Get a $500 Loan in 24 Hours

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.

10 lenders that offer $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	Resident of an eligible state Meet the minimum age requirement for your state Open bank account that is at least 90 days old	Installment loan	★★★★★	Go to site
EarnIn	Direct deposit sent to a checking account A regular pay schedule A fixed-work location or an online timekeeping system at work	Cash advance app	★★★★★	Go to site
Ace Cash Express	Regular source of income Valid Social Security number or Individual Taxpayer Identification Number (ITIN) Active checking or savings account Reside in a serviced state At least 18 years old Not involved in bankruptcy	Payday or Installment loan	★★★★★	Go to site
LendYou	Minimum income of $1,000 per month Valid checking or savings account with direct deposit Meet the minimum age requirement for your state US citizen or permanent resident	Payday or Installment loan	★★★★★	Go to site
Fast5Kloans	Have a regular source of income Have a verifiable bank account Be a US citizen Be at least 18 years old	Payday loan	★★★★★	Go to site
RISE Credit	18 years old (19 in AL and NE) Live in a state RISE services Regular source of income Active and valid checking account (savings and prepaid accounts not accepted) Email address to receive account information	Payday or Installment loan	Not yet rated	Go to site
Check Into Cash	At least 21 years old, 19 in Alabama Active checking account open for at least 90 days US citizen or permanent resident Active phone number Valid email address	Payday loan	★★★★★	Read review
Possible Finance	Checking account with at least three months of banking history Regular income of at least $750 per month Live in a state serviced by Possible Finance At least 18 years old	Installment loan	★★★★★	Read review
Digital Federal Credit Union	Work or have worked for a company that’s listed as a participating employer Member of a participating organization, community or condo association Related to an existing member	Personal loan	★★★★★	Read review
CashNetUSA	Active checking account Regular source of income US citizen or permanent resident At least 18 years old	Payday loan	★★★★★	Go to site

How much does a $500 loan 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.

How to qualify 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:

1. Regular source of income. If you’re employed, you’ll need to provide your employer information and how much you earn. If you receive any form of government assistance payments, you’ll need to provide information on how much you receive and how often. Short-term lenders also typically require documentation of your banking history for the past 90 days.
2. US resident. 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.
3. At least 18 years old. You must be at least 18 to take out a loan.

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

• $50
• $100
• $200
• $300
• $600
• $1000