with features — and hefty fees to match. We’ve lined up 6 alternatives to help you go easy on your wallet.
Ask an Expert
I was approved for a loan and a phoenix program for a loan up to 500 how do I apply?
Hi Tammy,
Thank you for leaving a questions.
Eligibility criteria differs between lenders, but you’ll usually need to:
Have a regular source of income
Be a US resident
Be over the age of 18
If you have already chosen a lender from our website, you may click on the Go To Site button or apply now. You can compare lenders by checking on the APR, fees, lender reviews, and if it serves the state you are in.
Please check all T&C prior to applying.
Hope this helps.
Regards,
Val