A $500 loan with monthly payments ASAP – Complete Guide
A 500 dollar loan is as available as possible for clients in different financial situations. All the details are given below.
Table of contents
- What is a 500 short-term dollar loan?
- How to get a 500 dollar loan?
- How can I get a $500 loan with no credit check?
- What types of 500 dollar loans can I apply for?
- How to meet the requirements of a 500 dollar loan through a direct lender?
- Is a bad credit a hindrance to issue a 500 dollar payday loan?
- How to improve the chances to get a 500 dollar payday loan?
- How to issue a quick but short-term loan?
- Why is it important to know your lending capacity?
- What can I spend a $500 cash advance on?
- What to choose: an online direct lender or an offline service?
- What are the benefits of a payday 500 dollar loan?
- Can I take out a $500 loan for unemployment?
- Can I issue a $500 loan with monthly payments with a bad credit?
- May a quick cash dvance improve or spoil a credit history?
- FAQs: what questions you should ask before issuance
- What to know about a 500 dollar loan?
- A bank vs payday loan: where to issue a 500 dollar cash advance?
- Why a 500 dollar are so popular in Michigan?
What is a 500 short-term dollar loan?
A 500 dollar loan is usually called small loans in amount and term, issued at interest to individuals. No need to go anywhere and collect a bunch of documents. There is no need to indicate anywhere what purposes you are taking out cash advance for. Moreover, 500 dollar loans areissued even to people with a bad credit history.
Such a $500 payday loan can be taken out for a variety of purposes – from starting a business to buying goods, paying for services or refinancing existing debts. The terms of small personal loans are different: the interest rate, term and cost of the loan depend on many factors and directly affect the final decision when choosing this type of loan.
Quick 500 dollar loans are issued to individuals who urgently need to solve a financial problem in a very short time.
In which cases it makes sense to consider a short-term payday loan equal to $500:
- A person needs a small amount for a short term. You saw the right product with a good discount, and a week before the paycheck. You may take out a loan, bought it, received a salary, paid off the debt.
- Bad or zero credit history. Banks often refuse customers who have been overdue, and those who have never taken out loans. Online lenders treat such borrowers more loyal.
- There is no way to confirm income, for example, informal work or freelance. Banks usually require an income certificate to apply for a loan, payday lenders – not.
- Extra cash is needed urgently. The bank will take a long time to make a decision, you can apply to the online lender through the website, and the money will be deposited to the card.
How to get a 500 dollar loan?
- Submit an application. You will need an US ID. Some online services may ask for an additional document — TIN, SSN, military ID, passport, etc. You need to fill out a questionnaire on the lending website or in the mobile application: specify ID data, registration and residence address, contact phone number, employment and income information. But it is not necessary to confirm solvency with certificates.
- Find out the solution. The services process applications automatically and report the decision quickly. Many online lenders promise that you can get money instantly, even at night. They inform that such services make a decision on the issue in several minutes.
- Sign a loan agreement using a code from a text.
- Get deposited. The borrowed funds will be transferred to a credit card, electronic wallets, money transfers. The borrower chooses the method of issuing a 500 dollar loan independently.
- Repay the loan on time, according to the payment schedule, that will be given when taking out a quick loan. Available options will be specified in the loan agreement.
How can I get a $500 loan with no credit check?
Online services for issuing 500 dollar loans work in an automated mode, therefore they differ in the speed of reviewing the application and depositing borrowed funds. Thus, a loan can be issued much faster on the Internet through the website or mobile application of a payday lender service than in a regular office.
For regular clients of online lenders, the process of issuing a new loan will be much easier and will take no more than 5 minutes. All information about the borrower has already been saved in the company’s database, nothing needs to be checked again.
Online lenders are also more loyal to clients who work in a large stable company and have a high salary. If you pledge a car, it will also be much easier to get a loan. The property is a guarantee of debt repayment, the risks of the creditor are reduced, which significantly increases the chances of application approval.
Another way to get a $500 payday loan almost without refusal is to request a small amount for a short period of time. When taking out a loan of up to $500, the client’s reputation is not checked. In addition, a short-term loan can be issued on preferential terms for new customers and not pay high interest if the money is returned on time.
In case of refusal to issue a loan, the microfinance organization does not give any explanations and does not name the reason why the application was rejected. The law allows not to explain to the client why he cannot get a loan. At the same time, by determining the probability of issuing a small cash advance in one or another online service, you can significantly save time on filling out useless applications.
The indicator of the client’s financial health is expressed in points and reflects his ability to obtain new bank loans or payday loans. The required credit rating is indicated for each submitted offer. The user can immediately select loans with the highest probability of approval.
Also you can find a selection of products by various characteristics online. For example, for clients with a bad credit history or without official employment.
What types of 500 dollar loans can I apply for?
You can classify small loans by many criteria. This point explains to you only the most important types of loans that you need to know about in order to choose a suitable offer.
According to the term of the loan , you can allocate:
- short-term (less than a year);
- long-term (more than a year).
Payday lenders specialize in short-term 500 dollar payday loans. Because of the short repayment period and the small limit, they are often called “payday” loans.
By the method of collateral, loans are subdivided into:
- without collateral;
- with collateral – with a pledge or surety.
In fact, a loan is almost always a small one without collateral. But some payday lenders offer large sums of money secured by title, real estate or with the involvement of guarantors. Microfinance companies accept as collateral not only real estate and cars, but also other expensive property.
By the purposes of using the funds:
- non–targeted – consumer loans with a small limit;
- targeted – for example, to increase the working capital of the company, to buy a car.
How to meet the requirements of a 500 dollar loan through a direct lender?
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.
Is a bad credit a hindrance to issue a 500 dollar payday loan?
Credit history is crucial when taking out a new loan, installment plan, credit limit or other financial transaction with loans. A bad story in the understanding of banks is several open loans at the same time, long and frequent delays in repayment of previous loans, debts that have not been closed. Sometimes banks can “reinsure themselves” and give such a borrower money at higher interest rates or with a large down payment.
Many borrowers believe that if they have not taken out loans at all before, then the story will be perfect. In fact, this is not the case. A good credit history means timely payments on each loan, active use of credit cards or the credit limit. Such a borrower is considered the best.
It is difficult to get a loan with a bad credit history, but it is possible. The best option would be to restore the credit history. Although it will not be possible to close the arrears on previous loans, but it is possible to correct a new story. To do this, there are special companies that provide such services, but you can do it yourself. You need to take out a quick 500 dollar loan, for example, and return the money on time. And repeat it several times so that there are no delays and arrears. You can also apply for a credit limit or installments. This will show the bank that the borrower has not had any problems with the refund lately.
How to improve the chances to get a 500 dollar payday loan?
Pay off your debts
Many online direct lenders issue loans to customers with a bad credit history. There are chances for a loan even for those borrowers who have delinquencies in other companies. But still, if you want to increase the probability of application approval, it is recommended to solve problems with debts in advance. This way you can get an online short-term loan quickly and without unnecessary questions.
Choose a lender with loyal requirements
If you work informally, are a student or a freelancer, find a lender that is loyal to customers. Usually such companies indicate on their websites that they can get a loan online without a certificate of income, collateral and guarantors. Employment, social status, income level do not matter.
Fill out the questionnaire carefully
During the application process, carefully fill out the registration form and questionnaire. There should be no mistakes, inaccuracies, unreliable information. Otherwise, you may be denied a loan. To increase the chances of a positive answer, fill in all the fields of the questionnaire, even those that are not mandatory.
Prepare everything you need to apply in advance: documents, bank card. A mobile phone and e-mail will also be efficient. You can apply for an online loan from any device with Internet access.
Use only your documents
You can get an online loan in Michigan only according to your documents and on your card. An attempt to use someone else’s data will be regarded as fraudulent actions. The application will be rejected 100%, and the borrower may be permanently blacklisted.
Please note that all lenders, before accepting an application for processing, offer customers to pass identification. The classic way is to upload a photo with your ID. This increases the level of confidence in the borrower on the part of the company and, accordingly, increases the chances of loan approval.
Apply to one service
Information about applying for payday loans is transmitted to the Credit History Bureau. Simultaneous application to several credit companies may lead to the fact that you will be classified as a risk group. Apply to one service and only if you are refused — contact another.
How to issue a quick but short-term loan?
Payday lenders have focused on customer orientation and strive to provide assistance as quickly and efficiently as possible. The procedure of the website takes no more than 20 minutes and takes place completely online, which will allow you to take out a loan online to the card quickly with a high probability of approval. Read the step-by-step instructions:
- move the calculator runners to the appropriate amount and loan period;
- enter the phone number;
- fill out an application for issuing cash advance. By providing complete, correct and up-to-date information, you increase the chances of a positive response;
- to apply for a 500 dollar loan to a bank card online, quickly link it to the service. It is important to specify only a personal account;
- after approval, get a loan online to a card.
You can repay a quick loan online to any credit card at any time using a comfortable method:
- make a transaction remotely;
- payment via the terminal;
- through the cash desks of the partner banks or Internet banking.
Why is it important to know your lending capacity?
#1. To plan large expenses
Imagine that you want to make repairs. It will cost about $1,000, but you only have half of this amount, so you are going to take out a loan for this amount. At the same time, it is unclear whether you will be given it and how much you can expect from the bank. To find out, you need to submit an application — and for this you will have to fill out a questionnaire, provide documents and wait for a decision.
Credit potential helps out in similar situations: even before applying, you can find out the loan amount available to you.
There are people who already use the “Credit Potential” regularly, so that at any moment they can imagine what amounts of loans are available to them at the moment, and quickly make the right decisions. Your credit potential can be assessed every 30 days.
#2. To increase the chances of loan approval
Let’s say you are going to apply for $2,000 online. But before applying, you check your credit potential and realize that you can only count on half of this amount.
If you apply for $2,000, you will almost certainly be refused, but if you adjust the amount or other parameters of the loan even before the application, the chances of approval will increase dramatically.
#3. To understand if you can borrow more if you already have loans
Situation: you have a consumer loan and a credit card, and you really want to buy a car and are going to take out a car loan on it. Your salary is enough to pay all the debts, but you are not sure if the bank will agree to give you another loan.
What can I spend a $500 cash advance on?
In a state bank, as a rule, loans are issued only for specific purposes – it will be possible to spend credit funds for your needs only with a good credit history. For this reason, people are very concerned about the question of what $500 payday loans can be spent on. Online lenders issue loans to people for the following purposes:
- repair of real estate and movable property;
- purchase of household appliances;
- purchase of electronics (computers, laptops, phones);
- purchase of essential items (clothing, food, medicines, household goods);
- refinancing of problem outstanding loans (in rare cases and with a small loan body);
- tuition fees;
- travel and leisure expenses.
What to choose: an online direct lender or an offline service?
Offline mode – the main nuances
Many users of the micro-credit sector intuitively trust companies with offices more, considering them more reliable and secure.
Of the negative aspects of cooperation with MFOs through a stationary office, it should be highlighted that it is impossible to issue a small loan at any convenient time, because the branches have their own work schedule, which will have to be adjusted to. Therefore, borrowers are often in a hurry when applying for a loan in offices, do not read the contract and do not listen to all the explanations of the loan specialist.
Loan via the Internet
A huge plus that appears when deciding to borrow money via the Internet is issuing a loan 24/7. At the same time, the client himself is as focused as possible and is not distracted by the conversations of consultants, which makes it possible to calmly get acquainted with the payday loan agreement.
Among other things, you can get a loan online very quickly. On average, the whole process takes up to 30 minutes, depending on the selected service.
Of the minuses, it can be noted that the client has to do everything alone and this requires maximum concentration and attentiveness. After all, an incorrectly filled out application can result in a refusal of a short-term loan, and bank details with any mistakes – to block the transfer of funds.
Issuing 500 dollar loans with monthly payments in a remote format is much more convenient, since this method allows the client to save time and effort. You can get an online loan in 15 minutes. Just make an application and get deposited.
What are the benefits of a payday 500 dollar loan?
The advantages of payday loans are as follows:
- The possibility of contacting the service at any time. All companies have websites that work around the clock. It is very convenient, unlike contacting a bank, where it is necessary to come during working hours to receive extra funds. The funds are transferred to the client’s electronic wallet or bank account.
- Lack of paperwork. Usually payday lenders do not require a large list of documents. As a rule, you only need an ID to apply for a loan. Also, a certificate of income is not required, which, again, is very convenient for quick application.
- Efficiency. It usually takes a minimum of time to review an application – no more than 10-15 minutes. The funds are transferred to the client’s account after the loan is approved. At the same time, the approval rate is also quite high – about 98%, if we are talking about a small amount.
- Availability. Banking institutions impose strict requirements on their customers. An obstacle to obtaining a loan may be a bad credit history or age restrictions. As for online lending services, such organizations are more loyal to borrowers.
Can I take out a $500 loan for unemployment?
It is difficult to count on an urgent receipt of a urgent 500 dolar loan to an unemployed person, and even with a bad credit rating. Microfinance organizations, although loyal to their customers, are still interested in getting their money back. And here, a person with no income, and even with overdue loans in the past.
Tips to get a $500 loan for unemployment without refusal
When applying for an online loan, indicate at least some income, even if unofficial. In the questionnaires of many companies, there are even special items, such as “Not an official job” or “Not an official income”. It will be difficult for them to check the truthfulness of your words, and your chances of being rejected will decrease.
Try to fill out the application to the maximum. Many lenders leave optional fields, but filling in all fields and providing more complete personal information about yourself can play a crucial role in approving a loan.
Apply to several companies at once. A loan to an unemployed person without refusal can be guaranteed only by sending an application to many offices. The criteria for considering clients are different for everyone, which means that the chances increase.
How much can a non-working person count on?
Before you take out a payday loan to non-working people, you should know that microfinance companies in this case will offer smaller amounts. So, in the list of offers, the maximum amounts are indicated. It should be understood that in order for an unemployed borrower to count on the maximum amount, it is necessary to meet several requirements:
- have a positive credit history;
- have experience in successfully receiving and returning a small loan.
Can I issue a $500 loan with monthly payments with a bad credit?
There are situations when unforeseen expenses have arisen, money is needed urgently, and there is no one to borrow from. You apply to the bank and then it turns out that you have an unfavorable credit history.
Credit history is information about all loans that you have ever received from banks or other credit organizations. This includes information about loans that have already been repaid and those that you have to repay. It specifies the terms of lending and the presence of delinquencies on loans, if you allowed them earlier. The credit history is positive if you periodically take out loans from a bank or a payday lender and repay them on time.
This is even better than a complete lack of loans, as it speaks in your favor as a disciplined borrower. The main thing is to avoid permanent and long delays. A delay of several days is unlikely to be the reason for refusal of a loan. By issuing a payday loan online, you can even improve your credit history. If you periodically take out small loans and repay them in a timely manner, then in a few years you can create a reputation as a reliable client, both for banks and for online lenders.
Contacting a bank with a bad credit score is pointless. Banks can only issue new loans to disciplined borrowers. It is better to contact a micro-credit company, especially if the loan is not long-term. Such companies, of course, also pay attention to the credit history of debtors, but they are more loyal to their customers. To get a loan from a microfinance company, as a rule, you only need to have an US ID. An official income is not required, only a constant and good earnings are needed. A guarantor and a pledge, unlike banks, are also not required.
Online services for lending companies are contacted when a loan is needed urgently, for example, for treatment or unforeseen repairs. It also makes sense to try to get a quick loan if the amount is small, and the banks for some reason, after studying the documents, refused money. An express loan, even with a bad credit history, can be obtained 100% in a large service.
May a quick cash advance improve or spoil a credit history?
Many factors have an impact on the decision to issue a loan. The main ones are the solvency and credit history of the client. Therefore, for many Americans, the question of how payday loans affect credit history. We propose to consider it in more detail.
Frequent appeals to online lending services may indicate a permanent shortage of funds from the borrower. The bank may consider such a person insolvent. Therefore, analysts still tend to believe that online loans affect credit history. Bank employees are distrustful of potential customers who are constantly in need of small loans. Frequent appeals to online lenders negatively affect the decision to issue a relatively large amount.
It is impossible to answer unequivocally whether the analysts are right. After all, consumer loans are not always issued in order to live up to the salary. Most often, the services of microfinance companies are resorted to by people who have had unplanned expenses. For example, household appliances broke down, a child got sick or was suddenly invited to a celebration. In such cases, it cannot be said that online direct lenders spoil the credit history. Therefore, before approving or refusing a large loan, banks conduct a thorough analysis for each individual client.
Keep in mind that payday loans are a great way to improve your credit history. How does it work? Impose a person has had difficulties with loan payments in the past. In this regard, negative marks appeared in the history credit bureau and the credit rating decreased. It is possible to correct credit history for the better with the help of small loans taken out alternately. The main term is a timely refund.
Do a 500 dollar loans spoil your credit history?
A 500 dollar loan can ruin a credit history only if they are not repaid. Immediately after the appearance of a delay, information about this is entered into the bureau and displayed for all creditors. Some banks and online lenders, having discovered the presence of delays, refuse to issue loans. Others approve an online urgent loan, but at high interest rates. Therefore, before disrupting the deadlines for payments of the borrowed funds, we recommend trying all options. One of them is prolongation — extension of the loan agreement. This service is offered by many lenders.
FAQs: what questions you should ask before issuance
Q: At what age and which categories of citizens can count on a loan?
A: Online lenders provide small loans to citizens over the age of 18, both working and non-working people with permanent and temporary sources of income.
Q: What documents are required to submit an application?
A: Payday loans are issued on the basis of an ID with a residence permit in any state of the USA.
Q: How quickly is the decision on such loans made and in what ways can I get money?
A: The verdict on the request is carried out around the clock, automatically within 5-15 minutes from the moment the client submits an application to the site. The money is credited to a bank card or it can be received during business hours at the cash desk. You can also get a loan to an e-wallet or a loan card. It can be issued at the nearest branch of the organization.
Q: Is it possible to take out several loans at the same time?
A: The borrower cannot issue several loans at the same time. The user can always get the next loan after the full repayment of the current one.
Q: How do I know if they will give me money?
A: To do this, you need to fill out an application for a loan, after which a notification of the decision will be received within 5 minutes.
Q: Is it possible to repay the loan ahead of time or partially?
A: You can deposit funds to repay the loan either ahead of time or in any amount. In case of early partial repayment, interest will continue to accrue only on the remaining, i.e. outstanding amount of the principal debt. You save on interest with such use of the loan.
What to know about a 500 dollar loan?
- Payday credit organizations are legal companies that operate on the basis of the law.
- Interest rates on loans are also regulated by law. And it also allows you to issue short-term loans on the terms that the lenders offer.
- A quick loan can be taktn out by both an individual and a legal entity.
- You can apply for a loan online.
- The average time to consider a loan application is 15 minutes.
- Online lenders send money to the borrower to a card, e-wallet, bring cash home or to the office.
- A 500 dollar loan must be returned on time. Otherwise, you can overpay up to 57% of the money received for each day of delay.
- Microfinance organizations issue money only in the domestic currency.
- To get money in debt, you need to be of legal age and have a permanent residence permit in the USA.
A bank vs payday loan: where to issue a 500 dollar cash advance?
- A loan from a bank involves larger amounts than a loan from an MFI;
- The requirements for obtaining a loan from banks are much stricter than for issuing a loan. Unemployed and women on maternity leave can apply for a 500 dollar payday loan;
- Both banks and online lenders make a request for a credit history. However, data on delinquencies do not significantly affect the issuance of loans. But it is not always possible to get a loan with a bad history;
- The loan assumes mandatory remuneration in the form of interest, loans can sometimes be issued at a reduced rate;
- The interest rates of loans are much higher than those of bank loans;
- There are much more ways to pay the monthly payment for the loan. The loan payment can be made via mobile or Internet banking, at post offices or at bank offices. You can repay the loan by transfer from a card, from an electronic wallet, using money transfer services, using intermediary stores, in the offices.
Why a 500 dollar are so popular in Michigan?
A more sensitive attitude to credit histories is one of the keys to success. Since online lenders issue loans for relatively small amounts, attention to credit history is not as increased as in banks. In banks, the probability of rejection is much higher. In addition, the borrower needs to fill out a pile of documents, answer all the questions of specialists, and this will not guarantee that the loan will eventually be approved.
Banks rarely engage in small loans for their scale and are more picky about the place of work and position of a potential client. They are more likely to consider the application of a manager who receives a stable official income and plans to take a car on credit. The amount of the MFI is unlikely to be enough for an expensive foreign car, but for one of the contributions for a car or gadget, it is quite enough. However, microfinance companies are more likely to apply for money before the salary. The bank practically does not provide such services.
There is a category of borrowers who categorically do not want to communicate with financial institution operators. MFIs provide this opportunity.
90% of MFIs work only on the Internet, and therefore it is not only convenient for them to borrow money, but also to repay loans. To close a loan, you need to pay the amount through the terminal or your personal account.