This article contains as much as possible information about a 500 dollar loan. We hope this information will be useful and relative in questions arised. A 500 dollar payday loan is a financial product that helps cope with temporary problems appeared.
Table of contents
- What is a 500 dollar payday loan?
- What to do if I need a 500 dollar loan?
- Where can I get a 500 dollar loan?
- How to qualify for a 500 dollar payday or personal loan?
- What are the reasons to be denied for a small payday loan?
- Who can get a 500 dollar loan?
- Step-by-step instruction on how to issue quick but short-term loan
- What are the chances to be approved for a 500 dollar online loan today?
- How much can I borrow – $500 or more?
- What can I spend cash advance on?
- Is it more convenient to take out a 500 dollar payday loans online?
- What are the benefits of small payday 500 dollar loan?
- What is a 500 dollar loan no credit check?
- Can I issue a 500 dollar loan with a bad credit?
- May a small loan improve or damage a credit rating?
- Alternatives of a short-term payday loans – title|secured|installment loans
- Small-dollar payday loans FAQs
- What to pay attention to before applying for a loan online?
- Main points about a 500 dollar loan
- What to choose a bank loan or a payday loan online?
- A 500 payday loans vs credit cards – what option to choose?
What is a 500 dollar payday loan?
A 500 dollar payday loan is one of the most popular services offered by payday lending unions. This is a small amount borrowed for a period from a week to a month. Online applications for the required amount are processed automatically.
Online loans are an easy way to borrow money for a short period of time without asking for help from friends and collecting a package of documents. Payday lending services are considered the most affordable source of borrowed funds, because they approve loans to clients with different income levels, imperfect/spoiled credit history and even those who work informally. In addition, a same day $500 loan can be issued remotely (online), at any time of the day and only by your ID.
To apply for a lending product, select the amount and term of the loan using the loan calculator on the lender’s website. The scoring system will automatically calculate the amount of the final payment and show the amount of accrued interest. In the credit application, specify only current person-related information, including personal data and bank details. If there are difficulties with obtaining a loan, contact the company’s employees for advice.
What to do if I need a 500 dollar loan?
Provide personal data
When filling out the questionnaire, be careful and enter all the data without mistakes. You may be refused a loan if they find the typo, for example, when writing the second name. The standard application for a quick 500 dollar loan includes the indication of ID data, contact phone number, the required amount, the method of receiving money and the terms of loan repayment. However, remember, before you decide on a loan, make sure that you understand all the terms of the loan correctly.
Choose a way to get deposited
When filling out the questionnaire, specify the most convenient way for you to receive money: a bank card, an electronic wallet or cash. When your application is approved, the money will be deposited within 30 min-24 business hours, depending on your banking service. In your personal account on the website of the lending service, you will find a payment schedule with interest rates.
Consider your capabilities
It’s one thing when you don’t have enough money to buy the necessary things, training or to meet the ends to the salary, but if you want to take the maximum possible amount to open a startup – first assess your current financial state. Payday lenders provide a clear payment schedule, so you should be sure that you will be able to pay a 500 dollar payday loan on a due date.
Choose a company with optimal term/rate ratio
All payday lenders differ in the methods of issuing a small-dollar same day loan, the terms of its return and the amount of the interest rate. You can quickly find an institution with the most favorable terms of an online loan using the referral service/an aggregator website. To do this, you need to register on the website, fill out an application, specifying the loan amount and the method of obtaining it, place of residence, ID data and employment information. Within 15 minutes, the application will be processed and sent to dozens of credit unions. Companies that will be ready to approve the loan will send you offers fast. If the loan amount is large and long-term, banks will consider the possibility of issuing a full-fledged loan, not a payday loan.
Where can I get a 500 dollar loan?
Online $500 loans can be issued by payday direct lenders. It is enough to go to the official website, fill out a questionnaire and specify your ID data.
The lender will transfer the money to your bank card, account or e-wallet.
You can also apply for a target loan when making a purchase in an online store. In this case, the lender will transfer the money directly to the store’s account. The approved amount, terms and rates of the online loan will be calculated individually.
Main steps: 500 dollar loan through a direct lender or a referral service
- Choose a lender;
- Fill out the questionnaire;
- Enter the required amount and loan term;
- Make sure that the contract does not include additional services that you do not need;
- Wait for the text about the application review;
- Enter the confirmation code in the special field on the lending website;
- Track the time of money deposit;
- Pay cash advance back at the set time specified in the contract.
How to qualify for a 500 dollar payday or personal loan?
Payday direct lenders do set loyal terms to get a 500 dollar loan now. They are:
- have a personal bank account;
- be at least 18 years old;
- have a valid email address and phone number;
- have a stable income;
- be a U.S. citizen or permanent resident.
Additional documents when applying for an online 500 dollar payday loan
In order to increase the level of trust of online lenders, it is possible to provide other identity documents. These include:
- driver’s license;
- international passport;
- pension certificate;
- SSN or TIN;
- medical insurance policy;
- student ID card.
The presence of an additional second document increases the chances of the borrower to receive a bigger amount. This is especially important at the first appeal, when microfinance organizations are assesing the client more carefully.
What are the reasons to be denied for a small payday loan?
A lot of people have got a negative decision in issuing a bank loan or a payday loan. It is curious that a bank or a credit institution has the right not to advertise the reasons for which the refusal was made. And the potential borrower will remain without an official answer, what was wrong in his documents or credit history. If you are serious about getting a loan, it makes sense to carefully study the standard reasons for refusals:
- You take out your first loan with no credit history or it is already spoiled by debts on previous loans.
- There is an outstanding debt to another creditor or enforce payment acts on you.
- You made a mistake by specifying ID data or other personal information to be verified, gave the wrong phone number of the contact person or employer.
- The monthly income is either too low, or on the contrary, suspiciously high. If the salary is small, then this may indicate future problems with a loan repayment. High incomes of a client indicate that the debt will be repaid in the shortest possible time, interest will not have time to run up and the bank will remain without profit.
- You don’t meet the age requirements. For large sums, loans are given to citizens from 21 to 65 years old, that is, the most able-bodied part of society. Persons older or younger can get the same loan, but with higher interest rates.
- The client’s criminal record. For objective reasons, former convicts are very rarely approved for small loans.
- Complete absence of work or frequent terminations, seasonal work, etc.
- Pregnant women are sometimes denied a loan, because after the birth of a baby, they will most likely not be able to work and make mandatory payments.
Who can get a 500 dollar loan?
We know how difficult it is to find money when they are urgently needed. The most difficult thing is to issue a loan for citizens who work inofficially, have a spoiled credit history or a small work experience: most likely, they will be denied a bank loan. The purpose of the payday lenders is to make borrowed funds available to any resident of the United States. The online service issues 500 dollar loans to various categories of borrowers, including:
- people working without official employment;
- citizens with an imperfect credit report.
How can I increase the chances of an application being approved?
When filling out the loan questionnaire, carefully specify personal information, contacts and bank details. Most often, mistakes made in the application become the reason for its rejection. Also, there is no need to artificially inflate the salary, work experience or financial state: having identified signs of data manipulation, the scoring system will refuse the loan.
Step-by-step instruction on how to issue quick but short-term loan
Step #1. Select the lending service
Today there are a large number of payday lenders operating in the United States. However, not all of them are reliable. In order not to meet scammers, it is worth getting acquainted with the current rating of online lenders.
Be sure to get acquainted with the terms of lending to different lending services. They may differ slightly in the loan amount, interest rate, and term of use.
Step #2. Pass the registration
To apply for a 500 dollar loan, you need to go through a short registration procedure on the lending website. It is quite simple and consists of the following successive stages:
- click on the Register button;
- enter your email address/phone number;
- come up with a password to log in to your personal account;
- fill in the personal information;
- specify the account number for the transfer of funds;
- enter a unique code that will be sent to your phone number or email.
Step #3. Fill out the application
Now you can proceed to the application. You need to specify the following data:
- the required loan amount — you should not immediately take the maximum amount. It is better to stop at the one that is necessary. So it will be possible to avoid a large overpayment;
- optimal loan terms — as for the term of loan use, it is maximum 1 month. During this time, the loan should be fully repaid. Otherwise, the penalty will grow. This will ruin your credit history and it will be impossible to get a loan again. Moreover, the company will use all forces to return the money, including collectors;
- bank account/card/e-wallet number.
Also, do not forget to attach a copy of your ID and other documents, if they are necessary.
Step #4. Get deposited
The application is considered automatically within 15 minutes. If it is approved, the client signs an online agreement by entering a unique code. After that, the money is credited to the account within a few hours.
What are the chances to be approved for a 500 dollar online loan today?
The chances to be approved for a 500 dollar online payday loan today is almost 90%. Such a lending option may help cope with any financial problems. If you enter correct data, the approval rate will rapidly grow. There are many ways to increase the chances to be approved for an online payday loan.
How much can I borrow – $500 or more?
It is very reasonable to take out a loan for $500, depending on the online lender you work with and your personal finances. Different companies offer different loan amounts, and the amount of the loan you can be approved for depends on several factors.
Besides, $500 is not a limit in certain states. There are companies that approve loans up to $5,000 with monthly payments. But the freater amounts require more certifictes to confirm your payment solvency.
What can I spend cash advance on?
The emergence of a difficult financial situation forces people to compromise. Despite the fact that the interest rate of payday loans is quite high, such loans are becoming more popular every year.
Such services are used by people who urgently needed money for:
- improving health;
- unexpected situations;
- equipment, etc.
There are a lot of unforeseen situations. In addition, most often money is needed urgently. Banks require a large package of documents. The online lenders are more loyal in this sense. Most often, one ID is enough to get a 500 dollar online loan.
Is it more convenient to take out a 500 dollar payday loans online?
Banks issue loans at attractive terms, but you need to provide a full package of documents for application, and it may take several days for the application to be approved. In this case, the offers of a 500 dollar payday loans from become efficient.
Many lenders lend money to citizens over the age of 18. So the borrower has the opportunity to evaluate all offers and choose the optimal one (minimum interest, maximum period, quick registration). And there will be no need to wait several days for a response – the loan can be received literally within a few hours. Borrowers with a negative credit history also have every chance of financial support. The risk of non-repayment of the debt is compensated by increased interest on the loan.
The main advantages of online loans include:
- a large number of similar offers;
- a simple application form;
- the probability of getting an additional discount when applying for a loan via the Internet;
- absence of guarantors and collateral;
- quick response to the application (response in a few minutes);
- minimum of documents (usually only an ID);
- approval of the application in most cases;
- you don’t need to go anywhere to get a loan;
- the requested amount is issued in cash, by transfer to a bank card or an electronic wallet;
- availability of a preferential loan period.
What are the benefits of a small payday 500 dollar loan?
Despite the tangible risks, there are many advantages of such a service. The application procedure usually takes no more than 15 minutes. Such a loan can also be issued online, on the company’s website.
You can contact the online service at any time of the day. This is very convenient for people who cannot visit the office of a banking organization during business hours.
The client of a payday service is completely exempt from collecting certificates. The list of required documentation is usually minimal. No income certificates need to be presented.
The application review time is very short. Usually the client is answered to the request within 15-30 minutes. The rate of loan approval is much higher than in banks.
The most important thing is to repay the debts in exactly the specified time. Delay entails the accrual of penalties. If difficult circumstances arise, entailing a possible delay, it is better to immediately call the representative of the lender and report the problem. Perhaps a solution will be found.
What is a 500 dollar loan no credit check?
A 500 dollar loan no credit check is a loan that is issued with no deep credit check. It means even if you have a bad credit, your request will be approved. The requirements to qualify for such a lending products are almost the same as payday loans. Nothing special should be done to apply for a loan no credit check.
Can I issue a 500 dollar loan with a bad credit?
Bank employees will answer that they are not going to give out a loan for clients with a bad credit history, then it will be much easier to take out a 500 dollar bad credit loan online. Here the history is viewed, but it is not decisive for getting money. Banks are afraid that a bad credit history will be the reason not to repay a loan.
A payday lender operates on a completely different mode. On the contrary, they help people when everyone else has refused. It’s a great way to earn respect. In addition, such organizations do not charge too much money for the opportunity to use such a service.
Banks and microfinance organizations are considered quite different. The former treat late payments very strictly. For them, it is enough to look at the payments on loans for one month and immediately get the impression, in general. They only accept if the payment has been overdue for up to 5 business days. If it is more than 5 days, then they do not treat this situation well. Before taking money from the bank, you should really assess your capabilities. If at least one loan was closed with a bad history, then you will never be given a loan again. If you take the money through a payday direct lender, then this information will not affect the result. The owners of online lenders always make concessions. If the borrower cannot repay the money on time, then he informs the management about it and they decide to extend the payment on the debt.
May a small loan improve or damage a credit rating?
Information about all loans, including those issued through a payday credit union, is transmitted to the credit bureau. Fast loans affect the credit history, and can have both a positive and negative impact on the personal rating of the borrower.
The positive impact is that the client has the opportunity to correct the credit history with the help of microloans. While banks prefer not to cooperate with clients who previously committed gross delinquencies, payday lenders are ready to lend to such applicants.
Online lenders do not impose high requirements on potential borrowers, and they put the risks of non-repayment of funds in interest rates. The overpayment on a 500 dollar payday online loans is rather big. However, if we are talking about correcting a credit history, there is simply no alternative to such a service. You can correct your credit history by issuing a short-term loan 2-3 times in a row and returning it in a timely manner.
If you allow a delay on an instant loan, information about this will be sent to the credit bureau, as a result of which the personal rating of the borrower will decrease. In the future, it will be more difficult to borrow money, since the credit history will deteriorate even more.
Alternatives of a short-term payday loans – title|secured|installment loans
Title loans are credit products secured by a title. For the entire time of using credit funds, the car remains with the owner. He is still the owner of the car, he can use it for personal purposes, but the owner will not be able to sell, donate, or transfer the vehicle to a third party by proxy until he pays off his debt in full.
At the same time, the title is transferred to the creditor for the entire period of performance of the collateral obligations. After repayment of the debt, the car is again returned to the full disposal of the borrower, but if the latter violated the terms of the car loan and did not pay the agreed amount, the lender may file a lawsuit to recover the debt. In such a situation, the result is likely to be the car withdrawal. Then the case can develop in different ways: a settlement agreement, interest rate calculations or a change of owner — to a creditor.
A secured loan is a loan secured by any property owned by the borrower or another person or by the guarantee of an individual or legal entity. More often, real estate or a car gets secured. But the credit institution does not issue money for every property.
The property of the borrower must comply with banking requirements. Its main quality is liquidity. The credit institution should be able to sell the property at any time and ensure that the loan is closed.
An installment loan is a wide term that relates to the overwhelming majority of both personal and commercial loans. Installment loans include any loan that is paid back with regularly scheduled payments or installments.
Installment loans differ from credit cards or lines of credit, which typically have more flexible repayment terms and variable interest rates — meaning you don’t have a predictable monthly payment. With installment loans, you always know what to expect when your monthly bill is due.
Small-dollar payday loans FAQs
Q: How to prepare for the application?
A: Specify only reliable data and write it without errors. Prepare a high-quality color scanned copy of your ID (home page and registration) and current contacts of the guarantors. If you are going to take out a cash loan, specify the addresses of the company’s branches in your city and their working hours. It would not be superfluous to look neat with a possible photo or video identification.
Q: For how long can I get a loan?
A: Short-term loans are usually issued for up to 30 days. A number of companies offer long-term loans for 6 months or a year. Quite rare, but still there are payday loans even up to 2 years. But such offers are usually offered only to regular and reliable customers. If necessary, the lending service allows you to extend the contract, thereby extending the period for a certain number of days with the preservation or modification of the service’s terms.
Q: Can get a $500 loan for unemployment?
A: Yes, some companies provide a 500 dollar loans for unemployed citizens without refusal. Among them there are those who issue money only by ID and phone. Sometimes such a borrower may be required to pledge — then the available amount and loan term will increase, and the interest rate will decrease.
Q: Why is the interest rate indicated per day, but not in annual interest?
A: The loan is usually issued for a period of less than a month. Therefore, it is more convenient to calculate it using the daily interest rate. Bank loans are issued for a longer period — up to 3-5 years, so interest on them is calculated at the annual rate.
Q: Do I need to prepare certificates to confirm income?
A: In most cases, an ID and a phone number are enough. But when you receive a loan over $5,000 or if the lender doubts about the borrowers, you may need proof of income, a marriage certificate and other documents. Often, in order to confirm income, it is enough to provide a statement of the income account or a certificate.
Q: What is verification?
A: Verification is the identification of the personal data of a potential borrower. To do this, the company calls the borrower, requests a photo and requires confirmation of payment data. Based on its results, the degree of client’s reliability is determined and a decision is made to issue exra cash. Upon approval, the maximum loan amount, interest rate and term, as well as the minimum payment are calculated.
What to pay attention to before applying for a loan online?
If you still decide to cash advance, then check whether it is in the state register.
Now your attention should be paid to the upper right cornerof the agreement. There, the full cost of the loan must be indicated as a percentage per annum. It cannot exceed the average market value by more than a third.
Don’t rush to make a decision. You have 5 days between contacting the payday lending office and signing the contract. During this time, you can calmly think about everything, and the terms of the transaction should remain unchanged.
Before you borrow, first of all you should think about how and when you will pay it back. Experts recommend, if possible, to choose a date for loan repayment 3-4 days after the paycheck.
If this is not your first loan, then it is best to separate payments by time – for example, the first one should be paid out of the borrowed funds, the second – from the paycheck.
Are you going to take out a 500 dollar online loan? Think about the timing of its payment and the amount. Do not get into debt if you are not sure that you will be able to pay on time. It is best that the total debt burden is not higher than 30-40% of the monthly income.
Main points about a 500 dollar loan
- A 500 dollar loan is a short-term. small-dollar lending product;
- The maximum repayment term is 30/31 days;
- Maximum loan amounts are $100-$5,000;
- The interest rates are accured daily;
- The loan may be calculated online through the online calculator.
What to choose a bank loan or a payday loan online?
Banks and payday lenders are official creditors who have been registered. All these companies are subject to the laws of the United States.
Previously, some organizations of the microcredit market have significantly damaged the reputation of this area. They inflated rates, drove people into debt, applied colossal penalties. But the situation has changed dramatically. Today, online lenders are reliable financial structures that monitor their reputation and issue honest urgent loans.
What are loans and bank credits similar to:
- they are issued to borrowers who meet the requirements of the lender and can provide the necessary package of documents;
- characterized by urgency. That is, when registering, a clear deadline is indicated when the debt should be repaid. A payment schedule is being drawn up;
- by assigning interest rates for the use of borrowed funds. They form the profits of banks and online lenders;
- for non-compliance with the payment schedule, the lender assigns penalties, which by law cannot exceed 20% per annum. At the same time, the rates under the contract continue to be valid;
- the borrower can apply for early repayment of the loan at any time, and the lender will recalculate the interest;
- malicious evasion of payment leads to the process of collection, the involvement of collectors and the organization of the trial.
That is, loans and borrowings are originally similar products that have important common features. The difference lies only in the details — in the terms of issue and in the parameters of the loan itself.
Most often, citizens are interested in online loans, which are issued in the vast majority of cases. The main difference between loans and bank loans is their availability. If banks approve only 20-40% of applications, then in the online lending services, this figure reaches 80-90%.
A 500 payday loans vs credit cards – what option to choose?
It is advisable to make a decision on which method to use, depending on the specific circumstances. You can make a competent choice of lending methods using thematic online resources. So, there are websites containing up-to-date information about the best options for obtaining borrowed funds.
It takes much longer to issue a credit card. It can take up to several days to verify the authenticity of documents and credit history.
Online lenders provide 500 dollar loans almost instantly. All operations can be performed without leaving home. You will only need a computer or phone with Internet access.
On the other hand, the interest rate in this case is significantly higher than the rate for the use of borrowed funds of the bank. Therefore, it would be reasonable to resort to the help of payday lenders if a relatively small amount is urgently needed for a short period of time. Otherwise, the overpayment will be very significant. Keep in mind that severe penalties are usually imposed for late payments on short-term quick loans.
If the client plans to constantly pay for purchases and regularly withdraw money to meet current needs, it is better to issue a credit card. It will allow you to save on interest, as well as receive cashback and discounts from the bank’s partner stores. When using a credit card, it is important to use the means of payment correctly and regularly repay debts without going beyond the grace period.