500 Dollar Loan
Learn the basic criteria that you need to meet in order to get a 500 Dollar Loan. Also pay attention to state laws.
What is a 500 Dollar Loan?
500 Dollar Loan is a simple and convenient financing option for people who need emergency financing before payday. Even if you have a bad credit history, you are eligible to apply.
A loan is a short-term solution to your problems, so you need to repay the debt within 30 days. Payday lenders do not require a traditional credit check as the main factor affecting the approval of an application is a regular monthly source of income. Also, Payday loans are unsecured so you don’t need to provide collateral.
Why are people applying for a 500 Dollar Loan?
Despite the fact that 500 Dollar Online Loan is a simple and convenient financing option, it is recommended to use it only in an emergency. Explore the main reasons why people need a 500 Dollar Loan:
- Emergency medical expenses
- Car repair
- Urgent purchase
- Payment of utility bills
- Buying food
How do you qualify for a $ 500 Dollar Loan?
Each state has its own eligibility criteria that must be met, but the main ones remain the same:
- Age. You must be 18 (19 in some states)
- Citizenship. Only US citizens or official residents are eligible to apply.
- Government issued ID or driver’s license.
- An active bank account.
- Income. You must provide proof of regular monthly income.
- Contact information such as phone and email
Please be aware that eligibility criteria may vary depending on the state of residence and the lender chosen.
How Much does a 500 Dollar Loan cost?
$ 500 Loan is an expensive financing option, which is why it is recommended to use it only in an emergency. Oftentimes, you will have to pay between $ 15 and $ 30 for every $ 100. Examine how much you will need to return if you will face the minimum and maximum fees:
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Thus, with a minimum $ 15 fee, you will have to overpay $ 75 for a $ 500 Loan. If you receive a $ 30 fee, the overpayment will be $ 150.
Many sites offer an online calculator where you can calculate potential APR and fees. The calculators are quite simple to use, you need to enter the loan amount and repayment terms. Below you can see an example of a $500 Loan Online calculator:
How does a 500 Dollar Online Loan work?
- Choose a lender. Compare offers from different lenders, pay attention to their fees and comissions. This way you can find the best deal.
- Submit your application. Visit the lender’s website and fill out a simple online form. You will be asked to provide basic information about yourself, such as name, address, and income information.
- Wait for approval. Lenders respond to applications almost instantly. If you are approved, the lender will contact you to discuss the terms of the loan.
- Get some money. The loan amount will be transferred to your bank account within one business day.
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