It is widely known that everyone can have financial problems nowadays. Adult life makes us meet hardships and solve them according to our abilities, knowledge, and talents. Clearly, money problems can be solved by time and work applied. Though, emergency situations demand spending lots of money that not everyone can afford in a moment. When you live from check to check every month, a $500 payday loan can become a great solution to deal with emergencies.
You have to think over several important facts before applying for a 500 dollar payday loan. Will you be ready to pay it totally off in a short-term period? How and where can you find the most trusted lenders? How to choose between payday loans online that they offer? How much time will it take to get instant approval? Follow our guide to know everything.
Possible Reasons to Apply for a $500 Payday Loan
There are many reasons why you may need a 500 dollar loan. Banks take too much time to process an application; sometimes we have no time for it, even if we have a positive credit score.
You never know what unpleasant things may happen to you. For example, you are a student, the semester is on, but the financial aid is on the road. You have to buy books and routine necessities for your student shelter, so a $500 loan could be in hand.
Your insurance may not totally cover the medical bills, and your car may have a desperate accident beyond warranty measures. The roof of your house may be damaged; the plumber wants money to stop the fountain under your kitchen sink. Do not concentrate on negativities, though. You may need a loan of 500 dollars to make a present for a baby shower or take your pet to the vet. Life goes on, and 500 dollars should not prevent you from being happy and confident.
Anyway, 500 dollar loans exist to cover emergency costs, and many companies, including America Cash, offer this short-time help. So, do not be desperate; trusted lenders exist, and you can find them both online and directly around your place.
» COMPARE: $600 Payday Loan
Interest Rates and Fees
If you plan to get a 500 dollar loan, you have to keep in mind that the annual interest (APR) is usually 400%. It means that you have to return from 15 up to 30 dollars if you borrow $100. If you plan a short two-week loan, the finance charge in interest may rate from 390% to 780% APR. So, when you apply for a $500 loan, consider the period. Shorter loans have higher fees.
Requirements to Get a 500 Dollar Payday Loan
When you have already decided to fix problems with a small loan, you need to know the eligibility requirements to get a $500 payday loan or even a $1000 loan. Here they are:
- A valid US ID card;
- Regular income from any source. I can be a Social Security or Disability;
- Active bank account;
- Valid e-mail and phone number;
- The borrower should be 18+;
How to Get a 500 Dollar Loan Online
If you have any restrictions going to the local lender, you can apply to receive a $500 loan online at the site or using a mobile application. Many companies offer this opportunity. What do you need to do:
- Go to the request form;
- Fill in the application listing;
- Get an answer in 90 seconds;
- Get your funds;
Getting a 500 Dollar Loan With No Credit Check
If you are a master of a bad credit score, there are possibilities that you will not get a $500 cash loan. However, it is absolutely free to apply and to check out if you can get a $500 loan with bad credit. AmericashPaydayLoans.com has a huge lender network all around the country, so you do not have to drive far away if you avoid using online services. Another benefit is that you will get the answer very fast. At least, if your aim is not to apply for a $5000 loan, then you will need to represent more income to get a loan. Still, there are chances it will work, anyway. It is up to you to check out whether customer-friendly lenders are going to satisfy your extreme needs.
You can take some steps to improve the chances of qualifying:
- Review the credit report and fix it;
- Add a co-applicant with a better rate;
- Add collateral like an investment account or an auto;
- Take more time for building the credit;
Can I Take Out a $500 Loan With No Cosigner
A cosigner is a person who is also responsible for your loan and how you pay it out. Their credit history is relevant when the lender makes a decision about a loan. Online lenders cater to categories with no cosigner. So, yes, it is possible to get a $500 personal loan without a cosigner.
How Long to Get an Approval for $500 Loan?
A decision on a loan request never takes more than 5 minutes. Usually, you will get the answer in 90 seconds. It is an average amount, so usually, there are no problems in receiving this loan.
How to Get a $500 Loan With a Bad Credit
500 dollar loans are very common, and it is not a challenge to receive them even if the credit score is far from positive. It is almost impossible when it is about bank credit. Though modern lenders observe the difference between a small short-term loan, and it is easy and fast to get such a loan.
How Much Does a $500 Payday Loan Cost?
Every lender provides an online calculator to see how much you will pay every month to cover the debt. Usually, when you need a 500 dollar loan, you will have to pay 46 dollars per month during a year. If you choose a long-term loan, you will pay 9 dollars per month.