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 good, fair and bad credit. Compare lenders to find the best deal available to you.
10 lenders that offer $500 loans
These lenders offer $500 personal loans, installment loans and payday loans. If you can, apply for a personal loan for lower rates and more favorable repayment terms.
| Monevo | Personal loan | None | $500 | Varies by lender | |
| OppLoans | Installment loan | Bad credit accepted | $500 | 1 business day | |
| CashNetUSA | Payday loan | None | Varies | As fast as the same business day | |
| Check Into Cash | Payday loan | None | Varies by state
| 1 to 2 business days | |
| Possible Finance | Installment loan | Bad credit accepted | | As fast as 1 business day | |
| Ace Cash Express | Payday loans and installment loans | None | $100 | As fast as same business day | |
| LendYou | Payday and installment loans | None | $100 | Same business day to 1 business day | |
| Fast5Kloans | Payday loan | None | $100 | As soon as the next business day | |
| RISE Credit | Payday and installment loans | None | $300 | Same business day to 1 business day | Read more |
| Digital Federal Credit Union | Personal loan | Not stated | $200 | 1 to 2 business days | Read more |
Avoid short-term loans if you don’t have a steady source of income
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:
- File for unemployment. If you lost your job or have had your hours significantly reduced — through no fault of your own — you may qualify for unemployment. This is especially critical if you’re out of work because of the coronavirus outbreak. In fact, many states have waived the one-week waiting periods for those who need financial help during the pandemic.
- Contact your lenders. Your lenders will want to know as soon as possible if you’re unable to meet your repayment schedule. Many may be willing to work with you to find a new repayment plan or other options that fit your budget while you’re looking for work, which can help you avoid additional fees.
- Start a side gig. It may not offer traditional benefits of steady employment, but working odd jobs to make ends meet is common. And there are plenty of options to suit every lifestyle — so keep an eye out for things you can do to avoid debt and earn money on the side.
- Ask for help. Your friends and family may be understanding when it comes to your situation, especially if you’ve recently found yourself unemployed. Asking for help may not be easy, but it can relieve some financial strain from your life. Be responsible with any money loaned or gifted to you, and don’t forget to repay the favor when you’re back on your feet.
You can also explore more payday loan alternatives to avoid overspending when you’re out of work.
Can I get a $500 loan?
Usually you can get a $500 loan if you meet the following requirements:
- Regular source of income
- US resident
- At least 18 years old
Can I get a $500 loan with no credit?
Yes, 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 of getting trapped in a cycle of debt.
Got some time? Consider a payday alternative loan
Some federal credit unions offer payday alternative loans (PALs) as a cheaper option than a $200 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.
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.
Get a $500 loan
How do $500 loans work?
The most common type of $500 loan is a traditional payday loan. This means you completely pay the loan 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 loans over for a fee. Try to avoid this if possible — it’s how you can get caught up in a cycle of debt.
Keep in mind that payday loans aren’t legal in all states.
How much will it cost?
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.
4 questions to ask yourself when comparing lenders
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 actually 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.
Pros and cons of $500 loans
- Funding often within a day
- Bad credit and no credit OK
- Low-cost personal loans available at this amount
- Bad credit loans have high interest rates and fees
- Risk getting caught in cycle of debt
- Not all $500 loan providers operate in all states
Frequently asked questions
Common questions about getting a $500 loan.
Can I repay a small short-term loan early without any 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.
Do I need to fax any documents to apply?
Most short-term lenders operate solely online. This means you won’t have to fax any documents to apply. To be 100% sure, you can check out our article on payday lenders that don’t require faxed documents.
Can I get a $600 loan from the same lenders listed above?
It depends on the lender. Most payday loan providers only offer loans up to $500 due to state regulations. However, you might be able to borrow $600 from an installment loan provider.
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