Editor's choice: OppLoans Installment Loans
- Easy online application
- Quick approval
- Long repayment terms
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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.
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.
|Provider||Loan type||Min credit score||Min loan amount||Turnaround|
|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|
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.
Usually you can get a $500 loan if you meet the following requirements:
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.
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 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.
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.
Keep these questions in mind to find the best deal available to you:
Common questions about getting a $500 loan.
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.
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.
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.
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