Get Approved for 500 Dollar Loan No Credit Check

An Option for Bad Credit Borrowers for Instant Money Approval

 

500 Dollar Loan – An Introduction

 

Are you hard-pressed for cash and don’t have a contact you can dial and ask for a small “favor?” It’s perfectly reasonable not to rely on family & friends for bailouts in financial emergencies.

Fortunately, you can request loans from online companies. A $500 loan is usually a payday loan also called a cash advance loan. Here is all you need to know about this option, so you can proceed with certainty:

Two loan options that will put $500 in your hands fast

1) Short term installment loans

 

If you’re looking for a 500 dollar loan with monthly payments, your best bet is a personal loan. Opting to pay your loan in installments makes it manageable. However, only a few loan companies offer $500 personal loans. The minimum amount you can qualify for is usually $2000.

2) Payday loan

 

This short-term credit option has an average term of 14 days with a maximum term of 30 days. The amount you can borrow is up to $1000.

Borrowers who establish good relations with lenders get to borrow up to $1500. However, payday loans tend to face heavy restrictions. You might not be able to borrow more than $300 in a state like California. Fortunately, other alternatives may be offered in place of a payday loan such as a line of credit.

Who can borrow this 500 dollar loan?

 

Well, anyone can borrow such as a loan provided it’s offered in their state. It’s also tailored to borrowers with poor credit. In their case, they can’t access loans from banks. You should seek out this option if you’re sure that after receiving the cash you can pay back the lender on-time, usually on your next payday.

Other options that give you $500

 

• Line of credit: The lender opens a “line of credit” for you. For instance, if it’s $500, you can withdraw several times up to your limit. If you only utilize $300, you’re charged interest for this amount only.
• Auto loans: You need a car title. The lender assumes “ownership” of this title until you pay what you owe, failure to which, you lose your vehicle.
• Pawn loans: Pawning a high-end electronic gadget like your new phone might give you $500, but at the same time, you’re going to get inconvenienced because the item must remain at the pawnshop.
• Home line of credit: It’s suited for large purchases and not what a 500 loan should cover.
• Credit cards: They are only applicable if you need cash for purchases.

“No credit check” explained

 

Your friend wants to borrow some cash from you. Would it be great if you can obtain a record of how they have handled prior debts? Such information might help you predict the likelihood of receiving your cash back.

A credit check works in the same way. The lender will view your credit report. There are three main credit reporting agencies in the US that maintain a history of all your credit accounts.

Most lenders for short-term loans are not interested in taking a deep look into your credit history. They don’t mandate hard pulls on your credit report like banks. Instead, they carry out a soft credit check that never hurts your scores. “No credit check” means that the lender will not conduct a hard pull when you apply.
Requirements to meet before submitting in your loan application
To get your loan processed quickly, the lender asks for banking, personal, and employment information required to qualify you. The application info may include your social security number, pay frequency, state of residence, monthly earnings amount, bank account routing number, employer phone number, etc. This info is used to make a loan offer to you after the lender determines that:

• your earnings are sufficient and stable;
• you are at least 18 years old;
• you are a US citizen or permanent resident;
• you are capable of paying loan installments;
• you have a bank account that can receive a direct deposit.

No Credit Check Payday Loan Application Process

 

The process starts with submitting your application. You then get pre-qualified. The lender informs you of the loan amount. The lender also prices the loan by giving you the interest rate.

During loan processing, the lender might ask for additional documents to verify your income amount. Most lenders are fast and could give you the final approval decision in less than an hour. Funds are then sent to your account via ACH payments. It takes an average of 24 hours or less for the funds to reflect in your account.
Pros and Cons of $500 No Credit Check Payday Loans

Pros Cons
Fast turnaround times. With credit availed in less than 24 hours on average. Some borrowers struggle with paying off cash advance loans of $500 in one lump-sum payment
Soft credit checks don’t impact your credit scoresPayday loans are not accessible in all states.
Suited to borrowers with bad or poor creditSome might feel that 500 is not enough
They are easy to pay off because of the small-dollar amountThe interest rates are high

Tips on Choosing a Direct Lender

 

• Compare the APR rates being offered. You need to submit your application first.
• Avoid loan companies asking for initial processing fees or down payments. They may not be genuine.
• Deal with direct lenders. The lender must explicitly state in their lending policy that they originate and service the loan.
• Don’t feel pressured into signing a loan agreement. Being coerced into a loan agreement takes various forms such as being told that will you miss out on a lower interest rate if you don’t act now.

Find your next 500 Dollar Loan in less than 10 Minutes

 

Five to ten minutes is the time it will take you on average to complete a loan request form. You could use these ten minutes to complete one form on one website before moving on to another site. Now, this is not ideal. You will waste a lot of time and get a few loan offers.

On Just Right Loans, fill out one loan application form that’s sent out to no credit check payday lenders in our network. It saves you time and helps you to compare loan products. Start this journey by clicking the “GET STARTED,” button after filling out the short form on this page.