These loans are quite expensive, so most often borrowers will have to pay from $15 to $30 for every $100 borrowed. Compare different offers in your state to get the best deal and most competitive interest rates.
If you run into difficulties from time to time and need money to cover your expenses, you should know that you are not alone. Many Americans need money from time to time and therefore look for additional sources of funding as they don’t have emergency savings. If you find yourself in an emergency then a Payday Loan is definitely what you need, as lenders offer fast approval and payments directly to your bank account. However, what is a $500 Payday Loan and which lender should you choose? Keep reading for more details.
What Is 500 Dollar Payday Loan?
A Payday Loan is money provided to a borrower regardless of their previous credit history. These loans are short-term, so the debt must be paid off on your next payday (often within 14-21 days). People seek Payday Loans if they have bad or poor credit and find themselves in a life emergency. Most often, credit is provided from $100 to $1000 for any need, so getting $500 will not be a problem.
Although the idea of getting financing without a credit check seems good at first glance, it comes with big risks and unprofitable fees. That is why it is important to compare different loan offers and choose the right lender that suits your needs.
Top 500 Dollars Loans Lenders
So, if you decide to apply for a 500 Dollar Loan, you must choose the best lender for you. If you don’t know where to start and are applying for this type of funding for the first time, then you can explore the best options below.
- Payday plus. This company offers 100% online quick and easy application, instant approval from top direct lenders and bank account financing with 500 dollars within 24 hours. Eligibility criteria are minimal and applications are approved for almost any loan. Thus, even if you previously encountered difficulties in paying off debts, now you can get money without any problems.
- Payday Loan USA. You do not have to provide collateral to receive financing as the 500 Loan from this company is unsecured. Since bad credit is not a problem, you will be able to get approval and funding on the same business day. If you have an income of at least $1,000 per month and you are a US citizen who is at least 18 years old, you will most likely be able to receive 500 dollars instant cash.
- Starloans. This company offers a 500 Dollar Loan in 3 easy steps. You don’t have to travel to the lender’s store as the entire process can be completed entirely online. What’s more, the company’s website claims that over 80% of funding applications are approved, which means your chances of getting funding for your needs are quite high.
- Good friend. This company offers approval for all credit types, prequalification in minutes and instant cash. The loan is easy enough to get but it is short term which means you will need to repay the dollar on your next payday (usually within 2 weeks).
What Are The Advantages Of Instant 500 Payday Loans Online?
Of course, before you apply, you should also pay attention to the benefits of this loan offer in order to make sure that it is right for you. Below you can pay attention to the main ones:
- Same day funding. If you find yourself in a difficult life situation and want to get financing almost instantly, this loan will be the most suitable solution for you.
- Simple and convenient online application. There is no longer any need to go to the lender’s store and fill out a lot of paperwork, as the entire loan process is available completely online and does not take more than 10 minutes.
- Almost instant approval. If you study the eligibility criteria of the selected lender and the laws of the state where you live in advance, your application will be approved almost instantly.
- Convenient payments directly to your bank account. You also don’t have to go to the lender’s store to get financing, as the loan amount will be transferred directly to your bank account.
- No collateral required. As 500 Dollar Loan is unsecured, you don’t have to risk your assets to get $500 in funding.
- Credit check is not a problem. More often than not, payday lenders don’t ask for a traditional credit check at all, which means you can get approved even if you’ve had trouble paying back your debts in the past.
- High chance of approval. With over 80% of funding applications approved, your chances are quite high.
Why Do People Apply For $500 Payday Loans?
- Bad credit history. The main reason why people apply for 500 Dollar Payday Loans is a bad credit history. Since they cannot get a loan from a bank or credit union, online lenders are the only option.
- Emergency situation. People often apply for a Payday Loan because they urgently need money to cope with a difficult life situation. As a rule, this is a car repair, an urgent purchase, payment of utility bills or medical treatment.
- Fast Approval. Many people apply because they know Payday Loans are approved almost instantly.
- No collateral needed. Many lenders require collateral if the borrower has a bad credit history. However, with the Payday Loan, you do not need to provide collateral for your application to be approved.
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State regulations may cap the Annual Percentage Rate (APR) that lenders are allowed to charge. APRs for different types of loans vary significantly. For cash advance loans, APRs may range from 200% up to 1386%, for installment loans the range is 6.63% to 485%, and for personal loans, APRs can be from 4.99% up to 450%, with variations depending on the lender. In states without APR restrictions or when borrowing from banks not subject to state regulations, the APR may be higher. The APR represents the annual cost of your loan, taking into account the total charge, the loan amount, the loan duration, repayment schedules, and the timing of payments. Before finalizing a loan agreement, lenders must disclose the APR and other loan terms to you by law. Please note that APRs are variable and may change.
Disclosure of Operations
Certain state residents may not qualify for short-term, small-dollar loans. Specifically, those from Arkansas, New York, New Hampshire, Vermont, and West Virginia are not eligible to use this service. The states where this service is available may change without prior notification.
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