500 Dollar Loan – 5 Best $500 Loans for Bad Credit in 2021
Whether you plan and ensure every financial obligation is sorted, you’ll still run into an emergency that requires funding. While this can be challenging, you don’t have to worry, especially if you can apply for 500 dollar loans and get approved instantly.
In this review, I’ll lead you through the five best 500 Dollar loans plus their pros and cons, how to qualify, their features, how you can utilize the loans, advantages, and disadvantages, and how you can apply. So, straightaway let’s dive right in.
#1 500 Loans in 2021 – Viva Payday Loans
$500 Loans Bad Credit – Top 5 Options
- Viva Payday Loans – Overall Best $500 Loan Provider. Visit now.
- Money Lender Squad – Best For No Guarantors 500 Loan. Visit now.
- Credit Clock – Best for Fast 500 Dollar Approvals. Visit now.
- Very Merry Loans – Best for 500 Dollar Bad Credit. Visit now.
- Heart Paydays – Best for No Credit Check 500 Loan. Visit now.
What Are 500 Dollar Loans?
These are short-term loans that you can get if you need money in cases of emergencies. Typically, you will return the loan in one month; many states provide a 30-day grace period.
In some states, direct lenders may prolong borrowers’ payback terms to reduce the client’s chances of incurring late penalty costs. Please inquire about it with your direct lender. If you are accepted, your money will be in your bank account the following workday day most of the time.
The high acceptance rate is, as previously said, a significant advantage of an online 500 dollar loan. Even those with weak or poor credit can apply for and receive a $500 payday loan from a direct lender.
Common Uses of 500 Dollar Loans
There are several reasons why you would choose to get a personal loan—including:
- An emergency loan can help you meet the charges when you want to settle the bills right away. Furthermore, when you lose your job, your working days are shortened, or you have an unexpected medical cost, you can also get help from a short-term personal loan.
- By consolidating high-interest credit card debt with a personal loan, you can save money on interest payments. The average credit card interest rate is currently about 16 percent, but it may rise to 20 percent based on your credit rating and credit card provider. Personal loan interest rates presently average less than 11%. If you have excellent credit, you may be able to obtain the lowest possible interest rate, which is frequently significantly lower.
- Home renovations or repairs: For instance, if your water pipe or your air conditioner breaks, you can acquire a home renovation loan to pay for the repairs if you lack the funds. When you wish to settle down and have kids, a personal loan can help you with the expenses of fertility treatments, adoption fees, or medical fees incurred during labor and delivery, as well as post-birth necessities.
- Significant life events: When planning a large relocation for a new job or supporting a grownup son to finance his wedding, you may need additional money to cover the unexpected expenditures.
- Funeral expenses: If a loved one passes away, you can use a personal loan to cover funeral and other associated end-of-life expenses.
- Huge expenditures: You can utilize a personal loan to acquire a recreational vehicle and make purchases that improve your standard of living. You may also use a personal loan to stretch out the price of large expenditures that might otherwise deplete your savings accounts, such as dental expenses, new appliances, or veterinary charges.
How To Qualify For 500 Dollar Loans (Eligibility Criteria)
The qualifications for $500 online payday loans are straightforward. Around 80% of people are approved right off the bat. In addition, our internet lenders don’t demand credit ratings and never make extensive credit inquiries. A large number of direct lenders want the following basic details:
- You must be 18 years and above.
- Must be a lawful resident of the United States.
- Establish a message objective.
- You must have a checking account.
- Have an apartment or home goal in mind.
Each country has its own set of rules regarding payday loans. For that reason, the requirements may change, but you may still check your nation’s page for specific information if needed. Whatever the case may be, your lender will walk you through the whole procedure.
Many people qualify because payday lenders are primarily concerned with your ability to repay the loan, including your present and potential earnings. Even though no credit checks are required, and not all applications are granted, your income must be verified.
Best 500 Dollar Loans – Bad Credit & No Credit Check
When compared to credit cards, personal loans usually have lower interest rates. Below are some of the best personal loans you may acquire.
1. Viva Payday Loans – Overall Best 500 Loan Provider
Viva Payday Loans is our number one overall lousy credit payday loan website. Users may get payday loans or $500 loan bad credit ranging from $200 to $5,000 with durations ranging from 2 to 24 months. You may complete a brief online application and receive an answer in under two minutes by using the Viva website—you will get feedback on whether or not you’ve been approved.
When you are approved for a loan, you will be sent straight to the payday loans low credit direct lenders to give you the funds. The lender may want information from you, such as residence verification, checking account records, and income proof.
Following reception and confirmation of these credentials, the lender will create and provide you with a loan contract. You will be needed to sign the loan after studying and agreeing on the terms and conditions, and the funds will be transferred into your bank account. You will repay your loan through automated monthly withdrawal.
Rates vary by lender, even though, on average, the site gives figures ranging from 5.99 percent to 35.99 percent. Viva Payday Loans provides payday loans to people with bad credit, no credit, poverty, and even mustPayday out of work.
- You can obtain your money the same day you apply.
- The loan amounts range between $200 and $5,000.
- The application process takes five minutes, and the approval process just takes two minutes.
- Viva loan lenders do not provide preliminary information about the range of interest rates.
2. Money Lender Squad – Best for 500 Credit Score Loan
Money Lender Squad provides low-interest, no-guarantor loans to residents of the United States. For those with bad credit, the website offers payday loans with rapid approval. Moreover, Money Lender Squad may assist you in locating a no-credit-check personal loan for up to 24 months or a quick cash loan for up to 60 days. Interest rates can range from 36% APR to over 400% APR.
To apply for a loan, you only need to fill out an online form with your personal information and provide supporting documents. Furthermore, because the Money Lender Squad is primarily concerned about cost, there is no thorough credit check.
Applying for bad credit payday loans takes only a few minutes. Enter your personal information into an online form and press “Submit.” Your online application is then electronically transmitted to the lenders via a computerized system.
If your application is accepted, you will be sent to the Money Lender Squad website to complete the process, which takes only a few minutes. The Lenders will decide to choose whether or not to accept your application. After you complete the registration process and sign the contract, the money will be deposited into your bank account by the next business day.
- Online application methods that are quick
- The loan terms have been extended.
- There is no requirement for a guarantor
- Your credit score will suffer when your interest rate rises.
3. Credit Clock – Best for Fast $500 Loan No Credit Check
Credit Clock is a short-term lending company that offers payday, personal, and bad credit loans ranging from $100 loan to $1,000 loan. The platform allows for quick application and approval processes. This payday loan application takes around five minutes online, and approval is much faster. From acceptance to payment, the entire process takes less than 24 hours. As a result, Credit Clock is a potential loan-finding option if you need money urgently and have a short deadline.
The application process at Credit Clock is very simple. Persons with bad credit can participate as long as they meet the $1,000 monthly income requirement and are eligible. Your eligibility is established by your capacity to pay, being at least 18 years old, and demonstrating your income and address. The website only offers loans to legal citizens of the United States.
- Individuals with a poor credit history are considered.
- Approval is granted in less than two minutes.
- Payments are made within 24 hours of request and acceptance.
- A minimum monthly income of $1,000 is necessary.
4. Very Merry Loans – Best for Same Day Payouts
Very Merry Loans is an online loan platform that connects applicants with major US lenders. The website offers payday loans, bad credit rapid acceptance loans, and same-day loans that may be applied for in a matter of minutes and received in around 60 minutes. Loans are paid off within 24 hours in some instances. Very Merry Loans has an easy-to-understand loan model. The broker provides a list of the most reputable lenders in the United States, all of whom are likely to accept loan applications.
The Very Merry Loans range in value from $200 to $5,000, and applicants can select the loan period that best matches their financial situation. Customers typically repay loans of up to $2,000 within 7 to 31 days, with longer loan terms of two to twenty-four months available for higher quantities. Rates vary according to the lender, but average offers range from 5.99 percent to 35.99 percent.
Candidates must be 18 years old, a US citizen, earn a minimum of $1,000 per month (through a regular job or an extra source of income), have proof of address, and a confirmed form of identity for eligibility.
- Individuals who are unemployed or have poor credit are urged to apply.
- There are possibilities for longer repayment terms.
- Loans of $200 to $5,000 are available.
- The interest rate for 30-day loans is hefty.
5. Heart Paydays – Good for Payday Loans Online Unemployed
Heart Paydays is a loan platform that is widely used in major US cities. The gateway removes the cumbersome aspect of retail lending by providing full-service internet loans. Its customers may complete a comprehensive online application process at any time and from any location in only five minutes.
Heart Payday offers loans to those who other lending services have turned down. They execute bad credit loan payout online in 60 minutes or within 24 hours after approval.
Luckily, you may get a loan from Heart Paydays even if you have bad credit, when unemployed, get government aid, or simply need a small amount of money to get you through till your next paycheck.
Although payday loans are the platform’s central focus—with amounts ranging from $200 to $2,000 often paid off within 60 days—clients may receive loans up to $5,000 with a payback term of 24 months.
Heart Payday has been known for its low-interest rates, especially on short-term loans. Most lenders that provide loans through the platform keep their rates low, with the highest APRs hitting 35.99 percent.
- Payments can be fulfilled within 60 minutes or 24 hours of acceptance
- No need for phone calls or documentations
- Fees on some loan offers may be too costly.
Features Of 500 Dollar Loans
- The loans are for modest sums, and many jurisdictions have a restriction on the payday loan size. A typical borrowing limit is $500, although the amounts might be higher or lower.
- A payday loan is often returned in a single payment on the borrower’s next payday or when income from another source, such as a pension or Social Security, is. The loan repayment will be due two to four weeks from the date offered—usually specified in the payday loan contract.
- To repay the loan, you typically submit a post-dated check for the whole sum, including fees, or you authorize the lender to electronically withdraw the cash from your bank, credit union, or prepaid card account. If you do not return the loan by the due date, the lender has the option to cash the check or electronically remove funds from your account.
- A payday lender will not consider your ability to repay the loan while still meeting other financial obligations.
- The loan proceeds may be delivered to you in cash or cheque, transferred electronically into your account, or loaded onto a prepaid debit card.
Some loan characteristics may differ. Payday loans, for instance, are frequently arranged to be paid off in a single lump-sum payment. Some state laws allow lenders to “rollover” or “renew” a loan when it becomes due, so the customer simply pays the fees due, and the lender extends the loan’s due date. Payday loans may be arranged in some circumstances to be repaid in installments over a more extended period.
Advantages of 500 Dollar Loans
1. Flexibility and versatility
Some loans can only be utilized for a specific purpose. For example, if you take out a car loan, you can only spend the money to buy a car. You can use a personal loan for various objectives, including debt consolidation and medical bill repayment.
Furthermore, a personal loan might be an excellent option if you want to finance a large purchase but don’t want to be restricted in utilizing the money.
2. Lower Interest Rates And Higher Borrowing Limits
Personal loans are frequently associated with cheaper interest rates than credit cards. The average individual loan interest rate in February 2021 was 11.84 percent, while the average credit card interest rate was 16.04 percent. Personal loan rates ranging from 6% to 8% are available to consumers with excellent credit histories. You may potentially be eligible for a loan that is larger than the credit card limit on your cards.
3. No Collateral Requirement
500 loans do not necessitate the use of collateral to be authorized. This means you won’t have to put up your vehicle, house, or other valuables as collateral to ensure you’ll return the cash. If you cannot repay the loan according to the terms agreed upon with your lender, you will face serious financial penalties. However, you will not lose your home or automobile as a direct result of this.
4. Easier To Manage
Personal loans are sometimes used to consolidate debt, such as several credit card accounts. A personal loan with a single, fixed-rate monthly payment is easier to handle than many credit cards with varying interest rates, due payment dates, and other factors.
Customers eligible for a personal loan with a lower interest rate than their credit cards can simplify and save money on their monthly payments.
Disadvantages of 500 Dollar Loans
1. Fees And Penalties Can Be High
Personal loans may be subject to fees and penalties, which can increase the overall cost of borrowing. Origination costs ranging from 1% to 6% of the loan amount are charged on some loans. Loan processing costs might be rolled into the loan or deducted from the amount delivered to the borrower.
If you pay off your loan debt before the end of the term, some lenders incur prepayment penalties. Review all fees and penalties associated with any personal loans before applying.
2. Higher Payments Than Credit Cards
Credit cards provide low monthly minimum payments and no due date for paying off your debt in full. Personal loans feature a higher set monthly payment and must be paid off by the loan’s expiration date.
If you combine credit card debt into a personal loan, you must accept the increased payments and the loan repayment schedule or risk defaulting.
3. Can Increase Debt
Personal loans can be used to consolidate debts such as credit card balances, but they do not address the underlying source of the problem. When you pay off your credit cards with a personal loan, you increase the amount of accessible credit. This provides a chance for overspenders to pile up extra charges instead of paying off their debts.
How To Get 500 Dollar Loans
Although loan websites work in different ways, they are all linked in the application procedure. The majority of their websites have an easy-to-use layout that allows you to obtain a loan with ease.
Let’s take a look at the Viva Payday Loans application process.
Step 1: Visit Viva Payday Loans
To begin the application, go to Vivapaydayloans.com and select the “Apply Now” button.
Step 2: Complete The Application Form
On the website, you will discover an application form in which you must submit your official name, private information, income, and banking information.
Step 3: Get Your Decision
You need to wait for the feedback of your application which should take no more than two minutes. Additionally, if your request is denied, they will notify you.
Step 4: Receive Your Loan
If your request is approved, you will get an agreement form through email to review and sign. Please remember to go over the terms and conditions in depth. After you submit a completed agreement form, the process of depositing cash into your bank account will start immediately.
What if I’m Not Approved?
Should your request be rejected, you might check into other loan options like the Very Merry, Heart Payday, Money Lender, or Credit Clock.
What’s more, You don’t have to worry about your credit being ruined because payday lending sites never do a comprehensive credit check and have unlimited access.
500 loans come in handy when you have an emergency or have financial challenges you need to sort. Viva Payday Loans offer borrowers 500 loans, with a fast application process. To get started, visit Viva Payday Loans’ official website and get started with the application process.
Request Your Payday Loan at our Top Rated Provider – Viva Payday Loans