$500 loans

$500 loan payments

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When $500 is the right amount

$500 covers a lot of the bills that cannot wait: a past-due utility notice, a tow and a small repair, a prescription copay or a week of groceries after an unexpected expense. It is small enough that the cheapest options are often realistic, so check those first.

Cheapest ways to get $500

• Ask the biller. Utilities and medical offices often split a $500 bill into payments at no cost.
• Credit union PAL I. Federal credit unions can lend $200 to $1,000 over 1 to 6 months at no more than 28% APR, with an application fee capped at $20 (details).
• Paycheck advance. Many employers and payroll apps advance earned wages for a small fee.
• Small installment loan. A request through us can show installment offers for $500.

$500 payday loan vs installment loan

A payday loan of $500 at a common fee of $15 per $100 costs $75 for two weeks and is due in one lump sum on your next payday (CFPB). If you cannot repay it all at once and roll it over, the fees repeat. An installment loan spreads the $500 over several payments, so each one also reduces what you owe.

$500 from Deer Creek Lending

At the 520% APR some Deer Creek Lending borrowers report, $500 repaid monthly over 6 months would cost about $969 in interest. Over 12 months, about $2,135. If you take a loan like this, paying it off early is the best way to cut the cost. See Deer Creek Lending rates.

Requirements for a $500 loan

Most lenders want you to be 18 or older with a valid SSN, steady income deposited into a checking account in your name, and a working phone and email. For $500, lenders tend to care more about recent income and bank activity than about your credit score. See full requirements.

Can you get $500 today?

Sometimes. Card cash advances and employer advances can be same-day. Most online lenders deposit the next business day after you sign. Applying on a weekday morning, using the account your pay goes into and having ID ready all help. Compare speed against cost on emergency loans.

A $500 loan with bad credit

Small amounts are the easiest to get with fair or poor credit, but this is also where high-cost lenders are most common. Before signing, convert the APR into dollars: what will you repay in total? Our bad credit loans guide covers cheaper options.

What $500 costs by type of lender

$500 loan or a cash advance app?

Earned wage access and cash advance apps let you draw part of pay you have already earned, often $50 to $500, and take it back from your next paycheck. There is usually no interest, but there may be a subscription, an instant-transfer fee or a suggested tip. If you only need part of $500 and payday is close, an app can be cheaper. If you need the full amount or more time to repay, an installment loan spreads the cost.

Smart ways to repay a $500 loan

• Set the payment date for the day after your pay lands, so the debit never bounces.
• Add a little extra to each payment if your lender applies it to principal.
• If you get money early, such as a tax refund, pay the loan off and ask for a zero-balance letter.
• Do not take a second loan to cover the first.

Is a $500 loan worth it?

It can be, when it prevents a bigger cost. A $500 repair that keeps you getting to work, or paying a utility bill before a $100 reconnection fee, can be worth a modest interest charge. It is not worth it when the loan only delays a shortfall that will return next month, or when the APR turns $500 into well over $1,000 of repayments. At 36% APR over six months, $500 costs about $54 in interest; at 520% it costs about $969.

State rules for small loans

Many states regulate loans under $500 more tightly than larger loans, with fee caps, minimum terms or limits on how many loans you can have at once. That is why some lenders offer only certain amounts or terms where you live. See availability by state.

Questions

Sources

• NerdWallet: Payday alternative loans (PALs)
• CFPB: What is a payday loan?
• Deer Creek Lending, VIP Rewards