Editor's choice: Check Into Cash Payday Loan
- No application fees
- Loans up to $1,000
- Receive funds as soon as next business day
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A $500 loan can help you make ends meet during an emergency, but the high costs and extremely short repayment period can make borrowing without getting into a cycle of debt difficult.
While a $500 loan may provide temporary relief if you’re between jobs, it can quickly escalate into a cycle of debt. Before you borrow, here are four alternatives you may want to consider:
You can also explore more payday loan alternatives to avoid overspending when you’re out of work.
Eligibility criteria differs between lenders, but you’ll usually need to meet the following requirements:
Usually, you can get a $500 loan even if you have bad credit.
Here’s what you need to apply for a $500 loan:
The most common type of $500 loan is a traditional payday loan. This means you pay it all back plus a fee the next time you get paid — within two to four weeks.
Can’t pay it back then? Some lenders offer the option to roll it over for a fee. Try to avoid this if possible — that’s how you can get caught up in a cycle of debt.
Keep in mind that payday loans aren’t legal in all states.
Depending on your lender and your state, you can expect to pay around $75 to $150 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.
Select your state to find and compare a selection of lenders that offer $500 loans in your area.
Keep these questions in mind to find the best deal available to you:
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