A $500 loan can be a huge help to use for an unexpected purchase, an emergency or to finance any personal project you have in mind. Do you know how and where to get one? We tell you everything you need to know here.
What is a $500 loan?
These small loans are very common when people need funds for purchases such as a new phone or laptop, appliances, a used vehicle, etc; but also to pay bills when it’s a rough financial moment.
Now, getting these loans are easier than before. Since online lenders have become so popular, most financial entities have digitized their loan applications and borrowers are able to submit their applications online, get approved instantly and get financed with the 500 dollars you need within minutes or a few hours.
The best part is that since it is a small amount, getting a $500 loan is easier because the requirements are not as hard as a bigger loan. There are many lenders - especially online lenders or P2P ones - that do not require a minimum credit score to get approved.
What to look for in a $500 loan?
The evaluation criteria you may have in order to pick the best $500 loan for you will depend on the reason why you are trying to get the loan in the first place and how fast you need it to be. If it is going to be used for an emergency, you will have to pick for a loan that can be funded as soon as possible. If it is for a new phone, you may want to pick the one that charges less interest. You put the emphasis on the aspects you decide are the most important for you.
However, you should be able to answer these questions about your loan and lender to make a smart and accurate decision for your situation:
✅What is the APR?
✅How reputable the lender is?
✅Is the service allowed in my state?
✅How fast am I going to get approved and funded?
✅What fees are charged in my loan?
It is important not only to have these details clear but also to research about your lender and read reviews about the entity in order to make sure you want to work with them.
What can be used for?
There are many reasons why you might need $500.
Here a list of some reasons why people get 500 dollars loan:
> Pay for medical bills
> Pay for utilities
> Make a necessary purchase
> Make a necessary home repair
> Unanticipated expenses
> Pay back a friend or relative
> Unexpected trip
What entities offer 500 dollars loan?
Nowadays, there are many financial entities that offer these loans. $500 loans are very popular and tend to be easier to be paid back than a large amount of money, so lenders can take the risk easier. Also, some of them do not even require credit check or paperwork at all. Only your ID and some basic personal information can be enough to get funded.
The entity that offer these type of loans are:
★ Banks: You can get a $500 from a traditional bank at any branch or online. If you are a customer of the entity already, the process may be easier and quicker. But these lenders are popular because they used to take longer to fund and ask for more requirements than online ones.
★ Credit Unions: These lenders are popular because they tend to have lower rates. But you may have to become a member of the institution in order to be eligible for the financing. Note that not all credit unions have online resources, so you may likely have to visit one of their physical locations.
★ Online lenders: They have become very popular for their low rates and quick turnaround time. Also, it is easier to apply because you do not have to leave home to do so. Most of these ones don’t do credit checks, so it is a great option for bad credit or no credit borrowers.
★ PayDay loan store: They are not accepted in every state. Even though their approval and funding process is very quick and they don't check credit score, they tend to have very high rates and fees, plus very strict due dates. They are recommended for extreme emergencies only.
★ Family or friends: These options are not an entity, but asking for a friend or relative a $500 loan can help you to save money in fees and interests, plus it can be faster than working with a lender. If this is the way you are going to get funded, remember to keep the loan it legit and managed responsibly. Signing a contract with them can be a good idea to make the process rightful and more serious.
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