There are often situations when you need 500 dollars urgently, for example, to pay utility bills or buy household appliances to replace a broken one. If you can’t borrow money from your family or friends, then you can apply for a payday loan online. The popularity of this product is due to a quick and simple application procedure, relaxed requirements and speedy funding. Often, you just need a few basic documents to borrow a small amount. You can get a short-term loan online even if you have a bad credit history – poor credit will not be a reason for loan rejection.
Table of Contents:
- What is a 500 dollar loan?
- How does it work?
- Why are payday loans better than personal loans?
- Where can I get a personal $500 loan in Oregon?
- How to get a $500 loan in 4 steps
- What are the different types of 500 dollar loans?
- What can you use a 500 dollar loan for?
- How much can I borrow?
- How much does a 500 dollar loan cost?
- What are the benefits of 500 dollar loans?
- What credit score do I need for a $500 loan?
- Can I get a $500 loan with bad credit?
- How to get a $500 loan with no credit check?
- Will a 500 dollar affect my credit score?
- Who qualifies for a $500 dollar loan?
- What is required for a 500 dollar loan?
- I need a 500 dollar loan fast. Can I get it when unemployed?
- Is applying for online payday loans safe?
- How are payday loans paid back?
- Things to remember when applying for a 500 dollar loan
- Can I get declined for a 500 dollar loan?
- How to improve your chances of getting approved for a $500 loan
- Is a quick payday loan right for me?
- Where can I get the best $500 loan in Oregon?
- Are there any alternatives to $500 dollar loans?
- Tips for successfully applying for a loan online
- Frequently Asked Questions (FAQ)
A 500 dollar loan is a short-term $500 loan that you can use for whatever purpose. You apply for a cash advance loan online, and the money is deposited into your bank account within 24 hours or even instantly. You can use it to pay medical bills, buy food, or get your vehicle repaired—whatever you need the cash for.
Typically, you will need to pay back the loan within 31 days. Sometimes, direct lenders from our network can allow borrowers to extend their loan terms. This will help you avoid late penalty fees. Ask your lender about this option. If you get accepted (most our clients are), then you will have the cash in your checking account as soon as the same day or the next business day.
A big benefit of an online 500 dollar payday loan is the high acceptance rate. Even consumers with bad or zero credit can qualify for a small-dollar loan from a direct lender and get the funds immediately.
We have made the loan application quick, easy, and secure. Once you provide your personal information, we’ll be able to tell you for what loan type you’ll qualify. Once you’ve been approved for a loan, a licensed lender from our network will deposit the funds into your checking account very quickly. Make sure you have enough funds in your bank account so you avoid late repayment fees.
All it takes is 5-10 minutes of your time to complete our secure loan application online. We do not require any documents or personal data other than those determined by law. If you qualify for a 500 dollar loan with no hard credit checks, then you just need to e-sign the agreement with your lender, wait for the funds to arrive in your bank account, and spend them on literally anything.
Bank loans can only be used for specific purposes. Such loans are often preferred over cash advance loans from microfinance institutions because they can be much larger and usually have lower interest rates. However, some banks can issue small loans, including a loan for $500.
However, the conditions for borrowing money from a bank are more complicated than in microfinance institutions. In addition, bank lending requires collateral, which means you can lose it if you miss payments. One of the benefits of getting a payday loan from an microfinance institution is that it is usually unsecured, which means you do not have to provide collateral, such as your house or your car. Since financial difficulties can strike at any time, you may feel more secure with an unsecured loan.
Interest on unsecured debt tends to be higher because lenders have no fallback if you don’t repay the debt. Meanwhile, annual interest rates at banks on car loans or mortgages are often in single digits. Although you can get a 500 dollar loan now in a microfinance institution at equally low rates. In this case, the best offers are available for borrowers with good credit history.
If you have bad credit, you may be thinking about taking out a payday loan to help cover day-to-day expenses. A poor credit score does not necessarily make you ineligible for a loan. There are online lenders that offer bad credit same-day loans and will work with you despite your bad credit history. But you will most likely have to pay higher interest.
In contrast, a bank loan will almost always have lower rates and fees than a payday loan, plus longer repayment periods. A loan from a bank almost always comes with a lower interest rate and a more affordable payment plan than a loan from a microfinance institution.
Although secured loans come with low rates, there is a certain risk that you risk losing any property that you used to secure your loan.
It can be concluded that both bank loans and $500 dollar payday loans for bad credit-same day direct lenders have their own advantages and disadvantages. If you have the opportunity to take a 500 dollar personal loan from a bank, think about it. In addition to low interest rates, you will most likely be able to choose a convenient repayment term and monthly payment that best suits your current budget needs. However, no lending method can compare with microfinance institutions in terms of the speed and ease of obtaining money if it is urgently needed.
Our online portal will help you find a short-term loan from that best suits your current needs.
You can get a personal loan from a bank, a credit union or an online lender. The key to getting a personal loan is to do your research, both on the loan providers and the terms of their offers. Our loan matching service makes it easy to compare personal loans and has user reviews for various lenders. Once you’ve found the right loan for your needs, lakevieworegon.org can bring you directly to its secure online application.
We have made the entire process from applying to receiving the funds painless:
- Fill out a short application inform online;
- Get matched with the right lender and wait for a decision.
- Once approved, e-sign an agreement;
- Wait for the funds to be delivered (usually within 24 hours of applying).
Whether you’re looking to get out of a difficult situation, pay off an unexpected medical bill, or just want to buy yourself something special, $500 loans are a great option. There are different types of a 500 dollar loan that you can consider:
- Payday loans. These small-dollar, short-term loans usually have higher interest rates than other types of personal loans and should only be used for minor financial needs.
- Installment loans. A $500 installment loan is $500 loan with monthly payments. Usually, an installment loan is a loan that helps you with more significant expenses.
- Car title loans. Car title loans are a type of cash advance loan. They are used to pay for unforseen expenses, such as vehicle repairs or utility bills.
Why would you need a $500 loan?
- You need to borrow cash urgently before you receive your next paycheck. This is one of the most common reasons. When family or friends refuse to give you a loan and you need cash urgently, microfinance institutions come to the rescue. Such organizations offer fast online loans. There are over 100 lenders in your area, and the lending conditions may vary significantly. You only need to choose the most suitable option.
- You need funds for medical treatment. This problem is also typical for the population. There is no free medicine in the USA, and rather big sums can be spent on treatment. Medicines are expensive, and there may be an urgent need to buy them, especially when you take meds on schedule.
- You need money to repair equipment or cars. For example, you are traveling and your car breaks down on the road. In this case, getting a loan from a bank is at least problematic. If you have a smartphone with Internet access, you can apply for a quick 500 dollar loan online.
Payday lenders are usually not interested in the reasons for borrowing money. But sometimes, nevertheless, they may require an explanation from the client. To receive money, you usually do not need to visit the lender’s office – many companies have websites. With us, you can submit an application online and receive money transferred to your bank account very quickly.
The average payday loan is $350 on a 14-day term, according to the Consumer Financial Protection Bureau. Lenders from our extensive network are able to lend you up to $2,500. But usually payday loans can range from $50 to $1,000, depending on your state’s laws.
The total loan cost depends on the lender and the state laws. Typically, payday lenders charge $10-$30 for every $100 you borrow. It means that if you take a $500 payday loan today, you will have to pay off between $550 and $650. The costs can vary significantly by state, so you should always carefully read the agreement and ask the lender to clarify the loan repayment details.
$500 loans have not lost their popularity for several years now, and there are more and more people who actively take them. The reason is simple – earlier it was a new financial product that caused many questions and concerns, but now payday loans are widespread, and their terms are understandable and transparent. A payday loan is a product that is similar to a bank loan, but it is short-term and small-dollar, and the procedure for approving and receiving funds is much simpler since it involves no paperwork. You can even take out a loan without a withing the lender’s office – most companies operate via the Internet.
In general, $500 dollar payday loans have the following advantages:
- the application process is very easy and fast – this can be done online by filling out a simple form;
- the most important condition is that a potential borrower has a government-issued ID and an active bank account;
- applications are approved in most cases; rejections are rare, sometimes due to errors in the application form or incorrect information provided;
- your credit history is not important;
- a loan can be approved even if you have no job (any source of income is accepted).
Payday loans come with higher interest rates, but at the same time, small amounts are issued for short periods, so the overpayment is insignificant for the borrower. With due discipline, a small-dollar loan will be an excellent tool for budgeting and compensating for periodic deficits.
Many microfinance institiutons offer zero interest loans for first-time borrowers – in fact, you can use the money for free without overpaying a penny. You can find such loans thanks to our loan matching service for finding the best financial products. With us, you can find the best offer for your needs. When you apply with us, you increase your chances of getting approved for a loan.
You’ll usually need a credit score of at least 570 to be eligible for a personal loan from a bank. To get a lender’s lowest interest rate, you usually need a credit score of at least 690-710.
With a credit score of 500 or below you may only qualify for certain types of loans such as bad credit payday loans, personal installment loans, title loans and pawnshop loans. If you need an unsecured small-dollar loan for a short period, then online $500 payday loans would be the best option for you. Such loans are accessible to consumers with poor credit score and usually do not involve a credit check.
Today, not all clients can borrow money from banks, as these institutions set certain eligibility criteria for borrowers. Before issuing a loan or a credit card, the bank checks the credit history and examines the person’s income. Very often, a person needs a lot of money to buy a car or to enter a university. If there are other reasons and only $500 is needed, then you’d better get a payday loan. They are issued via the Internet and microfinance institutions approve most applications.
Besides, it will be much must easier to take out a 500 dollar loan online. Credit history is not decisive for payday loan approval. Banks usually reject cleints with bad credit as the risk of non payment is high. Thus, they try to insure themselves. A microfinance organization operates in a completely different way. On the contrary, they help people who get rejected by banks. This is a great way to earn respect. In addition, such organizations do not charge too high fees for the opportunity to use such a service.
Before you take money from any financial instituion, you should assess your capabilities realistically. If you default on at least one loan, then you will never get approved for a bank loan again. If you have a bad credit score, don’t worry – you can still get a 500 dollar payday loan in Oregon. With us, all credit histories are accepted.
It is very convenient to cooperate with our referral service. Money is always transferred to the account very quickly and they must be returned within a short period. Today, short-term cash advance loans have become very relevant and a lot of people use them. If you haven’t used them yet, apply now and check out all the benefits of our service. You have high chances of getting accepted for 500 dollar loan bad credit.
If the customer’s credit score is low, it is obvious that the bank will not take the risk of approving a new loan. What to do if you need money urgently, but you can’t rely on banks? Apply for a payday loan from an organization that does not check the credit score of customers. The financial services market is now quite extensive and diverse, and therefore even borrowers with bad credit can find options with no hard credit checks.
When you work with a microfinance institution, you do not need to provide collateral or guarantors. No one will check your credit history and financial obligations. Applying online through our referral esrvice is easier, faster and more convenient. But remember that most microfinance institutions typically issue a 500 dollar loan no credit check for up to 31 days. A few companies are ready to consider longer terms up to several years, but they still need to be looked for. Few companies dare to issue long-term loans without collateral and confirmation of financial stability. If you need more than $500-$1000, be prepared to consider another option that involves guarantors or collateral.
Because payday lenders typically often don’t run a credit check, applying for a payday loan doesn’t affect your credit score or shows up on your credit report. Also, such loans won’t show up on your credit report after you’ve signed the loan agreement.
The requirements for online payday loans are easy to meet, and most people will get accepted. To get a quick $500 loan, you need to meet these basic criteria.
- Be a citizen or a permanent resident of the USA:
- Be aged at least 18 years;
- Have a stable source of income (paychecks, pension, retirement, Social Security Benefits, etc.);
- Have a working phone number and email;
- Have an active checking account in your name.
Requirements for borrowers may vary slightly depending on the lender you work with. Some state laws might also have additional requirements. We recommend that you research the eligibility criteria for your state before applying.
You will typically need to provide the following data when applying for a loan:
- Information about your income type, payment frequency, and income size.
- Your checking account number, routing number, and other bank details.
- Personal information like your name, birth date, phone number, SSN, home address, and email address.
Lack of employment is a major barrier to obtaining loans. But people who are left without a source of income need them most of all, especially if they already have financial obligations in the form of rent or mortgage payments. If you find yourself in a difficult life situation, you can get a 500 dollar loan for unemployed through our website! We enable conscientious borrowers to solve their financial difficulties quickly and inexpensively.
How can an unemployed person get a loan? All you have to do is apply through our matching platform! We will help you get a short-term loan on transparent terms. With us, you will get the opportunity to solve your temporary difficulties instantly, around the clock. We will not make empty promises, the application processing time is reduced to 5-15 minutes.
Of course, no lender can give a 100% guarantee of loan approval. But we can boast of very high approval rates.
Your personal information is important to us and participating lenders. So, its safety is the priority.
Ensuring the security of storage and transmission of user personal information is one of the key aspects of our work. We provide data protection at all levels:
- data from your browser is transmitted to the server via an encrypted connection;
- all data between the server and our partners (payment systems, credit bureaus, etc.) is transmitted only in encrypted form; for this we use industrial encryption algorithms and security standards;
- each lender from our network is licensed and certified to ensure that stored data is not made available to intruders.
Most people pay back their payday loans with a single payment on their next pay date or close to this date (within 1-3 weeks). You need to verify the exact due date with your lender before signing a loan agreement.
The funds are automatically withdrawn from your bank account on the due date, just make sure you have the required balance in your checking account on this date. Also, there can be other loan repayment options so ask your lender what options they offer and repay the loan as agreed to your lender.
If you have difficulty repaying your loan, you can typically qualify for a loan extension. For this, you need to contact your lender a few days before the due date specified in the agreement. This will help you avoid late payment penalties.
Cash advance loans help many people solve important issues related to money when there is no one to borrow from. But any debt has to be repaid, so before you take out a loan, you should evaluate how important it is for you to borrow cash now and whether you can repay it on time. You also need to choose the right lender. Each company has its own lending conditions, you should carefully study them in order to choose the most suitable offer for your needs.
At first glance, it may seem that all microfinance organizations have the same conditions, but each may have its own pitfalls, so before applying with any of them, you need to carefully study all the offers. Do not be in a hurry. Take your time and pay attention to items such as:
- interest rate;
- total loan cost;
- repayment date;
- additional paid services.
You need to read all the conditions given in the contract, especially those lines in small print at the bottom of the page. You may find there important information that will affect the decision of the client.
It is important not to forget about the repayment terms. You’d better repay the debt ahead of time, if possible. This will help you save money. You also need to remember about late payment penalties.
You should bear in mind that such companies use special algorithms and schemes that allow them to determine the solvency of each person who submits an application. This makes it possible to determine in advance the feasibility of lending money to the borrower. If the results of the user profile check show that the client is risky, there is a chance that the loan will be denied. And you may get rejected if you have a bad credit history.
Why else can your loan request get declined?
- you provided inaccurate, incomplete or false personal data when filling out an application form;
- you have no souce of income;
- you are not a legal US resident.
Sometimes a lender does not approve you for a loan because of your history of interaction with the lender.
You must remember that microfinance institutions do not issue payday loans to persons under the age of 18. As a rule, pensioners over the age of 70 are also unwanted clients. If you try to take out a loan in someone else’s name, you will be blacklisted by the company.
Good credit history is the main factor that increases the loyalty of the organization. If you need to visit the lender’s office to apply for a loan, do not forget to take documents with you. Remember that managers usually evaluate the solvency of a potential client by his appearance. Often, proof of income is not required, but it will be an added advantage.
Most potential borrowers receive approval for their payday loan applications. However, the lender may decline your request after studying information about you. Therefore, to increase your chances of getting approved for a loan, you should pay attention to the following recommendations.
- Make sure your application has no errors. When filling in information about yourself in the application, carefully check for errors. Very often, inaccuracies are detected in your ID number, employment information, phone number, email address and home address. Also, take the reliability of the data seriously. Information must be accurate and truthful.
- Submit only one application at a time. A huge number of lenders operate in the credit market, so the borrower is tempted to submit several applications to different organizations at once. However, when analyzing information about a potential client, the lender requests information from the credit bureau. A large number of applications may become the basis for classifying a consumer as a risk group, which will undoubtedly affect the decision of the lender. Therefore, it is better to simply use our loan matching service. We will analyze your request and connect you to the right lender instantly.
- Ask for an adequate loan amount. You should not request too much, especially if this is your first cooperation with a particular lender or your first loan in general. Banks and microfinance organizations are wary of new borrowers and those who do not have a credit history. Therefore, it is unlikely that your request for a large loan will be approved. You’d better moderate your appetites in order to increase your chances of approval.
- Be polite. To confirm information about the borrower, the lender makes a personal call to the client. Do not ignore it, as it significantly affects the final decision to issue a loan. At the same time, it is important to be as polite as possible in a conversation in order to create a positive impression about yourself.
- Repay previous debts. As a rule, microfinance institutions are quite loyal to borrowers who have had delinquency on loans. However, existing loans, delinquencies and court decisions will be perceived much less positively. Therefore, it is better to deal with your old debts before submitting a new application.
There are many ways to borrow 500 dollars in a short time. This can be a loan from friends or family, a bank loan, a pawnshop loan, and other options. If none of them is suitable for you, try an alternative option – take out a payday loan online.
There are situations when it is worth applying for a payday loan:
- You have no official job, but you have another source of income and accordingly have the opportunity to pay off the debt;
- You have been rejected by banks for no good reason;
- You need to get a small sum in the shortest possible time;
- You have no time to do paperwork;
- You need money for a short period – for 1-3 weeks.
The main thing to do is to make sure that you need a loan. As a rule, microfinance organizations offer small-dollar loans. If you are satisfied with the terms of cooperation, proceed to filling out the form and submitting an application.
Compared to conventional lending, almost every adult person can get a $500 payday loan since microfinance institutions treat their clients much more loyally than large financial institutions. We cooperate with the best lenders that issue affordable loans in your state. The online service has many advantages:
- extensive network of licensed lenders;
- round the clock operation;
- bad credit is OK;
- high loan approval rates;
- any source of income is accepted;
- simple application process;
- purely online process;
- instant approval;
- same day funding;
- no paperwork;
- relaxed eligibility criteria;
- flexible terms;
- multiple repayment options.
At the same time, the main advantage of online $500 loans is no hard credit checks. You can borrow funds even if you have bad credit.
Due to the fact that payday lenders do not verify data with credit bureaus, the funds are transferred to the borrower’s bank account very quickly. At the same time, online lenders approve 9 out of 10 applications, thereby expanding the audience of target customers.
If you have any questions, please contact our support chat. Our experts will advise on all issues and help you apply for a loan via the Internet.
If for any reason a payday loan is not suitable for you, it’s worth investigating these eight alternatives:
- Loan From Friends or Family;
- Credit Card Advance;
- 401(k) Loan;
- Roth IRA;
- Collateral Loan;
- Salary Advance;
- Peer-to-Peer Loan;
- Title Loan.
Every loan option has its pros and cons. Take time to consider all your options.
If you decide to apply for a $500 loan, it is important to remember the following rules:
- It is useful to check that the microfinance organization has a license to issue loans online. Dealing with “black creditors” that are not licensed is a bad idea!
- Before signing the contract, be sure to consider whether you will be able to pay off the debt on time. Ideally, payments on a payday loan should not exceed 20-30% of monthly income, provided that you have no other loans.
- The text of the agreement must be read in its entirety, including footnotes, small print and multi-page applications! Many people neglect this rule because of haste and fatigue. You must understand what obligations you take on. Be sure to focus on the main parameters of the loan – the total cost of the loan, its size, loan duration, repayment options, potential fines and penalties.
- Do not forget about the security of your personal data, especially if you apply for a $500 loan online. Any confidential information (government-issued ID, account card details, phone number, etc.) can only be entered on secure sites like https://www.lakevieworegon.org/.
- Always repay the loan on time. If you miss payments, your cash advance loan can become very expensive!
- Don’t fall for the ads of “anti-debtors”. If they promise to help you get rid of burdensome debts, then this is a scam that will only worsen your financial situation.
Can I get a personal loan of 500 dollars?
Yes. It is possible to get a $500 personal loan. However, the interest rate and terms of the loan will vary significantly depending on the financial institution. Some banks may require collateral, such as a vehicle or home, in order to qualify for a loan.
I need a $500 ASAP. Can I borrow money instantly?
If you need to borrow cash right away, the most popular options are online payday loans. With us, you can expect to have the money in your checking account as soon as the same day or the following business day.
How fast can I get a $500 payday loan?
Our direct lenders mostly issue loans within 24 hours. If you apply before 10am on a working day, some lenders have the ability to transfer the funds as soon as the same day. But not all lenders from our network offer this service. If you are accepted, ask your lender about this service if you cash immediately.
Is it possible to get 500 dollar loan money in 60 minutes?
You will get approved quickly after applying. Then, you will e-sign the contract. The entire process will likely take less than 60 minutes! However, usually users receive the money in 1 business day. Ask your lender if you have any questions about funding times. The reason is that your money is deposited into your checking account via the bank. Microfinance institutions cannot control the bank processing.
Does applying impact my credit score?
No, applying for a payday loan through our referral service will not negatively impact your credit score. Just make sure that you do not submit too many requests within a short period, since this might look suspicious to other creditors. Participating lenders will run a soft credit check fo each customer, but do not worry, this does not affect your credit score in any way.
How fast can I get the loan money?
Payday loan applications can often be completed in 15 minutes, and many lenders from our network have convenient online applications. Once accepted, you should expect to receive your money in 1 business day.
How much money can I get from a bad credit payday loan?
In most states, you can borrow from $100 to $1000 from a payday lender. Some states are able to lend up to $2,500. If you need more than $1000, you can consider an installment loan and companies who provide larger loans will review your request. All these options are available online, with no paperwork and no faxing!
Can I repay my loan early?
Yes, you can contact your lender and pay off the loan early if you want to and there are no early repayment fees for doing so. It is typically allowed to make payment before the due date.
What happens if I do not pay a $500 payday loan?
If you default on your loan, the lender may sell your loan to a collection agency. Default on your loan can also lead to additional fees, bank account withdrawals, court judgments, limitations and poor credit history,
Can I get a guaranteed $500 loan?
No, no legitimate lender can guarantee loan approval. It is impossible to guarantee loan approval before a consumer submits a loan request. However, your chances of approval are much higher when applying for a 500 dollar payday loan with a direct lender online because the company does not perform hard credit checks. For this reason, a 500 dollar loan direct lender is sometimes referred to as a “500 dollar loan guaranteed approval”. But lenders have their own eligibility criteria. Not all loan requests are approved.
Do you charge any fees for using your loan matching service?
No. The online platform does not charge any fee for its service of matching potencial borrowers with the most suitable lenders.