How to Get a $500 Loan with No Credit Check?
- Borrow $500 in Minutes;
- Options with No Credit Check;
- Quick & Easy Application;
- Small Personal Loans for Any Credit;
- Fast Funding Times.
Why Trust Us?
1F Cash Advance has been providing emergency loans since 2019. We are licensed and operate under state laws. Over 140,305 consumers have already benefited from our services, both online and in stores.
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For individuals facing temporary financial difficulties, a $500 loan can provide a solution. There are several ways to get $500 fast. The most commonly requested options include payday loans, installment loans, personal loans, car title loans, and cash advance apps. Whatever the product you choose, 1F Cash Advance is here to offer a suitable solution regardless of your credit score. Apply for our $500 loans today and get the money online the next day or sooner.
Types of $500 Loans
1F Cash Advance provides a vast of $500 loan options. Review them all and choose the one that better meets your needs.
Personal Loan
A personal loan is a form of borrowing you get as a lump-sum deposit and then repay it in equal installment payments. While most of them have minimum loan amounts of $1,000 or higher, some of our partner lenders still offer $500 personal loans with no credit check. The repayment terms are usually up to 60 months, making these options easy to manage. APRs are quite competitive and range from 5.99% to 35.99%, depending on the lender.
Most personal loan lenders set minimum credit score requirements, which can be as high as 670. They also perform hard credit checks through major credit bureaus, meaning that your credit score will be affected by simply applying for a loan. As a hard inquiry is a lengthy process, it may take a lender several days or weeks to make a loan decision and transfer the money to you.
Payday Loan
Payday loans are short-term cash advance loans that provide almost immediate access to funds. They typically require full repayment in 2 to 4 weeks. The due date is usually tied to a borrower's next paycheck. Payday loans allow you to get between $100 and $1,000 within just one business day, making them helpful in case of emergencies.
Payday loans are also considered one of the most accessible and streamlined options for borrowers with bad credit. However, their interest rates are usually higher than average. Payday loan lenders charge from $10 to $30 for each $100 borrowed, so APRs can be between 260.7% and 782.14%. This high price, coupled with a short repayment period, make payday loans difficult to handle. Therefore, they are prohibited in some states.
Cash Advance App
A cash advance app is a digital tool that makes it possible to borrow money via your smartphone. Most of them allow you to get a portion of your future paycheck based on the hours worked. Although many apps charge no interest rates, they typically have tip-based or fee-based models. Thus, users need to pay a certain cost for subscription or membership.
While most apps offer limited loan amounts of up to $250, the 1F Cash Advance app allows you to obtain up to $500. All you need is to install it on your mobile device. Then, you can take out money on the go any time you find yourself in need. There are no application or membership fees associated with this service.
Car Title Loan
Car title loans are cheaper alternatives to payday loan options. They allow you to borrow up to 50% of your car’s title and repay the funds in 15 to 30 days. The pitfall is that they use your vehicle as collateral. Although you can still use your car while it's pledged, a lender can repossess it if you don't repay the funds as agreed.
An average monthly finance fee for a car title loan is 25%, which translates to an APR of about 300%. You can qualify for the loan with any credit, as your collateral serves as an extra repayment guarantee.
Installment Loan
An installment loan works similarly to an unsecured personal loan. You receive a lump-sum deposit and then repay the funds plus interest in fixed monthly payments. The main difference is that installment loans come with more lenient eligibility requirements and offer less flexibility. The amounts you can get are lower and range from $500 to $5,000. The repayment terms are 3 to 24 months.
Installment loans are usually available to borrowers with bad credit scores. They are also more streamlined and convenient, allowing people to apply online and get the funds within just one business day. Their interest rates are higher, though. APRs may be between 16% and 100%.
More: Learn more about guaranteed installment loans for bad credit.
Expert advice
Some of the loans mentioned are considered high-risk loans due to their steep interest rates. Options like payday loans and car title loans have limited repayment terms and high APRs, often causing debt cycles. Therefore, it’s recommended to use them only as a last resort and consider alternatives first.
What Do I Need to Qualify for a $500 Personal Loan?
At 1F Cash Advance, lenders typically have just a few basic requirements for a $500 personal loan. Here are some common criteria:
- Age: In most states, you need to be at least 18 years old to apply for a loan. Alabama and Nebraska require applicants to reach the age of 19, while Mississippi residents can only take out loans if they are 21 or older;
- Citizenship: Lenders require you to be a US legal citizen and provide a government-issued ID;
- Income: As loan providers want to make sure you can repay the money borrowed, they will ask you for income confirmation;
- Credit report: Lenders may use alternative means to assess your payment history, credit utilization, and debt-to-income ratio. Negative credit records may be the reason for denial;
- Bank or checking account: Most loans are transferred via direct deposits, so you need to have an active checking account to get the money;
- Contact details: You will be asked to provide contact information, such as your address, email, and cell phone number.
That's it! Our lenders have no minimum credit score requirements, meaning that borrowers with any credit background can qualify if they meet the criteria above. They also conduct only soft credit report checks, so your credit history won't be affected.
Funding Timelines for $500 Loans
The exact disbursement times for $500 loans depend on the lender you work with.
Traditional banks. Most banks typically perform lengthy checks. Thus, loan approval may take about a few days, and the funding can be made within 3 to 7 business days.
Online lenders. Online lenders usually deposit money into your account within one business day of approval.
Payday lenders. Loans from payday lenders are usually transferred the next business day. However, same-day funding may be available.
Cash advance apps. Funding timelines for cash advance apps are usually within 24 business hours. However, some tools may allow you to get a $500 loan instantly in exchange for an express fee.
Credit card companies. It may take you 5 to 7 business days of approval to receive your credit card.
Credit unions. Commonly, a credit union transfers the funds within 3 to 5 business days.
How to Get a $500 Loan, Even with Bad Credit?
While banks and federal credit unions typically offer higher loan amounts, you can get a $500 loan via online lenders. At 1F Cash Advance, we partner with multiple trusted and regulated direct lenders to find a perfect fit for your specific needs. We provide a wide range of $500 loan options that you can access completely online. Here's how the application process works:
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Fill out a loan application form. It will take you less than 5 minutes to provide your basic personal and financial details.
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Get a response from a lender. Our partners will assess your loan eligibility. The one that can help you will get back to you with a loan decision. Don't worry, the process doesn't affect your credit.
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Receive the funds. If approved, you need to read and sign your loan agreement to accept a lender's offer. The funds will reach your bank account within one business day of approval.
How Can I Increase My Chances of Getting a Loan for $500?
Here are some tips on getting approved when you take out a loan for $500:
- Avoid late payments. If a lender sees that you fulfill your financial obligations on time, it will be more willing to deal with you;
- Use connecting services that partner with multiple direct lenders. At 1F Cash Advance, we have offers from multiple credible lenders. This makes it easier to find the right one that will approve you;
- Prepare income confirmation. If your income is sufficient, you can usually get a loan without a problem.
Expert advice
Although many lenders accept borrowers with low credit scores, your approval chances will be higher if you have a good rating. This will also help you get lower interest rates and better loan terms.
Explore Loan Options Across Different Credit Score Ranges
People with good credit can typically access low-interest personal loans and credit card balance transfers. Fair credit borrowers usually get slightly higher interest rates or may be offered options with less favorable loan terms, such as joint or secured loans. Customers with bad credit are often forced to settle for expensive loans, such as payday loans, title loans, and pawn shop loans. Here’s a look at how these options vary by terms for people with different credit score ranges.
| Loan Type | Minimum Credit Score | Average APRs | Loan Amounts | Repayment Terms | Origination fees |
|---|---|---|---|---|---|
| Personal Loan | 610 to 670 | 5.99% to 35.99% | $1,000 to $100,000 | 12 to 84 months | 0% to 10% |
| Credit Card Balance Transfer | 670 | Regular APRs are 16% to 29.99% | Up to 100% of your credit limit | 6 to 18 months introductory periods and 3, 6, or 12-month repayment periods | 2% to 5% or a flat fee of about $10 |
| Credit Union Loans | 580 to 660 | 7.99% to 17.99% | $500 to $50,000 | 12 to 60 months | 0% to 10% |
| Secured Loans | 550 (or may not be even set) | 3.5% to 35.99% | $500 to $500,000 (often depends on your property’s value) | 1 to 30 years | 0% to 10% |
| Joint Loans | 600 (may vary by lender) | 6.99% to 35.99% | $500 to $50,000 | 12 to 60 months | 0% to 10% |
| Payday Loans | None | 190% to 600+% | $100 to $1,000 | 2 to 4 weeks | 0% to 10% |
| Title Loans | None | About 300% | 25% to 50% of your vehicle’s value | 30 to 180 days | 0% to 10% |
| Pawn Shop Loans | None | About 200% | 25% to 60% of the pawned item’s cost | 30 to 60 days | A set-up fee of about 10% for each item pawned |
Although the data above is estimated and may vary by lender, you can see that having good credit directly affects your ability to get a loan with more favorable conditions.
What Are Alternatives to $500 Loans?
If you’re not sure whether $500 loans will work for you, consider the following alternatives first:
- Pawn shop loans. You can pledge some of your valuable assets in a pawn shop and get a portion of its cost on hand within a few minutes. Just keep in mind that your belongings will be put up for sale if you don’t repay the funds on time;
- Credit card cash advances. Your credit card can be used to get loans in minutes by withdrawing money from its available balance. You don’t even need to apply or undergo a credit check to do this. However, these options may be more expensive than regular purchases and often come with extra fees;
- Payday alternative loans. A payday alternative loan is an option offered by some local credit unions to its members. These second chance loans usually have more extended repayment terms and lower interest rates that are capped at 27%. Just get ready to meet a few extra requirements to become a credit union member;
- Family loans. Ask your loved ones to lend you money and set clear repayment terms. This will help you avoid interest and get more flexible loan conditions.
Stay Informed: How Much Does a $500 Personal Loan Cost?
The cost of your $500 personal loan usually depends on the following factors:
Interest rates. This is a percentage of your loan amount you pay for using a lender’s money.
Origination fees. These fees might be applied for processing your loan request.
Other fees. Extra charges, such as late fees or prepayment penalties, may also apply. If so, they will increase your loan cost once you pay late or early.
Repayment terms. Longer repayment terms result in lower monthly payments. At the same time, they increase the overall loan cost.
Location. Each state applies its own regulations that can affect your $500 loan cost.
Particular lender you work with. Every lender tries to be competitive. However, it’s up to them to decide what interest to charge as long as it complies with federal and state law requirements.
Representative example:
Suppose that you’re going to take out a $500 loan for 6 months at an APR of 18.99%. Your monthly payment amount will be $88.01. The total interest paid over the loan life is $28.06. If you take out the same loan for 12 months, your monthly payment will be $46.08, while the total interest paid increases to $52.91.
More: Use our loan calculator to find out the cost of the loan.
FAQ
How Can I Use a $500 Loan?
A $500 loan is not a specific purpose loan, so lenders set no restriction on the way you can spend the loan funds. Use it for debt consolidation, medical expenses, repair works, credit card refinancing, or any other needs you have.
Can I Borrow a $500 Loan with Bad Credit?
Having a poor credit score is not an obstacle to getting a loan. You just need to find a lender that accepts borrowers with less-than-perfect ratings. At 1F Cash Advance, you can borrow a $500 loan with bad credit as long as you meet simple income, age, and citizenship requirements.
Is It Possible to Get a $500 Loan with No Credit Check?
Unfortunately, no credit check loans don't exist. When a lender claims it doesn't perform a credit inquiry, it typically means it only conducts a soft credit check that has no impact on your credit history. That's exactly what our lenders do.
What Will Happen If I Won't Repay My $500 Loan When Due?
Not repaying your $500 loan on time may result in late fees and non-sufficient funds fees. As they add up quickly, you may find yourself paying more than you initially borrowed. Late payments can also affect your credit score as they are often reported to major credit bureaus.
How Can a $500 Loan Affect My Credit History?
If you pay late or miss your monthly $500 loan payment, a lender may report it to credit bureaus. This will affect your overall credit history. Loans from traditional lenders also drop your credit score by a few points at the application stage due to a hard credit check performed.
What Is a Minimum Credit Score Requirement for a $500 Loan?
It depends on the lender you work with. Some of them may require you to have a FICO rating of at least 670, while others set lower minimums of 600 or 580. There are also lenders with no minimum credit score requirements. They typically look at factors like income, debt-to-income ratio, and payment history.
How Will I Repay a $500 Loan?
In most cases (except for payday or title loans), the repayment is made in equal monthly installments. This is an automatic process. The funds will be deducted from your bank account each month on the agreed-upon date. Just make sure you have enough money in your account to cover your loan payment.
