How Do $500 Loans Work?
Even the best savers sometimes run afoul of unexpected expenses. Maybe an emergency room visit, a sudden visit by a plumber due to a leaky pipe, or an appliance broke down suddenly. All of these could easily run a $500 bill, sometimes more. Finding yourself in such a sticky situation might mean needing to reach out for a $500 loan.
Unfortunately, obtaining such loans from traditional institutions may take more time than you have and more hurdles than you’d like to face, making it a less desirable option when you need money now.
The process to obtain a quick $500 loan through iPaydayLoans is simpler and quicker. When you find yourself strapped for cash, you can start the process by providing a few pieces of information in order to connect with one of several lenders. Lenders use key pieces of your information to provide approval in as fast as 5 minutes. You can get the funds in as little as 24 hours. The money can be there to help you through those tough moments.
 | Why Us | |
|---|---|---|
| How much can I borrow? | $50-$35,000 | No hidden fees or charges |
| I have bad credit. Can I apply? | Yes | Bad credit is considered |
| Over how long can I spread the repayments? | 1-36 months | Fast decisions |
| Are credit checks involved? | Yes | Soft credit checks only |
| Chances of getting approvals | Good | 256-bit encryption protocol |
| How to apply? | Apply online | Easy application |
I Need $500 Now, But I Have Bad Credit, Am I Still Eligible To Apply?
Circumstances vary, and when the situations become urgent, even clients with bad credit will need to apply for loans of $500 or more. Unlike a bank or credit unit, our direct lenders will work with clients with no credit or bad credit. There are several bad credit loan lenders. They work specifically with clients who find themselves in tough and urgent situations.
Lenders such as these focus more on the affordability of the loan rather than on the credit score. Even if there is no credit score or a low credit score, a lender will make their final decision based on whether the borrower can afford it. This makes the source of income more important than the credit score.
The only downfall to no credit or bad credit is the higher interest rate associated with taking out a loan. Lenders exist who provide credit under such circumstances, but they are taking a higher risk by providing borrowers with cash.
Will There Be A Credit Check If I Apply For A $500 Loan?
Clients often don’t want to go through another credit check for different reasons, whether due to no credit, low credit, or too many recent checks. The good news is, that you can get a $500 loan without any form of credit check. The only hitch in this situation is a higher interest rate attached to the loan as the lender works to offset the risk they are taking.
How To Qualify For A Quick $500 Dollar Loan?
Qualifying for a loan of $500 is simple. Start by submitting your information to connect with a long list of our lenders. Once the lender's approval is provided, the last step is getting the funding you need in your bank account. Again, as mentioned above, this is a quick and simple process, unlike when dealing with traditional lenders.
The information you provide will only need to meet some basic criteria listed below:
- At least 18 years and older
- Steady source of income
- Citizen or permanent resident in the U.S.
- Working phone number and email
- Active checking account
How much would you like?
What Types of $500 Loans Are Available?
Traditional reasons for taking out a loan include paying for college, a home, a car, or a large purchase. Banks are the route most individuals take for those types of loans because of relatively inexpensive interest rates and repayment terms. In most cases, banks won’t even consider a smaller loan amount; some even require a minimum loan amount of $1,000.
Fortunately, some innovative lenders provide smaller loans for various reasons.
- Car Title Loans allow you to borrow several hundred to a couple of thousand dollars over a period of a couple of months by using your car title as collateral. This option is only legal in 15 states at the moment. If this type of loan isn’t repaid on time and in full, you risk losing your collateral; in this case, that’s your car.
- Personal Loans normally require a higher borrowing amount, somewhere around $1,000. However, depending on the lender, they might be able to lend a lower amount.
- Installment Loans mean taking out a $500 loan and repaying it in equal payments over a period of time. The normal time frame for repayment is usually 30 days to six months, though that depends on the lender.
- Quick Loans, or in other words, payday loans, is the riskier loan, though quicker to obtain. This is for those who need a quick $500 loan but have no collateral to offer. These loans might come with a higher interest rate.
Learn more: 10 Best Small Payday Loans with No Credit Check >>
How Can You Increase Your Chances of Getting a $5k Loan?
Submit your information to partner with as many lenders as possible.
This increases the chance of getting approved, but it also provides options should more than one lender show interest. These lenders are contacted one at a time, but your private data is only provided to the lender once they approve your application.
Have documentation ready with proof of steady income.
Though it is possible to obtain a loan without holding a job, there must be proof of income. Without income to prove the ability to repay the loaned amount, lenders will hesitate to approve even a quick $500 loan.
Set aside time and documentation to go through the entire process.
Around 5 minutes will be spent filling out the application, but another 15 to 20 minutes will be needed to review the terms and conditions of the loan. Make sure your supporting documents are ready and available to provide to the lender as needed. This will show the lender that you are a responsible borrower.
Get Cash When You Need It Most
Get StartedFAQs
I Have A Bad Credit Score - Can I Still Qualify For A 500-dollar Payday Loan?
$500 online loans care little about the actual credit scores of the applicant. Payday loan lenders don’t perform hard credit checks. Instead, lenders perform a soft check, looking only for a general overview of the credit score rather than the nitty-gritty details. They also look for a stable source of income to gauge the borrower’s ability to repay.
How Long Is The Repayment Term On A Five-hundred-dollar Loan?
The loan repayment term is anywhere from 14 to 30 days, though that will depend on the lender providing the approval. A higher amount borrowed will result in a longer repayment period, though it’s best to determine the short and long-term consequences of a longer repayment plan.
How Long Is The Process To Obtain A $500 Loan?
The length of time to obtain a $500 loan varies. It depends on the borrower’s information and on the lender. It’s possible to get lender approval in as quick as 5 minutes once you submit your information. As the borrower, the lengthiest part of the process is having to read and go through the presented material, such as the terms and conditions. With all the paperwork out of the way, a lender can fund the loan as quickly as the same day or the very next business day.
If I Don’t Have A Current Job, Can I Still Qualify For A $500 Loan?
Yes! As long as there is a steady source of income. A job is not the only way to have a steady source of income. It can include child support, social security, or even inheritance. Lenders will focus more on whether the borrower is capable of covering the cost and repaying the loan rather than on where their source of funds is coming from.