Have you found yourself needing to bridge a $500 gap until your next payday? Here are your options.
Emergencies and unexpected expenses can pop up that you might not be financially prepared for. If you need to borrow just a small amount of money to last you until your next payday, a short term loan could help.
Short term loans offer smaller amounts of money than banks or other traditional lenders. Short term loans can also disburse funds quickly and typically come with brief repayment periods. Read this guide to learn more about your options.
Eligibility criteria differs between lenders, but you’ll usually need to:
- Be over the age of 18
- Receive some type of regular income
- Be able to show 90 days worth of banking history
- Be a US resident
The $500 loan application checklist
Here’s what you need to apply for a $500 loan:
- 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.
- Welfare. If you receive welfare 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.
Quick $500 loans you can apply for now
How to compare your loan options
- What are the rates and fees?
Interest rates vary from lender to lender. Some lenders also charge an establishment or administrative fee for processing the loan. Make sure you understand all rates and fees before you sign up for a loan.
- Can you afford the repayments?
Since short term loans typically come with shorter repayment periods, each repayment amount will be larger than if the repayment period were more drawn out. Check your budget to make sure you can afford the pay the loan back on time before applying. If you pay late or default, the lender will likely charge additional penalty fees.
- Is the lender reputable?
With the rise of online scams, it’s important to check the reputation of a lender before submitting an application. You can read lender reviews here on finder.com to make an informed decision.
- Are payday loans available in your state?
Some states have strict regulations regarding payday loans. Others don’t permit them at all. See the interactive map below to check if payday loans are available in your state.
Pros and cons of $500 loans
- Quick turnaround time.
Some lenders offer instant approval while others take just a few others to process your application. If you need the loan the same day you apply, there are lenders that offer same day loans as well.
- Easy approval.
If you’ve had trouble getting a loan in the past, you may be pleasantly surprised to find that short term loan lenders typically have more lenient approval processes. There are lenders that accept people with bad credit as well as people receiving welfare payments.
- High interest rates.
$500 short term loans can come with very high interest rates. The faster you pay off your loan, the less you’ll pay altogether.
- Disreputable lenders.
Not all lenders you find online are reputable. Some predatory lenders will take advantage of people who need cash quickly. Make sure you review the lender’s information before applying for a loan.