While $500 sounds a very little cash but it is enough money when you need immediate short-term cash to fix an emergency expense. All time research says that most of the Americans live paycheck to paycheck and the worse is that most of them are equal to their expenses so it is very hard for them to save even $1000. This is the main reason why mass of people in United States rely on simple fast loans.
What are $500 Loans?
If you need cash to catch an outstanding expense such as medical bills due to late paycheck $500 loan can definitely help. Why is it called a $500 loan same day? Well, a borrower can apply for these loans and get approved on the same day. The cash is promised to be deposited into applicant’s bank account within 24 business hours.
It is an instant cash loan that is usually repaid with your next paycheck. The repayment period for such loans is usually less than a month, which means they also come with very high interest rates. But what about low credit? Can you get an approval with poor credit? Of Course, yes. At Payday TX, applicants with all type of credit scores are taken care of.
Most of our loan solutions do not require a set credit to obtain the fast cash. Many lenders in our legitimate network only require proof of regular income to grant the approval. Furthermore, income doesn’t have to be a payslip or full-time employee. In some cases, even benefits such as unemployment benefits, social security, welfare, and disability benefits are sufficient to obtain a loan.
What kind of $500 Loan Can I Get?
This is the most obvious and risky loan. If you need $500 cash right now and cannot provide collateral, this is the loan you must apply for.
If you apply for a $500 payday loan online, you should understand all the risks and fees involved. Also, the failure of repayment on time can temporarily damage your credit history.
A $500 installment loan is also a convenient option. Small installment loans can be repaid in 30 days up to 6 months (depending on the lender and loan offer). This type of personal loan must be paid in equal monthly installments.
For both of the above-mentioned loans, different lenders may use different eligibility criteria, but the most basic requirements are:
- Must be a US resident.
- Legal age of 18.
- Must have a source of income.
- Maintain a checking account.
- Active email address.
- Valid physical address.
- An active phone number.
Fulfilling these requirements means that your $500 loan application request will get approved.
How $500 Payday Loan is Different?
You would apply for these short-term loans just to handle small expenses. The truth is that if you find a $500 or $1000 loan easily, most likely you would avoid a big loan. Because if you apply for a bank loan, you may end up borrowing more than you need and wasting time waiting for your application to be approved.
This short-term loan saves you the hassle and takes care of minor financial needs. That is why these loans are also called micro loans. No need to worry about bad credit or long-term contracts. Although the interest rates on these loans are pretty high, you would likely to pay them back on your next paycheck. This makes them ideal for small emergency bills that need to be fixed quickly.
Most of them can be accessed online from your home or office. It makes them even more comfortable. However, always do a thorough platform research before disclosing personal information. Not all online platforms are secure enough.