Borrowing a personal loan is becoming common as more people get used to using credit. For small dollar loans, it is usually for bridging purposes between paychecks and is a short term arrangement. So do you know where or the best ways to borrow 500 dollars online?
Online Payday Loans For Bad Credit
Online payday loans are the easiest way to borrow a small dollar loan for $500, usually anyone can get approved. Its easy credit even if your credit score is lower than 640 and has been denied by several banks. There is no collateral required and payday loans work because the lender assume you will be getting paid soon and can deduct the payment from your next paycheck.
Online payday loan lenders are convenient and the transactions are directly conducted via your checking account.
If you need to borrow $500 dollars but have bad credit, our lending portal provides the best way to find a real payday loan lender that can help. Just fill in our online application form and get instant replies from qualifying lenders. This service is free and you can review the loan offers and fees before deciding your next step.
Bank Payday Cash Advance Loan
You can try to get a payday loan from your bank where your salary is deposited. Most banks allow their customers to do so, since they have the information on your direct deposited salary for underwriting. You will automatically pay back the bank when your next paycheck arrives. This can be a suitable short term loan, but you need to budget your next month expenses carefully. You may also want to compare rates against online payday loan lenders before taking the loan. Bank sanctioned payday cash advance may not be cheaper.
Peer-To-Peer Loans Online (Minimum Credit Score 640)
Prosper.com is the most well known example of online peer-to-peer lending. Here, a group of individuals can invest and pool their money and make loans to selected borrowers. To apply for a loan, you need to register at the website, complete an application and then wait for sufficient peer lenders to decide to make a loan to you. The waiting time can be quite long, thus if you need a $500 dollar loan in a hurry, forget it. The
minimum credit score to apply for a Prosper.com loan is 640, slightly lower than banks but higher than direct payday loan lenders. So if you know you have bad credit, you can forget about a peer-to-peer small dollar loan.
Credit Card Cash Advance (No Credit Check)
Most credit cards allow you to withdraw a cash advance from an ATM or bank. There is no credit check and many people find it convenient to borrow money. Note that credit card cash advances charge an initial fee of 3% to 5%, and there is NO interest free grace period unlike regular credit card purchases. Check the fine print on your credit card agreement - the interest rate for credit card cash advances can be 10% to 15% higher than purchases.
Pawnshop Loan (No Credit Check)
A pawnshop loan works like an secured loan - you need to put an item as collateral at the pawnshop and they will lend you up to a percentage of the appraised market value of your item. If you pay back the loan before the due date, you get back your item back. Otherwise, the pawnshop can sell off item to recoup their money. A pawnshop loan for $500 dollars has no credit check and you can choose not to pay back. There is no risk of accumulating debts. The main risk is that you can lose your collateral item.
Pay Using Credit Card
Depending on the purchase needed, you can put the bill on on your credit card directly instead of borrowing a loan. This is the equivalent of an interest free short term loan and you get some airline miles reward or cash back rebates from your card. Of course, it will be even better if you can payoff the entire credit card bill when it comes instead of just the minimum amount. The danger here is that many people end up carrying a credit card balance for a long period of time and that will cost more than a small dollar loan for 30 days.
Loans From Friends And Family
If you have a well off friend or relative, try asking for a private loan and do put the terms in writing. Your personal integrity and relationship is at stake here, so plan how to pay back the loan before asking. You can also offer some collateral such as your baseball card collection etc. You can find sample family loan contract templates online. Note that you will not be able to get another family name if your name is rotten. Keep your payment promises and you find it easier in future when you
need a 500 dollar loan with bad credit.
