$500 Loan Poor Credit | Need 500 Dollar Loans
A $500 loan for poor credit individuals could be a quick fix for your finances. Having bad credit can hold you back from obtaining the financial services you need. At the very least it slows down your process and probably costs your more money than you would pay if you had good credit. A bad credit 500 dollar loan is a nice amount to borrow to help cover some of your living expenses.
We have taken some of the frustration out of the poor credit loan process by finding a few websites you can use to hopefully cover your short term funding needs.
View these websites and hopefully you will be able to meet all your consumer lending needs. Getting a $500 loan with poor credit is not the easiest thing to do. Our goal is to make the search a little smoother and easier to understand.
Can I Get a $500 Loan with Bad Credit?
Bad credit can be a serious financial problem that follows you around like a black cloud. Every turn you make you run into another road block that is telling you your credit situation is going to be a problem. So what should you do about it?
Related Article: $1000 Loan for Poor Credit
Your credit history can be a major road block or it can open doors for you. Keep your finances in order and you can use credit in the future when you need extra money to buy a house, open a new credit card, or buy a car. A poor credit $500 loan may be a good option if you have had financial trouble in the past.
I Need a 500 Dollar Loan and Have Bad Credit
If you need a $500 loan right now and have poor credit, you likely do not have time to deal with credit repair. You need money fast to cover some sort of financial issue that popped up out of no where. The good news is that not many lenders that would offer you a 500 dollar loan are going to check your credit score. It just doesn't make sense for such a small loan. That is the good news, the bad news is that interest on a $500 loan is usually higher than offer forms of financing where you credit score would be involved, such as a home equity line of credit.
Benefits of a Bad Credit $500 Loan
- Fast - probably the fastest way to get a loan for $500 is with a consumer loan online. Funds can be in your bank account by the next business day.
- Less Documentation - direct lenders are going to electronically verify your information and you do not have to fax or take documents to a local loan company.
- Approval Speed - generally with online loans you get an answer within seconds of submitting the application. Most lending criteria is predetermined so when you click the submit button, the decision is made instantly.
Cons of a 500 Loan Online
- Expensive - you can expect to pay a higher interest rate or APR with small consumer loans. Lenders charge more for this type of financing do to the higher risk associated with poor credit loans and also the economics of making money on small loans.
- Small Loan Amounts - if you are getting a loan online with little documentation you will be limited to small loan amounts.
- Sharing Information - if you want a bad credit $500 loan online then you will be required to submit some of your personal information on the internet. If you are not comfortable with that, then this may not be the right financing avenue for you.
What Options are Available for Poor Credit $500 Loans?
There are many different types of short term lending options if you are in a tight spot and need money quickly. Some options are more expensive than others and some are faster. It all depends on your financial situation. Learning the best options for you begins with expanding your knowledge as to exactly what options are available. Let's take a look.
Online Direct Deposit $500 Loans
Many websites, including this one, offer an array of different loan programs that you an apply for online. These types of loans can range anywhere from payday loans, signature loans, installment loans, all the way up to line of credit on your home. If you accept a loan offer then the money will sent direct deposit to your bank account, sometimes on the next business day or sometimes even the same day. Compare and evaluate online lenders prior to completing an application.
$500 Loan Apps
These days it seems like there are about 500 apps for everything. Borrowing money online is no different. You might look at apps such as MoneyLion or Possible Finance. Once you get the apps setup the first time it is very easy to have money sent to your bank account on short notice. One nice thing about apps is there are usually a bunch of reviews to increase your understanding before you commit.
What's the Easiest Loan to Get with Bad Credit?
The easiest loans to get with bad credit are loans that do not require credit at all. Think about options like pawn stores. In this case your simply show up to the store with an item worth more than 500 dollars, they lend you money, and you leave the item with them until you are ready to pay off the loan the loan and reclaim ownership.
Related: $50 Loans Online
Just be careful, if you do not make your payments on time, the items will be sold to someone else to repay your debts. In general, the easier the financing is to get, the more expensive it is going to be. Credit cards might also be a quick option, if you already have an established credit account.
Concluding $500 Poor Credit Loans Online
If you need to come up with a $500 loan and have poor credit, there are many options available to you. These options are usually not cheap but they are fast and will not regard your credit score in the lending decision. There are literally hundreds of lenders online that will accept your application. The are also local options near you that you should take into consideration. These lenders would be places such as credit unions and personal loan companies.
Advantages and Disadvantages of 500 Dollar Loans
Like other types of loans, a 500 dollar loan can help you during an emergency. If you don’t have money to pay your utility bills, pay for grocery shopping, medication, broken car, or anything else, a loan of 500 dollars is very useful. At the same time, getting a 500 dollar loan can put you in trouble, especially when you can’t repay the money.
In general, you have to make efforts and avoid getting loans because this is not good for your financial health. When you get a loan, you increase your debt and when you don’t pay off your debt, it continues to increase and one day, you file for bankruptcy. We are confusing you about getting loans, but what we are saying is a fact.
Applying for a loan requires you to meet the eligibility requirements. For instance, you must have a regular source of income and you must be a U.S resident. If you are below the age of 18, you won’t get the loan. Typically, you can get a 500 dollar loan even if you have a bad credit history or score. Let's talk about the pros and cons of a 500 dollar loan.
Advantages
The most obvious advantage of getting a 500 dollar loan is to help yourself in an emergency. For example, if your car engine is blown and you need to fix it as soon as possible, you can get a loan of 500 dollars to pay for the repair. Anyway, some of the benefits of a 500 dollar loan are:
Quick Turnaround Time
Today, you will find hundreds of lending companies on the internet. However, not all of them are reliable. That's why most people choose a company that offers instant approvals. However, many companies will take a few hours to complete the review process.
If you want to get the loan the same day you apply, you can find numerous lenders online and in the local area that pays you on the same day. So, the point is that you can get the loan quickly without going through a hectic or daunting procedure.
Easy Approval
Most people apply for a 500 dollar loan when they need money in an emergency. They don’t apply for thousands of dollars of loans because they require these loans for a short period and usually repay them on time.
Also, even if you have a bad credit history, you can easily get the approval and take the loan. The reason is that most lenders that lend an amount of 500 dollars do not consider the credit history or score.
They take into account your source of income, social security number, and age. That’s it. Once you provide the information and get the approval, you will get the money within 24 hours.
Disadvantages
Now that you have understood the benefits of getting a 500 dollar loan, it is essential to know the disadvantages as well so that you can make an informed decision. Continue reading!
High-Interest rates
Remember, a poor credit 500 dollar loan is a short-term loan, which means you will get it with a higher interest rate. Usually, a lender charges 15 to 30 dollars per 100 dollars. So, if you want this loan, you will either pay 75 dollars or 150 dollars depending on the agreement you make with the lender.
$500 Lenders
Sometimes, you need money to carry out important tasks and that’s why you apply for the loan. There are hundreds of lenders that you can find online, but not all lenders are reliable in terms of lending money.
Example of a $500 Installment Loan
Amount Borrowed = 500 Dollars
Interest Rate = 39%
Monthly Payments = 12
| # | Payment Amt. | Total Interest | Total Payments | Balance |
|---|---|---|---|---|
| 1 | $50.98 | $9.32 | $50.98 | $458.33 |
| 2 | $50.98 | $18.63 | $101.97 | $416.67 |
| 3 | $50.98 | $27.95 | $152.95 | $375.00 |
| 4 | $50.98 | $37.27 | $203.93 | $333.33 |
| 5 | $50.98 | $46.58 | $254.92 | $291.67 |
| 6 | $50.98 | $55.90 | $305.90 | $250.00 |
| 7 | $50.98 | $65.22 | $356.89 | $208.33 |
| 8 | $50.98 | $74.54 | $407.87 | $166.67 |
| 9 | $50.98 | $83.85 | $458.85 | $125.00 |
| 10 | $50.98 | $93.17 | $509.84 | $83.33 |
| 11 | $50.98 | $102.49 | $560.82 | $41.67 |
| 12 | $50.98 | $111.80 | $611.80 | $0.00 |
Dislaimer: This is only an example not a guarantee for a certain loan amount, interest rate, or number of payments.
Some lenders will take advantage of your situation and offer you quick cash for higher interest, which is more than the usual amount. Therefore, you must review the terms and conditions before getting the loan. If you have poor credit and need a $500 loan, we may be able to help you get approved today.
Material Disclaimer:
By using poorcredit.org you agree to all of our terms and condition and privacy policy, see below. We make no attempt to solicit financial products. We are a publisher and not a lender or financial advisor.
All loan terms are between you and the lender that may offer you short term credit. We have no access to the interest rate, loan duration, payment amounts, or annual percentage rate (APR). Not all lenders are able to offer you the amount you request. Annual percentage rate may be dictated by the laws of the state where you reside. This may limit your ability to access credit. All lending decisions are made by lenders, not us. Read all terms and conditions provided by the lender prior to accepting a legally binding loan agreement.
Short term credit is not a long term financial solution. It should only be use in an emergency until a less expensive option is available. Void where prohibited.
We receive compensation from lenders for providing your information in an attempt to help you get a funded by one of these lenders. We make no guarantee you will receive the amount you request on your application or that you will receive any loan offer with specific terms. Everything on our website should be considered an advertisement that we may be compensated for.
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Most of the lenders in our network do not use a typical credit check, meaning with the 3 main credit bureaus. They may review an personal loan industry specific report such as DataX or Teletrack.
Services on our website are free to use. You will not be charged to submit an application. Installment loans and payday loans should be use only as a temporary solution.
Must be 18 years old to apply and be a full time citizen of the United States.
If you have any complaints about a lender you can contact the Consumer Financial Protection Bureau (CFPB) at:
Mail a complaint
Consumer Financial Protection Bureau
PO Box 2900
Clinton, IA 52733-2900
or call: (855) 411-2372
