Get a $500 Loan Online within Hours, Bad Credit Accepted

Updated: September 20, 2024 by LendUp

LendUp can help you get a $500 dollar loan online with bad credit and instant approval decision. Request a loan now to get a $500 loan offer within minutes, no strict credit checks. $500 loans are quick cash when you need a little cash fast. These short term personal loans are offered by credit unions, online lenders and payday loan companies. You can get approved for a $500 loan in one business day even with bad credit..

What are $500 Payday Loans?

A $500 payday loan is a quick, short term unsecured loan for people with bad credit, for fast access to cash that’s paid back by the next paycheck.  Approval for these loans is based on how often you get paid and your income not a credit score or credit history. So if you have a steady income you will qualify for a $500 payday loan with fast approval.

Eligibility and Requirements

Lenders have specific requirements for $500 loans. Your credit score, income and other factors will play a role in your eligibility.

Minimum Credit Score Requirement

Most lenders require a credit score of 600 or higher for a $500 loan. Some will accept 580, others 620 or higher. Your credit score affects approval and interest rates.

For fair credit (580-669) approval is possible but interest rates will be higher. For good credit (670+) you will qualify for better terms.

Some lenders offer $500 loans with no minimum credit score requirement. These options usually come with higher interest rates or fees to compensate for the higher risk.

Credit History Impact on Eligibility

Your credit history carries a lot of weight in loan decisions. Lenders will review your payment history, credit utilization and length of credit history.

A good credit history will improve your chances of approval and better terms. Late payments, collections or bankruptcies will make it harder to qualify.

Some lenders look at recent credit behavior. Showing responsible credit use in the past 12-24 months will help overcome past issues.

How much do $500 Loans Cost?

The cost of a payday loan depends on the amount borrowed, your state and the lender’s fees. For example a $500 payday loan may cost $575 when your next paycheck is received, with finance fees of around $15 to $20 for every $100 borrowed.

Here’s a breakdown of most payday loan fees:

1. Interest: Payday loans have very high interest rates, often expressed as an annual percentage rate (APR). APRs on payday loans range from 300% to 600% and sometimes higher.

2. Finance Charge: This is a set fee based on the amount borrowed. It’s usually expressed as a dollar amount per $100 borrowed. For example a common finance charge is $15 per $100, so if you borrow $500 you will owe $575 on your next payday.

3. Rollover Fees: If you can’t pay off your loan when it’s due some lenders will offer to “roll over” the loan into a new term. This usually comes with an additional fee.

4. Late Fees: If you don’t make a payment on time you may be charged a late fee in addition to the interest and finance charges you already owe.

Note that payday loan costs vary from state to state as some states have laws that limit the interest and fees that can be charged and others prohibit payday loans altogether.

The Lending Process for a $500 Payday Loan

Getting a $500 loan is a quick and easy process. Financial institutions have streamlined their process to fund small loans fast.

Application and Approval

To apply for a $500 loan you’ll start by filling out an online application. Most lenders will require basic personal information, income details and banking information. The application is quick, usually takes less than 15 minutes to complete.

Lenders will review your application and may do a credit check. Some direct online lenders offer loans with no hard credit checks, which can be good if you’re worried about your credit score.

Approval decisions are usually made quickly, sometimes in minutes.

Funding Time and Disbursement

Once approved funding times can vary but are usually fast. Many lenders offer same day or next business day funding. Some financial institutions may even fund in hours of approval.

The loan is usually disbursed directly into your bank account via electronic transfer. You’ll need to provide accurate banking information so the disbursement goes smoothly.

Check with your lender for the expected funding time. Some may offer instant same-day funding for an additional fee. Once you receive the funds you can use them for your intended purpose.

Online Applications: Easy as Ever

The reason online payday loans are so popular is because of its convenience. Services like LendUp have made online loan application process easy to manage.

Online application has several benefits:

• Fast loan requests

• Faster processing time

• Convenience especially in emergency financial situations when you need funds asap.

$500 Loan with Bad or No Credit

If you’re short on cash and have bad or no credit—a $500 loan might still be available from online lenders via LendUp.

When you apply for a $500 loan with bad or no credit lenders will focus more on your current income and job stability than your credit history. These loans can be a lifesaver when you’re in a bind but remember - they come with high interest rates and fees. Lenders charge more because they’re taking a bigger risk.

Before signing the loan offer ask yourself if you can really afford the loan. Only borrow what you can pay back. Read the fine print and make sure you understand all the costs. A $500 loan can provide quick relief but use it wisely.

High interest and fees can turn a small loan into a big problem fast. Know what you’re getting into and only borrow what you can handle.

Does Credit Score Matter for $500 Payday Loans?

For payday loans your credit score doesn’t matter. These loans are designed for anyone, regardless of credit history. Whether your credit is great, terrible or non-existent you can still apply and get approved for a loan.

That being said a good credit history can work in your favor. It may increase your chances of approval and could even lead to better loan terms. While most payday lenders don’t do a deep dive into your credit, having a good credit history doesn’t hurt especially if they do check.

What are the Types of $500 Loans

Payday loans are a type of $500 loan. You can get funds fast but they come with high interest rates and short repayment terms.

$500 personal loans are available from some banks, credit unions and online lenders. These have lower interest rates than payday loans and longer repayment terms.

Cash advances on credit cards can give you $500 loans. Be aware they often have higher interest rates than regular credit card purchases.

Here is a breakdown of different types of 500 dollar loans with key features:

Loan Type	Interest Rates	Repayment Terms	Eligibility Criteria	Pros	Cons
Payday Loan	High (up to 400% APR or more)	Short-term (usually 2-4 weeks)	- Must be 18+ years old - Valid ID - Steady income - Active bank account	- Quick access - No credit check	- High fees - Risk of debt cycle
Installment Loan	Varies, generally lower than payday loans	Longer-term (months to years)	- Must be 18+ years old - Valid ID - Proof of income - Credit check may be required	- Manageable payments - Longer repayment period	- Potential for high interest over time - Credit check for some lenders
Credit Card Cash Advance	Higher than regular credit card purchases	Varies (interest accrues immediately)	- Must have a credit card with available credit	- Immediate access to funds - No separate application	- High interest and fees - Can affect credit utilization ratio

$500 Installment Loans

Installment loans have a longer repayment period than payday loans so you can make fixed monthly payments over time. This type of loan is good for borrowers with bad credit as you can manage your payments better. To get an installment loan with bad credit you can apply through online lending platforms or direct lenders.

When repaying installment loans several strategies can help you stay on track. These may include budgeting, prioritizing payments and extra income.

Repayment of $500 Loans

The repayment process is usually direct deposit or the lender will deduct the amount from your bank account on your next payday or as stated in the contract.

When you take out a $500 loan make sure you know how you’re going to pay it back. Different types of loans have different repayment terms and knowing these can help you manage your finances better.

How to Increase Your Chances of Approval?

Improving your credit score and having a co-signer can increase your chances of getting a $500 loan. These can help you present a better application to lenders.

Improve Your Credit Score

Get your credit report and fix errors. Pay your bills on time and reduce your credit card balances to lower your credit utilization ratio. Become an authorized user on a family member’s credit card with good payment history.

Set up automatic payments to avoid late payments. Don’t apply for new credit in the months leading up to your loan application. Keep older credit accounts open to have a longer credit history.

If you have fair credit look into credit-builder loans or secured credit cards to improve your creditworthiness. These can help you establish a positive payment history over time.

Co-Signer or Co-Borrower

A co-signer with good credit can greatly increase your chances of approval. This person will repay the loan if you default so the lender takes less risk.

Choose a co-signer with good credit and stable income. Be aware that late payments will affect both your credit scores. Discuss repayment responsibilities before you proceed.

Some lenders allow co-borrowers where both parties share equal responsibility for the loan. This can be good if you have a spouse or partner with better credit.

Credit unions have more flexible lending criteria and may consider co-signers or co-borrowers for small loans. Check local credit unions in your area.

Why LendUp for $500 Payday Loans?

LendUp, a socially responsible loan-matching service, connects you to a network of licensed lenders that offer short term loans. The terms are clear and upfront so no surprises for borrowers.

Besides payday loans, borrowers can access other types of loans like payday loans, installment loans and personal loans through LendUp’s network.

So, if you need a $500 payday loan, use LendUp.

Frequently Asked Questions