Get a $500 Loan with a Soft Credit Check
You can get a $500 Loan with no credit check from a direct lender. 15M Finance allows you to get money instantly, even with bad credit. Apply for a loan from a direct lender and get a guaranteed approval decision in minutes.
Where to Get a $500 Loan with No Credit Check?
Taking out an online loan with no credit check becomes much easier with the passage of time. You can get a $500 loan through multiple platforms and services across the US. Consider online payday lenders, private lending companies, or connecting services to access fast financial assistance without hurting your credit history.
Also, some credit unions offer payday loan alternatives at more favorable rates. But keep in mind that such loans can temporarily hurt your credit score. However, if you’re a credit union member, you can turn to it to determine whether it has such an option.
Don’t have time to search for the right lender? Well, we’re here to help you without wasting time! 15M Finance offers a wide range of short-term loans with no hard credit checks. Using our convenient platform, you can obtain a small-dollar loan online in just a few simple steps.
How Do You Apply for a $500 Loan?
Getting a $500 loan involves a few tasks, and each lender’s process can change. Follow this simple guide to learn how to apply for a $500 loan:
Gather the needed information. Get ready with your documents, like income proof, ID, and other financial details. Some lenders might want proof of work or residence.
Fill in the empty spaces with the required details. We accept online applications. You can complete the online form. Be accurate with your info because it’s used to check your qualifications.
Submit the personal loan application form. Complete the application thoroughly and press submit online. Our lenders might instantly approve it, while others need more time for evaluation.
Wait for the approval decision. After submitting, wait patiently for the lender to decide. Once their approval comes in, scrutinize the loan terms before acknowledging them.
If approved, receive your funds. Following loan approval, the money will reach you. The methods can differ from a direct bank deposit to receiving a check.
Types Of $500 Loans
Having a poor credit score doesn’t limit your possibilities now! Here are the options that allow you to borrow $500 regardless of your credit.
| Personal loans | Payday Loans | Cash Advance via an App | Car Title Loans | Pawnshop Loans | |
| Interest Rates | 6.99% – 35.99% | Up to 375% | Up to 35.99% | Up to 240% | 152% |
| Loan Terms | 6 – 60 months | 7 – 31 days | Next payday | 30 days | 30 days |
| Funding Times | 24 – 72 hours | 24 hours | Up to 72 hours | Immediate | Immediate |
| Credit Score | 560 – 660 | None | None | None | None |
| Extra Fees | Up to 10% | None | Up to $25 | Up to 25% | Up to $25 |
| Location | Banks Credit unions Online lenders |
Direct lenders | Cash advance apps | Lenders Car dealers |
Pawnshops |
How Can I Use a $500 Loan?
You can pay for your medical bills, utilities, and car repairs, make debt consolidation, or just cover your credit card payments to avoid high fees. Also, you can use a $500 loan to cover your daily needs until you receive your next paycheck.
Am I Eligible for a $500 Loan?
Payday loans are extremely accessible and have a high approval rate due to simple eligibility criteria. All you need to qualify is to meet the following stipulations:
Age: no applicants under 18 years old; Residentship: a permanent US resident or a legal citizen only; Bank account: having an active checking account is mandatory; Income: prove you have a stable source of revenue (salary, disability funds, or unemployment benefits); Personal information: fill out an online form on our website and specify your full name, permanent address, employment status, contact cell phone number, and active email; Documents: valid ID, Social Security Number, and income verification (pay stubs or bank statements).
How to Increase My Chances of Getting Approved for a $500 Loan?
Although $500 loans are easy, a direct lender can reject your loan request for different reasons. If you want to guarantee to get a $500 Loan, here are some tips to follow:
Prepare documents. Lenders always want to make sure you’re a reliable borrower. Thus, your chances will be higher if you gather appropriate documentation confirming this status. Besides your income proof, a lender can also consider your homeownership, long-term employment, or former soldier status as a repayment guarantee;
Apply through several payday lending platforms. The more applications you submit, the higher your chance of getting a loan. But choose lenders that don’t charge any fees for the application and don’t perform hard credit checks. Don’t worry, and you’re not obliged to accept any personal loan offers. Even if you get several, you will be able to compare them and choose the one with better terms;
See also: Have you ever wonder who will give me a loan when no one else will?
What Credit Score Should I Have to Get a $500 Loan?
A $500 loan doesn’t have a required minimum credit score. Even if you apply for a payday loan with bad credit, you can still get approval. Moreover, you can obtain a loan with no credit, too! However, keep in mind that your poor credit history can affect your loan conditions. Sometimes, direct lenders offer higher interest rates for those who have a bad credit score.
Risks of Getting $500 Loans
Getting a $500 loan, like many financial choices, has risks. Among those risks is the possibility of high-interest rates, especially if the loan is short-term or a payday loan. It may reach 375%. High interest rates and a small loan can create a debt trap, where borrowers have to keep borrowing to cover old personal loan debts. This cycle can cause a lasting, expensive financial load. That’s why we suggest you review the options and avoid such loans if possible.
Tip:
If your credit score is 560 or above, you can apply for personal loans from credit unions, that offer lower interest rates, more flexible repayment terms, and no hidden fees.
Alternatives
If you need $500 but don’t want to borrow it from traditional sources, you’ve got options, like asking close friends and family for a loan or selling things online, such as on Facebook Marketplace.
Your loved ones may understand your situation and lend money without rigid checks. Unlike banks, terms of repayment may be more flexible here. Interest may be low or completely waived off, making it a budget-friendly choice.
Another option is selling items on online platforms like Facebook Marketplace, which could provide quick money. If your items have demand, Facebook Marketplace could provide near-instant money. Remember to look at the good and bad of each choice. Think of your own needs and wants. Trying a few ways at once, or mixing some, might give the best way to get your goal of $500.
Why Choose 15M Finance?
15M Finance is a connecting service that provides competitive loan options from multiple lenders at once. Using our platform, you can get a $500 loan within one business day and leave your credit score unchanged. There are no minimum requirements for your FICO rating, so you’re welcome to apply even with a low credit score.
FAQ
Can I Borrow $500 With Monthly Payments?
Sometimes, lenders allow borrowers to repay a $500 loan in equal monthly payments. Such loans are called installment loans. It allows you to reduce the financial burden by lowering the amount of your monthly payment.
How Fast Can I Get a $500 Loan?
A regular term for your quick $500 Loan to arrive in your bank account is one business day. Most lenders try to fund loans at their earliest convenience, but bank cut-off times can affect the speed of the funding process.
Can I Get a $500 Loan With Bad Credit?
Even if you have a poor credit score, we’re happy to help you get cash fast. Our partner lenders don’t have minimum credit score requirements, so they accept applicants even with credit difficulties. However, you need to prove your salary is high enough to cover your debt to date.
How Much Will $500 Loans Cost Me?
The exact cost depends on the state, credit score, debt-to-income ratio, payment history, and more. Typically, you will be asked to repay an extra $10 to $30 per each $100 obtained. So, your total cost may be between $550 and $650.
How Can I Repay the $500 Loan on Time?
You can repay it on time by setting the automatic withdrawal from your bank account. You won’t forget about the monthly payments, and there is no need to go in-store and repay the $500 loan in person.
