Life happens. Emergencies come in all shapes and sizes, and 1F Cash Advance is here to help. We offer short-term loan options to cover urgent expenses that need immediate attention. Apply online in minutes, receive an instant approval decision, and get extra cash with flexible repayment options that fit your budget.

This page covers:

  • Best $500 loan options and alternatives
  • Qualifications and application steps
  • Borrowing terms and potential loan rates
  • Tips on finding the right loan for your situation

What Is a $500 Loan?

A $500 loan is a short-term, small-dollar personal loan people use when they need emergency cash for critical life situations. This loan provides you with a lump sum amount for an agreed-upon period. Repayment is usually made within 2 to 4 weeks after you receive your next paycheck, but some options offer extended payback periods of up to 24 months.

6 Best Ways to Borrow $500

There’s no one-size-fits-all solution. Below are a few options you can choose from based on your credit, income, preferred fees, and expected repayment terms.

Cash Advances

Cash advances are small-dollar loans available through direct lenders, both online and in-person. They are designed to give you a boost of funds for unexpected expenses and emergency needs. These loans are approved and funded quickly and need to be repaid all at once by your next paycheck. At 1F Cash Advance, you can access $500 within 24 hours, no matter your credit score. 

Credit Union Loans

Credit unions often offer reliable $500 loans that are meant to be a cheaper alternative to regular payday loans. These solutions allow for gradual repayment over up to 12 months, while the APR is capped at 28%. While credit union loans allow you to build credit for future borrowing, they often require more time to process and involve a credit check as part of underwriting.

Cash Advance Apps

With a cash advance app, you can tap into a fraction of your earned wage before the pay date, often without being charged any mandatory interest. Most apps ask you to link your bank account to your profile to access a loan. The repayment is usually made automatically from the same account on your next payday. Some apps may also charge extra fees for instant deposits or monthly access to the service.

Credit Card Cash Advances

A cash advance option allows you to access the needed amount from your credit card balance via an ATM or an issuer’s store. The repayment can be made either in full or by making minimum payments. Although convenient, cash advance APRs accrue immediately and are typically higher than those applied to purchases. You are also likely to pay extra withdrawal fees.

Peer-to-Peer Loans

Peer-to-peer loans are offered via specialized online platforms like LendingClub, Peerform, or Kiva. These platforms match you with individual investors willing to earn interest by lending you money. APRs vary, but many lenders fund applications from people with bad credit if they have steady incomes. However, limited regulatory oversight can make this type of borrowing risky.

Credit Builder Loans

If you do not need money right away, a credit builder loan can help you build an emergency fund and repair your credit for the future. The process works as follows: you make fixed upfront payments over a set period. The lender then places the funds into a savings account and releases them to you once you have paid off the loan in full. This is a viable option for people with bad or no credit who want to strengthen their credit profiles.

How to Use Emergency Loans

Most people turn to instant $500 loans when they face unexpected costs or need to bridge small gaps between paychecks. Here’s how our customers say they use them:

  • Grocery bills
  • Car repairs
  • Insurance
  • Medical & vet bills
  • Gas costs
  • Rent & utility payments

How to Get a $500 Loan

1F Cash Advance makes getting a loan fast and easy. Here’s how it works:

1

Apply online

Complete a simple and secure form from the comfort of your home in just 5 minutes.

Apply Now
2

Get an approval decision

The underwriting process doesn’t involve a hard credit check, so you will get a loan decision almost instantly.

3

Receive the funds

If approved, e-sign the loan agreement and get the money via a direct deposit on the same or next business day*.

*A $500 payday loan is not guaranteed and is subject to underwriting and ability-to-repay evaluations. Loans originated before 10:30 am on a banking day are usually funded on the same day. Applications submitted after 10:30 am or on weekends are processed on the next business day.

What Do I Need to Qualify?

Here are the basic requirements we need to approve your request:

  • Age confirmation (at least 18 years old)
  • Valid government-issued photo ID
  • Social Security number
  • Active bank account details
  • Proof of income
  • Proof of address
  • Valid email and phone number

Smiling woman pointing at an online $500 loan approval from a direct lender

Terms & Rates

A $500 payday loan typically needs to be repaid within 2 to 4 weeks, depending on your state’s regulations. Finance charges range from $10 to $30 per $100 borrowed, resulting in an APR of 260.71% to 782.14% for a 14-day loan. Some states enforce lower APR caps. Your specific loan terms will depend on factors such as your income, employment status, current debts, and payment history.


Disclaimer: Small-dollar loans are designed to meet your urgent cash needs and should only be used as a short-term solution to financial emergencies. If you experience long-term money problems, refrain from borrowing and seek credit counseling.

Other 1F Cash Advance Products

1F Cash Advance offers additional borrowing options to meet the unique needs of our customers.

Installment Loans

An installment loan can help you manage larger life expenses by giving you more time to repay the funds.

  • Borrow from $500 to $5,000
  • Fixed monthly payments
  • Repayment terms from 2 to 24 months
  • No credit check required

Personal Loans

Personal loans are designed to cover a wide range of expenses, from large purchases to major life projects.

  • Loan amounts up to $10,000
  • Terms up to 60 months
  • Options available for bad credit
  • Easy online application

Alternative Ways to Come up with $500

Borrowing money is not the only choice you have. If you do not want to take on debt, consider these ways to get $500 fast:

  • Ask your employer for a paycheck advance.
  • Rent out space in your house to your neighbors.
  • Become a freelancer and offer your services on platforms like Upwork or Fiverr.
  • Hold a garage sale or sell unnecessary or unused stuff on Facebook Marketplace, Decluttr, or Craigslist.
  • Turn to community programs and charities for necessities like food, rent, utilities, or childcare.

Smart Steps to Take Before You Borrow

Before you start the application process, take a few steps that will increase your approval odds and help you maintain financial stability:

  • Check your credit. Your credit situation may change over several months, so it’s important to understand where it is at the moment. A higher credit score may unlock traditional borrowing options with lower APRs and more favorable terms instead of pushing you toward high-interest products. 
  • Shop around for the best offer. Some $500 loans come with APRs as low as 12%, while others may charge over 400% once the fees are added. Pre-qualify from different lenders and compare their terms side by side to ensure the offer you choose is reasonable.
  • Read the terms carefully. Besides interest rates, pay attention to origination and prepayment fees, penalties for late payments, and available repayment options. Use a loan calculator to see whether loan payments are within your means.
  • Know how much money you need. Do not borrow just in case because more money means a bigger monthly obligation and more interest paid over time.
  • Create a budget. Track your income and spending monthly. This will help you understand how much money you have left after covering all your basic living expenses and find areas where you can cut back. Only borrow if the amount is high enough to cover your loan payments.
  • Choose low-cost or interest-free alternatives first. Consider options like debt forgiveness, bill negotiation, or payment plans. They typically offer better terms and simplify your finances without taking on more debt.
  • Eliminate high-interest debts. Pay down your credit card balances or expensive loans to reduce your monthly obligations and put more money toward savings. Debt consolidation loans can help you simplify finances if you can’t pay off balances using your income or savings.

Why 1F Cash Advance

1F Cash Advance provides emergency financial assistance when you need it most, even if you’ve been turned down by traditional lenders. Here’s how we stand out.

Easy Online Access

Apply via the website 24/7 through our simple and secure form.

Transparent Terms

We clearly outline all the terms and make them easy to understand.

Quick Cash in Your Account

Money normally arrives in your account within 24 hours.

FAQ

How can I contact your Customer Support?

You can contact our representatives by calling (720) 428-2247, emailing us at [email protected], or filling out a feedback form on the website.

Can I get a $500 loan with bad credit?

We set no minimum credit score requirements and assess your overall financial situation to determine your loan eligibility. Borrowers with bad or no credit can still qualify.

Does 1F Cash Advance offer loans with no credit check?

Our $500 cash advance loans come with no credit check via major credit bureaus. However, we still assess your data via third-party credit agencies to ensure you meet our basic requirements. This inquiry is called a soft credit check.

How will I receive my money?

Common funding times are 24 business hours of approval. The speed of funding also depends on when you get approved and your bank’s operating hours. Same-day funding is available for loans originated before 10:30 am on a business day.

How much would a $500 payday loan cost me?

On average, a payday loan costs between $10 and $30 for each $100 advanced. The finance charge is determined based on your credit and application details.

Where can I get a $500 loan near me?

We operate nationwide and offer personalized assistance through our 80+ stores across the US. Find the 1F Cash Advance location in your state or complete an online application with no in-person visit required.

Are there any restrictions on how I can use my loan funds?

No restrictions are set. We know that each situation is unique, so we do not track the way you spend your money.

Can a $500 loan affect my credit score?

Our $500 loan process comes with no hard credit check, meaning that your credit score won’t be affected at this stage. However, late payments may result in collection actions, which can cause a drop in your rating if collectors report to credit bureaus.

What is the easiest $500 loan to get?

A payday loan is considered the easiest loan to qualify for, even for borrowers with bad credit. However, this loan amount may not be available in all states due to local regulations and caps.

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