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Compare options for a $500 loan with bad credit

Urgently need $500? Whether you need to cover a single budget hole or unexpectedly have to pay for a repair or a hospital bill, there are several options to get a $500 loan with bad credit. Learn the essentials of the application and approval process in several minutes.

What $500 loans can I opt for?

If you have less than favorable credit score, then these are your options for a $500 loan with bad credit.

  • Personal (installment and payday) loans are unsecured loans where the lender requires no back-up should you fail to repay the loan. For this reason, both payday and installment loans frequently offer a pretty high interest rates and additional feel.
  • Auto title loans allow you to use your car as collateral for the lender and hence lower the interest rate for your $500 loan with bad credit. As a rule, auto title loans for such small amounts are issues for a pretty limited time of several months.
  • Bad credit loans are similar to the payday loans in terms of high interest rates and general strictness of the approval terms (which is very low). If you apply for $500 loan with bad credit, you can expect the repayment period to be no longer than two years with the possibility to shorten it.
  • Credit card loans are a perfect option to get your $500 fast and wit extremely low interest (if any). The downside of credit card loans is that they should be repaid within one-month period; in rare cases, can you apply for some extension of the deadline.

Where to get $500 loan with bad credit?

$500 loan with bad credit is a not a big amount of money for lenders so there are several possible alternatives you can opt for:

  • Private lender that can be both in-store and online. They generally do not go through the complete credit history check and do not care about your FICO score so can approve any $500 loan with bad credit. However, private lenders tend to have higher interest rates than banks due to the high risks for the former.
  • Banks also offer $500 loan alternatives. Yet, you are likely to get through deeper credit history check so the chances for approval are lower than with private lenders. You should also remember about the possibility to get a credit card loan from a bank; in this case, you are likely to meet little to no fees and interest rate; credit checks are also absent for such loans.
  • Pawn shops are not lender per-say yet you can still get some money here. To get the required amount from a pawn shop, you will need to bring something as collateral (a piece of electronics or jewelry). Then either you buy this collateral back at a higher price or it just stays on sale at the shop. The interest rate, in this case, varies a lot from shop to shop.

What bank will give me a $500 loan with bad credit?

Small short-term loans are not banks’ favorite endeavor yet due to the policy of “simple loans,” more and more banks offer $500 loans for bad credit owners in particular. Generally, you can visit your local branch or subsidiary of Marcus, U.S. Bank, LightStream, TD Bank, or SunTrust for such a small and short-term loan. The annual percentage rate varies from 7% to 24% on average.

What do I need to borrow $500 dollars?

You need to:

  • Be a US resident (have proof of a US citizenship or permanent residence)
  • Be 18 or older
  • Have a steady income (of about $1,000 a month for the past half a year)

Moreover, the terms and conditions of every local lender may vary and depend on the state as well. Keep in mind that you need to be a state resident in order to apply there.

How to get a $500 loan with bad credit?

To get a $500 loan with bad credit you need to carefully evaluate the options on the table and try to select the loan with the best ratio of interest rate, fees, and the repayment period. Besides that, you need to always check your local regulations regarding the loan type you select. It is essential because payday loans in Kansas, for example, are heavily regulated while you can easily apply for a bad credit loan in South Dakota. Of course, double-checking your papers before actually applying can shorten approval time and eliminate the denials from lenders.

What to know about taking a first time $500 loan with bad credit?

Remember that short-term loans do not require deep document checks so generally you will be approved within one business day top, and within the upcoming two the money will be transferred to your account. Besides that, if you already have bad credit, $500 loan is a perfectly easy way to improve your score by repaying this small amount on time. Yet it is also essential to understand that if you fail to close your loan deal on time, additional penalties and FICO score worsening will come. Short-term loans are a great option to get an urgent $500 to your account and cover your unexpected spending. Should you feel that $500 loan may not cover your budget hole, it is advised to apply for a $550 loan or even $600 loan with bad credit to ensure that you get one loan at a time rather than applying for another one a week later.

Explore other loan amounts:

$100 loan

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$600 loan

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