Cash Loans For $500 to $1,000 in 2021

Cash Loans For 500 To 1000
GUIDE
Adam West
By: Adam West
Posted: July 15, 2021
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For many Americans, cash loans for $500 to $1,000 are the only thing separating them from taking care of an emergency expense. Yet most bank and credit union loan officers won’t consider a loan application if it comes from someone with bad credit.

But when one door closes, another opens. Instead of asking a traditional financial institution for a small personal loan, you can shop online with a lending network that partners with lenders that understand your needs and won’t punish you over past financial mistakes.

You may receive multiple bad credit loan offers — each with a unique loan term, interest rate, monthly payment, and loan amount — through the networks listed below. These loans can put money in your bank account by the next business day.

The Best Cash Loans For $500 to $1,000

You may qualify for a personal loan — also known as an installment loan — in less than five minutes after submitting a short loan application to one of the networks below. Each network will forward your request to every direct lender it parnters with.

Within minutes, you could receive an email with multiple loan offers to choose from. Your bad credit won’t immediately disqualify you for consideration, whether you need a small personal loan for $500 to $1,000 or a larger amount with a longer loan term.

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MoneyMutual can help you tackle your short term loan needs by connecting you to a large personal loan lender network that offers a three-minute application and credit decisions within seconds.

This network specializes in bad credit loan products, and every online lender that partners with the network considers applications for small loans of $500 to $1,000. After you complete a quick credit check and your loan paperwork, you could receive cash into your checking account by the next business day.

The CashUSA network of lenders offers both small and large loans. Based on your credit history, you may qualify for a secured loan or unsecured loan and receive a direct deposit of your loan proceeds within hours after you complete the loan process.

Your loan amounts, the annual percentage rate of interest, and the monthly payment will vary based on which loan option you accept and the lender you’re working with. Before you accept a loan offer, be sure to read each loan offer carefully and use a personal loan calculator to factor in your total cost of credit.

BillsHappen offers a payday advance loan option and a traditional installment loan that you can use for any purpose you choose. Whether you’re looking to cover an emergency expense, pay bills, complete a debt consolidation process, or fund a purchase or vacation, this network can connect you to a lender and a bad credit loan option.

BillsHappen is not a lender. Instead, it maintains a personal loan lender network and works to help each borrower find a small loan option with a repayment term that works with their budget and needs.

CreditLoan.com offers unsecured loan options with a lower origination fee and interest rate than those offered by most secured loan options. Instead of settling for a car title loan, cash advance, or payday loan, you may qualify for an affordable personal loan with competitive loan amounts.

The CreditLoan network of lenders will consider loan applications from consumers with any credit score. And since this isn’t a payday lender, you can expect your installment loan to come with an affordable monthly payment option that won’t bust your budget.

Bad Credit Loans offers an express loan option that can fund your loan in a matter of hours. You’ll receive your loan proceeds by the next business day — though some lenders offer expedited payments and can deposit money into your check account immediately. This service typically comes with an additional processing fee.

This network claims it can find a loan for you, even if you’ve had trouble finding approval for a small personal loan because of a bad credit history. Your loan offer sheet may contain unsecured loan and secured loan options. Each online lender will review your loan application and the results of your soft credit check to determine your eligibility.

Unlike a bank or credit union, PersonalLoans.com maintains two separate lending divisions. One is for a borrower who has good credit or excellent credit, and the other is for a consumer who has bad credit.

This means that your small loan application will only land on the desk of lenders that want to work with you. And since this isn’t a payday advance loan, you can expect any loan offer you receive to come with reasonable terms, a low origination fee, and a competitive annual percentage rate of interest.

You can get a cash advance loan from CashAdvance.com, which is an ultra short term loan that typically comes with a repayment term of 14 to 30 days. These loans are meant to act as a bridge to your next payday and require repayment in one lump sum — including interest.

A payday loan also comes with a very high interest rate that makes them exceptionally expensive when compared with a car title loan, personal loan, or even a credit card. Consider this loan option only as a last resort.

What Is a Cash Loan?

A cash loan is a loan type that pays out in cash — whether it be an in-person loan or one that initiates a direct deposit of cash into your checking account or another bank account.

There are many different types of cash loans. The most common type is a personal loan — otherwise known as an installment loan. This is an unsecured loan that allows you to repay your debt over a series of monthly payments.

A secured loan pays you quick cash but requires you to use a valuable item as collateral to secure the loan against default. Examples include a car title loan, a pawnshop loan, or a cash advance loan.

With a secured loan, you will lose ownership of your collateral if you don’t repay the debt on time.

Even a credit card can provide a cash loan in the form of a credit card cash advance. This type of loan is limited to the amount of your available credit, but doesn’t require a credit check and can be obtained as quickly as you can reach the nearest ATM.

How Can I Get $1,000 With Bad Credit?

The online lending networks listed above all offer cash loans for $500 to $1,000 and more. Each network allows you to submit one loan request that it presents to all its partner lenders. The lenders can then compete for your business by issuing a loan offer for you to review.

Within minutes of submitting your loan request to the network, you may receive an email that contains multiple loan offers. These offers will come with varying loan amounts, interest rates, repayment terms, and other key factors for you to consider.

The networks will process your loan request by conducting a soft credit pull that won’t harm your credit score. If you find a loan offer that meets your needs, the network will transfer you to the lender’s website, where you will complete the loan paperwork. You may also need to agree to a full credit check, but not all lenders will require this.

Lender Networks vs Direct Lenders

You can receive money in your bank account by the next day. You won’t have to pay for the network’s services, either. It will collect a referral fee from your lender after your loan closes.

Each network has different minimum and maximum loan amounts. For the most part, each network will offer loans of between $500 and $5,000 — though some extend their maximum to as much as $10,000.

Is a Cash Loan Different From a Personal Loan?

A personal loan is a loan that can be used for any purpose, and a cash loan fits that description. But cash loans are usually for smaller loan amounts, such as between $500 and $1,000, whereas personal loans are usually for larger amounts.

A personal loan is an unsecured loan that doesn’t require collateral for approval and allows you to repay your loan over a series of monthly payments. Some types of secured loans — such as a payday loan, pawnshop loan, or car title loan — are considered cash loans but are not personal loans.

A personal loan is sometimes referred to as a signature loan because it only requires your signature on a legally binding contract to secure your loan. A secured loan will require collateral to secure your debt.

While both are cash loans, you may find that secured loans have much higher fees and interest rates, and come with substantially more risk to the borrower.

Are $500 Loans Payday Loans?

You may qualify for a $500 payday loan if you can show proof of enough income to repay the debt as a lump sum within a short period. The repayment term will depend on where you live and the lender you choose to work with.

Payday loans are quite expensive, though. A personal loan for $500 may better fit your budget. Payday loans aren’t legal in every state, so you may not have that option.

Payday Loan Legality Map

With a payday loan, you’ll need to repay the entire loan amount — including interest — within seven days to three months or so, depending on where you live. You should expect to pay approximately $15 to $20 in finance fees for every $100 you borrow. A $500 loan may require repayment of $575 when you receive your next paycheck.

But with a personal loan, you can repay your loan slowly over a series of monthly payments that work better with your existing financial obligations.

How Long Will I Have to Repay the Loan?

Your loan term (the time in which you have to repay the loan) will depend on the type of loan you accept and your loan amount. For example, a small cash advance or payday loan may require full repayment in one month or less.

On the other hand, a larger personal loan may offer you up to 72 months (six years) to repay your debt. A small personal loan may give you as few as three months to repay.

You can typically work with a lender to extend or shorten your repayment window to create a monthly payment plan that works for you.

Research the Best Cash Loans For $500 to $1,000 Online

Don’t let a bank or credit union loan decision get you down. Instead of leaning on a traditional financial institution for your loan, consider an online lending network for cash loans for $500 to $1,000.

These loans work like a bank loan. And you can use the money to improve your credit score with on-time payments if you choose a lender that reports to the credit bureaus. This will make it easier to qualify for even better loans in the future.

And since you can qualify for these loans in a matter of minutes at any time of the day or night, you can make them work with your schedule and budget. That puts the power in your hands to improve your financial situation on your terms.

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