$500 Dollar Loans Online

Updated: February 9, 2025 by LendUp

$500 Loan Options Worth Looking Into

Need $500 fast? You've got several loan options to pick from. Payday loans, personal loans, cash advances and installment loans each work differently. Let's break down how these loans stack up so you can find what fits your situation.

Payday Loans

A payday loan fronts you cash until your next paycheck hits. These loans help cover surprise expenses or emergencies when you're in a pinch. The catch? They pack hefty fees and interest rates that can snowball if you're not careful about paying them back on time.

Worrying about bad credit? Payday loans might still work - most lenders skip the hard credit check. But watch out for those sky-high rates and fees - they'll cost you big bucks if the loan drags on past your next payday.

Personal Loans

Personal loans give you quick cash from payday lenders, cash advance shops or auto title lenders. The big perk? You'll often get approved the same day you apply. No waiting around wondering if you'll get the money.

You can use a personal loan for pretty much anything - regular bills, surprise expenses, whatever you need. They're flexible on loan amounts and how long you get to pay them back. Just shop around first. Interest rates vary a lot between lenders.

Cash Advance Loans

Cash advances work like mini payday loans when you need money fast. They're usually smaller amounts with shorter payback times than regular personal loans. One thing to know: interest starts adding up the second you get the money.

Most cash advances come from credit cards and charge pretty steep interest rates. Before you take one out make sure you understand exactly what it'll cost you in the end.

Installment Loans

With installment loans you pay back the money in fixed monthly chunks over time. They work well for bigger purchases you can't cover with credit cards or savings. You get the cash quickly and know exactly what you'll pay each month.

The interest rate stays the same through the whole loan term so your payments never change. Plus making those payments on time can give your credit score a boost. Just remember you're committing to those monthly payments for the full loan term.

How to Apply for a $500 Loan Online with LendUp

Need $500 fast? LendUp's online application takes just minutes. Fill out a quick form, share your info and we'll match you with lenders ready to help. Most applicants get an instant decision and approved borrowers often see funds in their account the same or the next business day.

What You Need to Qualify for a $500 Loan

To get started with a $500 loan you'll need to check these basic boxes:

• At least 18 years old
• Monthly income hitting $1,000+
• Valid government ID
• Active checking account
• Working phone and email

Don't stress if your credit isn't perfect. Our lending partners look at more than just credit scores so you might still qualify even with some credit bumps.

Credit Score Requirements

Most lenders want to see a 600+ credit score for a $500 loan but requirements vary. Some work with scores as low as 580 while others need 620 or higher. Your score impacts both approval odds and interest rates.

Fair credit (580-669) can still get you approved but expect higher rates. Good credit (670+) unlocks better terms and lower costs.

Some lenders skip credit score minimums entirely but watch out - these loans usually pack steeper rates and fees to offset the extra risk.

Steps to Request Your $500 Loan at LendUp

The online application needs some basic info about you and your finances. You'll share:

• Full legal name
• Current home address
• Phone and email contact info
• Employment details or income source
• Bank account for funding and payments

Once you submit LendUp's platform connects you with matching lenders. You'll see loan offers spelling out the repayment schedule interest rate and any fees upfront.

How Much Can a $500 Loan Cost?

A $500 payday loan typically costs around $575 at payback time. Lenders charge between $15-20 in fees per $100 borrowed, with exact costs varying by state and lender.

Your total loan costs break down into several fees:

1. Interest: Payday loans pack steep interest rates. The APR (annual percentage rate) usually runs between 300-600% or higher.

2. Finance Charge: This flat fee gets tacked onto your borrowed amount. Most lenders charge $15 for each $100 you borrow. So borrowing $500 means paying back $575 on payday.

3. Rollover Fees: Can't pay when the loan's due? Some lenders let you roll it into a new loan term but watch out - they'll hit you with extra fees.

4. Late Fees: Missing your payment deadline means paying late fees on top of your regular interest and finance charges.

Keep in mind payday loan costs aren't the same everywhere. Some states cap interest and fees or ban these loans completely. Your actual costs depend on local laws and which lender you pick.

$500 Loan with Bad or No Credit

Need quick cash but worried about your credit? You can still get a $500 loan through LendUp even with bad credit or no credit history at all.

Most online lenders look at your paycheck and job stability instead of obsessing over your credit score. While these loans can help in a pinch they pack hefty interest rates and fees (lenders charge more since they're taking on riskier borrowers). Before grabbing that loan offer take a hard look at whether you can handle the payments and only borrow what fits your budget. Read every line of the agreement so you know exactly what you're getting into.

A $500 loan might solve today's problem but watch those costs. Interest and fees stack up fast turning a small loan into a much bigger expense. Make sure you've got a solid plan to pay it back.

Does Credit Score Matter for $500 Loans?

Your credit score won't make or break a payday loan application. These loans work for pretty much anyone - stellar credit terrible credit or no credit at all. The lender cares more about your current situation than your borrowing history.

Good credit can still give you an edge though. Some lenders might offer better terms if they spot a solid credit history in your application. While most payday lenders skip the deep credit checks having good credit never hurts especially with lenders who do take a peek at your score.

Why LendUp for $500 Loans?

LendUp connects borrowers with trusted lenders through our loan-matching platform. We work with licensed lenders who provide transparent terms and clear costs for short-term loans up to $500. No hidden fees or confusing fine print.

Our network offers more than just payday loans. You'll find installment loans and personal loans too, giving you options based on your needs. Each lender sets their own rates and terms but keeps everything straightforward.

Need $500 fast? LendUp's can match you with lenders ready to work with you today.