Can You Get a 500-Dollar Loan The Same Day?
There comes a time where you might find yourself in urgent need of a doctor’s immediate attention, which could easily cost you $500. Other times, a plumber may charge you close to this amount just for boarding his car. Many other emergencies will require you to cough up such money.
It could be a traffic ticket or a new computer you need for your work.
Can a Bank Help Me to Get a 500 Dollar Loan Now?
In case you happen to get into any of these or other similar situations, you may need someone to help you get a 500 dollar loan to help you cover some of these emergencies.
A bank loan is usually out of question in such an instance. This is because banks take too long to process loans and are not ideal for emergency loans. Also, most banks will not be interested in loaning you 500 dollar loans as they consider this a small amount,
Places to Consider Getting Your $500 Loan
Some of the options you will have available for you will be payday loan places or pawnshops operating out of storefronts because they are more flexible compared to banks.
However, the main drawback is that they sometimes tend to charge extremely high fees that you will need to pay on top of the loan amount.
You could also turn to friends or relatives to give you a 500 dollar loan regardless of your credit score, but this could end up ruining your relationships should you fail to repay the loan on time.
Some direct lenders will be willing to take advantage of your desperation. However, try to ensure that you do not fall into their trap.
Customer-friendly and legitimate payday loans do exist, and in most cases, you won’t even need to have a good credit score to qualify for these loans.
What Types of 500 Dollar Loans can I Apply?
Typical loans are usually for pre-planned expenses such as going to college, renovating, and buying a home, among others. In most cases, these loans tend to involve large amounts ranging from hundreds to thousands of dollars.
Traditional direct lenders specialize in these loans, and they may not even consider your 500 dollar loan. They will also not lend you in case you happen to have a bad credit score. The good thing today is that innovative lenders are willing to give you a 500 dollar loan, and they include the following:
- Car Title Loans – These types of loans allow you to borrow several hundred or even a few thousand dollars for a few months. In this case, you will have to pawn your car but still be able to drive it. However, always remember that you may lose the car if you fail to keep up with the loan payments.
- Payday Loans – Payday loans offer the easiest way for you to acquire a 500 dollar loan without undergoing a hard credit check. They are short-term in nature, and borrowers should expect to pay the money back within a few weeks.
- A 500 dollar personal loan – It is a type of term loan where you will have to pay the money back in installments instead of paying it all at once. Previously, banks used to offer these types of loans, but most companies have now decided to offer these loans, and you can easily apply online.
Can I Qualify for a 500 Dollar Loan With My Bad Credit?
The finance industry keeps on evolving with time. In the previous years, most direct lenders would look at your general character and decide whether you are worthy of a loan or not.
However, today, your credit score will determine whether you qualify for a loan or not, especially when dealing with banks.
Other companies realized that having bad credit does not mean that you are not reliable when it comes to repaying a small loan.
These companies are willing to loan you some amount, and they will give you a limited time frame that you will need to repay the loan amount.
Therefore, if you require a quick 500 dollar to help you take care of your financial emergency, you can opt for these lenders to help you out.
The good thing is that it will only take you a few minutes to complete the application process, and once the loan is approved, you can get your money on the next business day.
How to Increase your Chances of Getting a 500 Dollar Loan
You may also consider doing other things to increase your chances of qualifying for a 500 dollar loan. Here are some of the things you should do to make sure that you do not miss out on getting your loan.
- Prepare a comprehensive personal budget that can help you to prove that you will be capable of repaying the loan amount as required.
- Apply for the loan from several payday loan companies to increase your chances of getting the loan. You will notice that each payday loan company has its unique terms and conditions. Some of these terms might be friendly for you, while others might not allow you to qualify.
- Ensure to have proof of your income. Most lenders will only accept to loan you if you have a steady source of income. This may be a Social Security or a salaried job. However, other lenders will go the extra mile and look at your investments, assets, or your self-employed income.
- Prepare all documentation to prove that you are a responsible person. Some of the things most payday loan companies need to look at when approving your loan may include your military veteran status, homeownership, long-term employment among other things. Therefore, make sure that you have all the appropriate documentation to prove any of these statuses.
When you are looking for a 500 dollar loan now, the simplest way is to get a payday loan to help you to cover your emergency. However, before you take the loan, you need to think about both short-term and long-term consequences that may be involved.
This is because most of these loans have landed many people in trouble.at first, the amount may seem fair enough for you to repay.
However, if you fail to repay the loan amount by the agreed date, the loan interest and penalty fees may push the loan amount to a higher figure that you might not be able to repay. In this case, the loan company may refer you to collection agencies, which may, in turn, affect your credit score.