How to Get a Quick $500 Loan in 2022

How To Get A Quick 500 Loan

When you’re in a financial emergency, knowing how to get a quick $500 loan can make a big difference. A recent study from CNBC shows that only about 39% of Americans have sufficient savings to cover a $1,000 emergency, meaning that many people find themselves short of what they need every day. 

If you have bad credit, the outlook is even more complicated: A low credit score makes it hard to find a lender that will work with you and limits the loan types you can apply for. The good news is that several companies welcome borrowers with limited credit or even bad credit.

Quick $500 Loans You Can Get Online

All seven of the following loan networks work with a variety of lending companies to match people with the right loan products. While the loan amount may be different depending on the direct lender you match with and the loan type you agree to, each of these companies works with lenders that offer $500 loans with competitive credit terms for bad credit and limited credit borrowers.

  • 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
  • Not available in NY or CT
  • Click here for official site, terms, and details.
★★★★★

4.8

Overall Rating

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

See representative example

Our top choice for small personal loans is MoneyMutual for a few key reasons. The company has been in business since 2010 and has over 2 million satisfied customers to date. The loan network partners with a variety of different loan companies to offer a range of loan products, meaning borrowers have a good chance of finding the right fit for a personal loan. 

You can choose between payday loans, cash advance loans, or a number of other quick cash options all in one place. MoneyMutual also comes out on top when it comes to customer service because its representatives are available by phone and email to answer questions you have. Do note, however, that the MoneyMutual network is not available in New York or Connecticut.

   
★★★★★

4.7

Overall Rating

Loan Amount Interest Rate Loan Term Loan Example
$500 to $10,000 5.99% – 35.99% 3 to 72 Months

See representative example

Another heavy hitter in the personal loan industry, CashUSA.com sets itself apart with a very large lender network that works specifically with bad credit applicants. The platform doesn’t charge any fees (such as an origination fee) for its service. 

You’re less likely to run into a payday lender or find a payday loan on the CashUSA network because the company works with many different personal loan companies that offer a variety of installment loan options. You may find title loans, cash advance loans, and other types of emergency loan products to meet your repayment plan needs. The loan amount you can receive will vary depending on your credit history and income, though not every lender on the network requires a credit check.

While BillsHappen® has not been around for a very long time and information on the company is scarce, it has made enough of a splash to be featured on major news networks, including CNN and Fox News. BillsHappen isn’t a direct lender. Instead, it’s a lending network based in Plantation, Florida, that connects borrowers with the right traditional lender options in their network.

The loan application is quick and requires identification, proof of income, and bank account or credit union information to set up a direct deposit of your funds. Once you’ve prequalified, you can compare each lender and loan offer based on factors like origination fee and annual percentage rate, and choose the cash loan that best fits your needs. 

If you want a small loan and are willing to receive less than $500, CreditLoan.com has a lender network that may be interested in working with you, in spite of a poor credit history. The quick loan company has been in business since 1998 and has built a strong reputation among its customers.

While CreditLoan doesn’t promote payday loan products on its site, the company does offer a wide range of fast cash options for borrowers to choose from. The loan amount you can qualify for ranges from $250 to $5,000, depending on which online lender you choose to work with. The company splits applicants between two networks to ensure the best chances for loan approval.

Another long hauler in the bad credit loan industry is BadCreditLoans.com, which has been around since 1998. The company was an early online lender network and continues to hold a solid reputation thanks to its commitment to customer service and quality. 

This network partners with a variety of lenders for secured loans, including a car title loan and unsecured loans. Although BadCreditLoans does not charge any fees, check the loan offer or offers you receive to make sure there aren’t fees hiding in the loan agreement that may decrease the amount of money you receive.

It can be hard for companies to set themselves apart in a crowded space like the bad credit loan industry. But PersonalLoans.com stands out due to the way it simplifies the process for borrowers. Not just a network, the company uses a proprietary algorithm to compare each applicant’s loan request to the direct lender companies it works with to help ensure a match.

PersonalLoans.com also offers peer-to-peer (P2P) loans in addition to more traditional loan types, including payday loan products, signature loans, and bank loans. The company also boasts a customer service team that is consistently rated highly among borrowers.

             
★★★★

3.9

Overall Rating

Loan Amount Interest Rate Loan Term Loan Example
$100 to $1,000 200% – 2,290% Varies

See representative example

CashAdvance.com keeps things simple, whether you need a loan amount of $100 or up to $1,000. The site has been around since 1997 and offers a lending network of cash advance loans and payday loan options to borrowers with any credit rating. While there is still a credit check as part of the process, bad credit isn’t a problem.

High interest rates may make this lending network less appealing for some people with more options, but CashAdvance.com maintains a strong reputation as part of the Online Lenders Alliance (OLA). 

Can You Take Out a Loan For $500?

It is very possible to take out a loan for $500, depending on the online lender you work with and your personal finances. Different companies offer different loan amounts, and the amount of the loan you can be approved for depends on several factors. 

Some factors include:

  • Existing debts from credit cards, mortgages, previous loans, etc.
  • Whether your income can support the payments for a new loan
  • If you choose a secured loan, whether your collateral is valuable enough to secure a $500 loan

If you have a very low credit score, you may be offered a smaller loan amount. But if you are able to make the monthly payment and your existing debts are in relatively good standing, it’s possible to take out a $500 loan with the right lender, even with bad credit.

What Credit Score Is Needed For a $500 Loan?

The credit score you need to get approved for a $500 loan depends on the lender you ask. While people with good credit have a lot of lending opportunities and companies to choose from, the lower your credit score, the less likely you are to find a willing lender to work with. 

But several companies work specifically with bad credit borrowers. Bad credit refers to anyone whose FICO score falls below 580, and borrowers with a credit score in this range will find few lending companies willing to work with them. 

FICO Score Range

Generally, the lower your score, the fewer companies that will take a risk — and the higher your interest rate and fees will be. But you can still get a loan with a bad credit score as long as you have sufficient income to repay the loan. 

How Quickly Will I Receive the Loan?

One major benefit of the increasingly digital world is that banks can communicate with each other more quickly than ever before. As a result, the money from your loan will be in your bank account soon after loan approval. But the exact timing depends on a few factors.

If you apply for your loan during a weekend or holiday, the direct deposit process takes a little longer. Banks are closed, and even if the lender approved your loan within a matter of minutes, the loan company won’t be able to complete the deposit until the bank is open to process it. 

However, the lenders in the networks in this article guarantee most loans will appear in borrowers’ accounts within one business day. While individual banks may have different business hours and processing times, you can expect any personal loan with one of the lending networks found in our expert list to arrive within a few days at most.

When Will the Loan Need to Be Repaid? 

The repayment term for your loan will depend on what type of loan you choose. Every loan type carries different terms and conditions, so make sure you read your loan agreement and understand the loan term before you sign; otherwise, you may find your emergency loan only makes more trouble down the line.

If you choose a payday loan, you’ll typically have between one and two weeks to repay the payday lender. Some payday lending companies allow a longer repayment term, but keep in mind that interest rates for this kind of loan are very steep. Late repayment may also come with added fees.

An installment loan allows you to make monthly payments, usually equal amounts every month for the duration of the loan term. The length of time can vary between three months and 72 months, depending on the type of installment loan and the amount you borrow. The first monthly payment is typically due 30 days or so after you receive the loan funds.

Installment vs. Payday Loans

Other types of small loans may require you to pay within a month, as with many cash advance loan products. Ultimately, the specific repayment terms of your loan will depend on your contract, so make sure to read it thoroughly to know exactly what your online lender expects.

Is a Payday Loan a Good Idea? 

Payday loans are one of the most popular short-term loan types out there, in spite of their steep terms and conditions. For bad credit borrowers, the payday loan is a high-risk, high-reward proposition.

If you’ve got a financial emergency on your hands, it can seem like an easy solution to a very tricky problem, but our experts can only advise choosing a payday loan under a specific circumstance.

If you are absolutely sure you can repay the loan within one to two weeks, with the interest rate charges included, then a payday loan can be a good idea for a relatively minor financial hiccup. 

A $500 payday loan can generate a lot of interest very quickly, so we only recommend choosing this option if there’s no risk that you’ll find yourself struggling to pay it back.

Typical Payday Loan Interest Rates in the US

If your emergency loan needs are due to a circumstance that may affect your income, or if your income isn’t stable enough to ensure you can avoid late repayment of your payday loan, our experts suggest trying other options, such as an installment loan or a secured personal loan.

You Can Get a Quick $500 Loan Online

Whenever you find yourself in a financial emergency, it’s good to know how to get a quick $500 loan regardless of your credit history or credit score. By working with a lending network that connects you with several direct lenders at one time, you can make the same request to many companies without having to spend time filling out multiple forms. In an emergency situation, that can make a big difference.

Make sure you read and understand the terms of any loan contract you sign, and confirm that the interest rate and fees that come with your personal loan won’t make your emergency situation worse in the long term.

Once you choose the right loan and get approved, you can breathe easier knowing that your money will be in your bank account within one business day. 

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