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.
Compare $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
EarnIn
Direct deposit sent to a checking account
A regular pay schedule
A fixed-work location or an online timekeeping system at work
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:
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.
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.
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.
Heather Petty is a personal finance writer at Finder, specializing in home and personal loans. After falling victim to a disreputable mortgage broker when buying her first home, she’s on a mission to help readers avoid similar experiences when managing their own finances. A self-proclaimed word nerd, her writing and analysis has been featured on MSN, Credit.com and MediaFeed, among other top media. Heather previously worked as a technical writer and editor for the casino systems industry and is an internationally published young adult mystery author. She earned a BA in English with a minor in journalism from the University of Nevada, Reno.
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.
How likely would you be to recommend finder to a friend or colleague?
0
1
2
3
4
5
6
7
8
9
10
Very UnlikelyExtremely Likely
Required
Thank you for your feedback.
Our goal is to create the best possible product, and your thoughts, ideas and suggestions play a major role in helping us identify opportunities to improve.
Advertiser Disclosure
finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. While we are independent, the offers that appear on this site are from companies from which finder.com receives compensation. We may receive compensation from our partners for placement of their products or services. We may also receive compensation if you click on certain links posted on our site. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. finder.com compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Please appreciate that there may be other options available to you than the products, providers or services covered by our service.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
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