Bad Credit Loans of Under $500 in 2024

Bad Credit Loans Under 500

At some point, you may need a couple of hundred dollars or so to cover a small expense. If you have bad credit and don’t have the cash on hand, no worries, because several bad credit loans under $500 are at your disposal.

With these loans, you can borrow small amounts of money to get you out of a jam instead of being on the hook for thousands of dollars. Let’s take a closer look at six bad credit loans under $500.

Lenders | Approval Tips | FAQs

Personal Loans for Bad Credit Under $500

Some people believe that small-dollar loans don’t exist. Fortunately, this is not true. Several lenders are happy to lend you $500 or less.

These lenders understand that some people occasionally need smaller short-term loans to cover various expenses. Even if you have less-than-stellar credit, the following lending networks may be able to help match you with one such lender.

  • Short-term loans up to $5,000
  • Online marketplace of lenders
  • Funds available in as few as 24 hours
  • Simple online form takes less than 5 minutes
  • Trusted by more than 2 million customers
  • See official site, terms, and details.


Overall Rating

Loan Amount Interest Rate Loan Term Loan Example
Up to $5,000 Varies Varies

See representative example

MoneyMutual is a free online marketplace you can use to find cash for things like car repairs, medical bills, groceries, weddings, and travel. Its simple online form takes five minutes to complete and can connect you to a loan under $500 in 24 hours or less.

While good credit isn’t required, you do need to earn at least $800 per month and have an active checking account. You may qualify for a loan even if you’ve declared bankruptcy. has earned a reputation as one of America’s most trusted cash loan resources. It partners with a variety of lenders that offer loans starting at $500. After you submit a loan request online, you can receive your funds as soon as the next business day.

Bad credit is acceptable, but you must prove you earn at least $1,000 a month after taxes. In addition to connecting you to lenders, CashUSA provides several educational resources to help you improve your financial health.

You can use CreditLoan to find a loan for as little as $250. Fill out the short online form and wait for the site to match you to a lender in its network. If they find a match for you, they’ll share the loan details including the amount and interest rate.

Once you accept its terms, the lender will quickly disperse your funds. CreditLoan serves borrowers of all credit types and financial situations. The site also has a personal loan calculator that can help you estimate your monthly payments.

Although Bad Credit Loans isn’t a lender, it can refer you to lenders that offer loans ranging in amounts from $500 to $5,000. After you enter some details such as your zip code, birth year, and Social Security number, the site will inform you of the options available to you.

You’ll then be able to review all loan offers in detail before you choose a lender. There’s no obligation to accept any loan offer. Although you don’t need good credit to qualify, you must have regular income and a valid checking account in your name.

If you have bad credit and need a loan of between $500 and $35,000, has you covered. You can fill out its easy, three-step request to find out how much you qualify for within minutes.

If you choose to move forward with a loan, your funds will be deposited directly into your bank account in one business day. You may have to submit a pay stub or other proof of income. While loan terms vary by lender, most of them offer a repayment period of anywhere from 90 days to 72 months. is a free online service that finds lenders that offer loans of between $100 and $1,000. You can fill out its online form and may hear back from a lender in just a few minutes.

As long as you have a job, an after-tax income of $1,000 per month, and a valid checking account, can help you secure the cash you need. They’ll consider you even if you have bad credit or a history of bankruptcy. If approved, your money will be deposited into your checking account as soon as the next business day.

Loan Approval Tips for Bad Credit Borrowers

If you have bad credit, you can do several things to increase your chances of loan approval:

  • Know Your Credit Score: Before you apply for a loan, it’s important to know where you stand. Review your credit report closely. If you find any errors or inaccuracies, dispute them right away.
  • Reduce Your Debt-to-Income Ratio: Your debt-to-income ratio is your monthly debt payments divided by your gross monthly income. Lenders may use it to measure your ability to repay the money you wish to borrow. Ideally, your debt to income ratio would be 30% or less. To lower it, increase your income by asking for a raise or taking on another job. You can also cut expenses and use the extra money to pay off debt.
  • Compare All Your Options: Not all lenders are created equal. Therefore, some may have more lenient requirements and accept applications from borrowers with bad credit. Do your research and compare all the options available to you.
  • Offer a Cosigner or Collateral: If you’d like to make your loan application more attractive, consider securing your loan with collateral or enlisting the help of a cosigner. Collateral may be a car you’ve paid off or any other valuable item you possess. A cosigner is someone you trust with a good credit history who will be on the hook for repaying your loan if you default. Both options should be exercised with caution, as you could lose your property or damage your relationship with your cosigner if you default on your payments.

Any of the above tips can help increase your chances of loan approval when you have bad credit weighing down your approval odds.

Can I Get a $500 Loan with Bad Credit?

You may believe nobody will approve you for a loan when you have bad credit, even for a modest amount of $500. The reality, however, is that not every lender requires you to have a stellar credit rating.

And, many lenders offer smaller loans because they know that not every borrower needs or wants to take out a loan for thousands of dollars.

Average Personal Loan APR

You can get approved for a loan with bad credit, but your APR will be higher than someone with good credit.

Some lenders, including banks, have stricter loan approval standards whereas other lenders, such as the online lending networks highlighted above, are available to borrowers of all credit types.

Keep in mind, however, that while some lenders accept bad credit, they have other requirements you must meet. You’ll find that most of the requirements are fairly relaxed, though.

For example, to borrow money through one of’s partner lenders, you need to be currently employed, earn an after-tax income of $1,000 per month, and have a valid checking account. MoneyMutual requires you to earn at least $800 per month.

Where Can I Borrow with Bad Credit? 

Several options are available to you if you need to borrow money with bad credit. You can use a site like MoneyMutual to see if any of its lenders are matched with your loan request.

CashUSA, CreditLoan, Bad Credit Loans, PersonalLoans, and CashAdvance work similarly and may help as well. They are all online marketplaces that can connect you to lenders in their network that would like to extend you a loan.

You’ll find that these marketplaces save you a great deal of time as you won’t have to visit various lender websites to explore your options. Best of all, they’re free to use and there’s no obligation to accept an offer. You have nothing to lose and potential loan offers to gain.

Can I Get a Loan Without a Credit Check?

A lender will usually check your credit before it decides whether to lend you money. This may be concerning if you don’t have the best credit.

You may be surprised to learn that some lenders will approve you for a loan without a credit check. While you may be tempted to find a no credit check loan, these are only recommended for emergency situations.

No-Credit-Check Loans

Here’s why: Lenders that fund no-credit-check loans — otherwise known as payday loans — charge sky-high interest rates and costly fees, and you’ll likely have to pay the loan back quickly, usually by your next payday. If you don’t, you’ll be charged rollover fees that add to your debt and make it harder to pay the loan off.

The moral of the story is that no-credit-check loans are expensive and should only be used for emergencies when you know you can pay it back as agreed to. But you can save a lot of money in the long run if you opt for a lender that checks your credit.

You Can Borrow Small Sums of Money with Bad Credit

The next time you need cash to cover a small expense, refer to this list. The lending networks we’ve discussed all approve bad credit loans under $500 for those who meet other qualifying criteria:

  • Age 18 or older
  • Have an active checking account in your name
  • U.S. citizen or permanent resident
  • Monthly after-tax income of $800 to $1,000

You can use the funds to pay for your move, a hospital bill, weekend getaway, or anything else you’d like. Just make sure you explore all your options and read the fine print before you choose a lender and agree to an offer.

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