Get a $500 loan today
Sometimes $500 loans are all that stands between you and an emergency. With a sufficient amount of planning time, many of us could find a way to scrape together $500. However, life doesn’t always give us the time we need. There are going to be occasions where an emergency pops up and you need money to cover expenses now. If you’re in a situation where you’re living paycheck-to-paycheck and trying to get ahead, a $500 expense can derail your budget and leave you scrambling just to pay the bills.
When you need $500 fast, a payday loan might be your best option. These short-term loans are costly but can get you the money you need quickly.
Eligibility for $500 Loans
Eligibility criteria differ between lenders, but you’ll usually need to:
- Have a regular source of income
- Be a US resident
- Be over the age of 18
Usually, you can get a $500 loan even if you have bad credit.
The $500 loan application checklist
Here’s what you need to apply for a $500 loan:
- Personal details. You’ll need your name, contact information and official documents to verify your identity – this can be your driver’s license, state ID or passport.
- Employment and income. If you’re employed, you’ll need to provide your employer information and how much you earn.
- Welfare. If you receive welfare payments, you’ll need to provide information on how much you receive and how often.
- Finances and banking. Short term lenders usually require documentation of your banking history for the past 90 days.
How do $500 loans work?
The most common type of $500 loan is a traditional payday loan. This means that you pay it all back plus a fee the next time you get paid — within two to four weeks.
Can’t pay it back then? Some lenders offer the option to roll it over for a fee. Try to avoid this if possible — that’s how you can get caught up in a cycle of debt.
Remember: Payday loans aren’t legal in all states, so check if your state is eligible here.