500 Dollar Loan With Instant Approval – Fast Solution To Temporary Financial Problems
Our website collects as much information as possible about a 500 dollar loan. Hope, it will be useful for you when you find yourself in a reduced circumstances.
Table of contents
- What is a 500 dollar loan issued in Illinois?
- How does a $500 loan work?
- How can I use a $500 payday loan?
- Eligibility criteria for a 500 dollar loan
- Is it possible to be denied a 500 dollar loan?
- How fast can I get a payday advance?
- The procedure of getting 500 dollar loan
- How can I increase my chances of issuing a 500 dollar Loan?
- Is $500 a limit I can apply for?
- Where should I apply for extra $500 loan?
- What is the easiest way to get a $500 loan?
- What types of 500 dollar loans can I apply for?
- Why to choose $500 dollar loan?
- How to get 500$ loan with bad credit?
- Is a payday loan equal to $500 available for students?
- What is the benefits of small-dollar payday loan over bank loans/credit cards?
- What is an online calculator for defining loan terms and rates?
- Are there any promotions offered by lenders in 2022?
- FAQs about small-dollar loans in Illinois, IL?
- Key points to keep in mind
A 500 dollar loan issued in Illinois is a loan for a small amount and a small term lending product. The main and probably the only advantage of such a loan is the speed and ease of its issuance. You will only need an ID to get a small loan, while large banks will ask for various certificates from the place of work, etc. It is worth taking out a small loan only if there is an emergency. The loan is issued at a rate of 1-2% a day, which will be at least 365% annually.
A $500 loan can be issued without leaving home. It is enough to fill out a small online application, after which you will get favorable lending offers, accept one of the offers. The funds will be deposited wfrom 2-24 business hours. It is possible to receive funds to any payment system: to a bank card, bank account, online wallet or in cash.
It is possible to receive funds in cash at the branch, but you need to take into account the operating hours. In this case, you will not receive the money at any time of the day. Delays should not be allowed, since a payday lender can increase the rate of accrual for overdue days, and also withdraw an extra penalty.
The mechanism of issuing a short-term is very amazing and profitable. All that is required of you is to carefully read what is written in small print.
In cases when money is urgently needed, you have a bad credit history or you do not work, but not officially-reported, a 500 dollar payday loan can be an excellent alternative to a bank loan.
Online lenders issue small loans for up to 1 month, the loan amount can be up to $1,000, and the percentage for use is 1-2% per day. After making simple calculations, we get: 30 – 60% per month and 360 – 720% per year. While banks issue loans at 20-30% per annum.
But the expediency of the interest rate in online lending services is easily explained. The target audience applying for cash advance is sometimes very specific. Those who are denied loans by banks go to online lending services. It is the increased interest rate that compensates for the risks of payday lenders with a large number of unpaid loans.
$500 payday loans do not have any limitations on how you spend your money. But we recommend issuing small-dollar loans only for emergency/urgent expenses like medical bills, auto repairs, utility payments, rent, groceries, or other important things.
Small payday loans include loans for which the funds received can be spent only for personal needs. This may be the purchase of goods (furniture, household appliances, clothing) or payment for services (treatment or training).
500 dollar loans are non-targeted ones, that is, funds can be spent for any purpose. Let’s figure out what is the difference between a targeted loan and a non-targeted one.
What is the difference between a targeted and non-targeted loan?
The key difference lies in how exactly the borrower can dispose of the money received. If the bank has approved a target loan to an individual, the client has the right to spend the money received only on a specific purchase.
One of the most popular targeted loans is a mortgage, and also an auto loan. Another type of targeted loans is also very popular among borrowers – for the purchase of strictly defined goods.
The criteria set by lenders (they are almost similar) are not strict. Every client should meet the following points to qualify for a small payday loan:
- have a personal bank account;
- be at least 18 years old;
- have a valid email address and phone number;
- have a stable income;
- be a U.S. citizen or permanent resident.
In the understanding of most citizens, everyone can count on issuing a 500 dollar loan. Taking into account the terms of such contracts, payday lenders do issue funds to almost everyone. But refusals still occur. There are a number of reasons for them.
Bad credit history
Credit history is not a determining factor when deciding whether to issue cash advance. But not all companies ignore it. Too many negative entries will alert almost any lender. If a client has not previously performed his duties, it is unlikely that he will perform them again.
There is no general concept of a bad credit history. Each lender evaluates it in its own way. The requirements for issuing small loans are significantly lower than when taking out a bank loan, but they are still available.
No credit history
The complete absence of a credit history can also be a reason for refusal. It is impossible to make forecasts and assess client’s solvency. Therefore, the first loan is most often issued on the most unfavorable terms.
Transactions are not concluded with persons under the age of majority. Some lenders set a higher age threshold, including online payday lenders. For example, money is given to persons over the age of 21. This is necessary, since at the age of 18, not all citizens are fully aware of their actions, are able to plan a budget and competently conduct their financial affairs.
The upper age limit is also limited. Despite the fact that a payday loan is more often issued for a short period, few companies will give money to an 80-year-old citizen.
Signs of inability
The contract must be executed with a fully capable person. If the creditor has suspicions, he has the right to refuse to issue money. Such a refusal can be challenged by proving the absence of restrictions.
Not all documents collected
To issue a 500 dollar loan, you do not need the same large package of certificates as when applying for a bank loan. But some need to be provided. For example, an ID, an income certificate and a second identity document. The absence of at least one document will be a reason for refusing to sign an agreement.
Absence of permanent registration
It will be much more difficult to find a citizen without registration. Therefore, it is more difficult for them to issue a quick small loan. Not all companies refuse, but the chance of getting borrowed money decreases.
Once your loan has been approved, some lenders can deposit the funds into your account within 15 minutes, although the process can take up to 3 business days, which is completely dependent on your bank operation.
Can I get a loan on the same day?
Lenders may approve you for a loan and transfer the borrowed funds within the same day. The entire process of applying and getting deposited could take maximum 24 business hours. Some credit unions offer same-day options.
Taking out an instant 500 dollar loan is a simple and fast procedure that takes no more than 5 minutes. Only an ID and a bank card will be required. If you need to receive a larger amount than a standard small loan, you may also need an income certificate and a confirmation of your working activities. Some categories of citizens are asked to present a student ID or a pension certificate.
You will need to take several steps to get a $500 loan to the card:
- Choose an online lender and go through the registration procedure on the website by filling out a short questionnaire.
- Choose the terms for taking an instant loan: the amount, the repayment period of, the interest rate.
- Confirm the request.
- Wait for the code and enter it in the appropriate field on the website. It is equal to signing a contract with a payday lender.
- You can take out an urgent loan only on a valid personal bank card. The service is available to citizens of the United States. The standard loan term varies from 7 to 30 days, but other options are also possible.
Depositing extra cash to the card takes place within minutes — that’s why payday loans online are called instant. Taking money is possible at any day and time of the day and night.
If you encounter any difficulties when issuing a 500 dollar loan, you can contact the lending support service. Assistance is provided around the clock by phone or through live chats. You can also ask the support service employee questions concerning the terms of your loan – perhaps he will help you choose the most profitable and convenient offer.
The main and additional criteria to increase the chances of a a 500 dollar loan are as follows:
- Age. Any citizen of the United States who has reached the age of majority can apply to our microfinance organization. The lender does not set any other age restrictions on receiving money. This is the main feature that distinguishes such structures from banking institutions.
- Income. Most banks, before issuing a loan, study the financial condition of potential borrowers. That is why, as a rule, pensioners and people without an official place of work, in most cases, are refused. Online lenders use a completely different approach and issue small loans even to temporarily unemployed persons. Another significant difference: microfinance organizations do not require to collect a huge package of documents. You can safely ask for any amount in the range of $100-$1,000, with a maturity of 30 days.
- Credit history. This is the main criterion that has a strong impact on receiving a refusal to approve the issuance of borrowed funds. The study of the borrower’s financial situation, information on the timeliness of repayment of previous debts, the territory of service and the amount of debt: all these data are stored in the archives for 10 years and affect the final decision. But lenders issue loans even to customers with a bad credit history, primarily because it is much easier to repay a small amount of debt.
- Documents confirming income. Any bank always makes a decision based on the official income of the borrower. Another important nuance: it is better to get a loan where a salary card is issued. Many banks have special loyalty programs for income card holders, where special credit terms are provided. The payday lender will not require you to bring documents confirming the fact of regular receipts from a potential client. By contacting the lender, it will be easy to issue a short-term loan online without unnecessary references.
- Work in a well-known company. Another plus for the client in the loan approval process is working in a large company. But the fulfillment of labor obligations under a contract for private entrepreneurs, on the contrary, raises certain doubts.
- Additional earnings. Do you want to increase the chance of approval? Then do not forget to indicate your additional sources of funding. The confirmation can be statements of accounts, properly executed contracts.
- Surety. In order to get a loan, it is often necessary to attract guarantors. At the same time, the guarantor must be ready to come personally to agree on the details.
- Deposit. Another option to increase the loyalty of the lending institution is to agree to the execution of a pledge agreement, which will act as a guarantee of credit obligations’ repayment. For many banks, the client’s consent to take money as collateral indicates the seriousness of intentions and honesty in business relations.
The minimum loan amount is $100, the maximum is $1,000. But not all companies will be ready to take out such an amount for the first time. If you are looking for a quick loan of $500, then, most likely, it will have to be issued in several organizations in parts and separately.
The higher the amount of the short-term loan, the more likely it is that you will be asked for additional documents. This can be a passport or bank statements for several months. You can even get a discount on your first loan.
In most cases, 500 dollar loans are issued by special payday lending services and non-bank lenders. However, banks also often offer small loans to their customers. In addition, you can apply for a loan in large online lending services, or take out a micro-loan on a credit card.
When a difficult financial situation arises and money is urgently needed, many choose an urgent loan. In order to cope with financial problems, there is always an opportunity to use the services of a loan aggregator service. It itself does not provide financial services. At the same time, it collects and catalogues information about direct lenders. You will be able to read reviews, which will help you make the right decision.
Thanks to the online aggregator/referral service, you can significantly save your precious time. You will not have to surf the Internet, look at different sites with offers and study, compare them. You will be able to find on one site what you need and what is most beneficial for you. Thus, you have the opportunity to quickly, safely and profitably solve the financial problems that have arisen.
The aggregator collects a lot of information about all relevant payday lenders, provides an opportunity to independently assess how appropriate it is to apply for a loan in a particular service.
After all, the terms that organizations provide may be completely different. And it is important to choose the most profitable. ⠀
Using 500 dollar online loans through the aggregator website, you get a lot of advantages. In order to get the opportunity to get rid of money difficulties forever, now you don’t even have to leave the house. Thanks to modern technologies, it is possible to easily get a loan online, as a result, you will spend a minimum of time.
Each borrower has its own criteria for determining an “easy loan”, but there are generally accepted ones — this is the absence of additional documents and the waste of a minimum amount of time. You can get a loan that meets these criteria only in online services that are engaged in providing remote loans to the card and in other ways. Issuing a loan via the Internet requires the borrower only to have a passport, no additional documents are needed. But when receiving a cash loan, the office may require a second identity document.
Remote registration of the application and receipt of money takes an average of 30 minutes. Taking out a cash loan in the office will take at least several hours, including the preliminary filling out of the questionnaire on the website, the way to the nearest office, re-filling out the questionnaire, checks, waiting for a decision, etc.
For example, it is much easier to take cash advance online with a scoring check than in those companies where the borrower’s chances of receiving money are assessed manually. Due to scoring, consideration of the application lasts several minutes, but not 30-60 minutes, as in other organizations with the common manual verification.
There are several alternatives to consider before you take out a payday loan:
- Your local credit union: they provide straightforward and affordable financial products;
- Sell your unwanted item;
- Reduce your monthly spendings to avoid the payday loan trap;
- Ask friends or family for help;
- Salary advances: there are some companies who work with employers to offer advances on salaries, which can then be paid back at an agreed rate;
- Bank overdrafts.
Among the indisputable advantages of this credit product there are:
- Minimum requirements for borrowers. To issue a loan, the client must have an US citizenship and be over the age of 18. There are no requirements for the borrower’s employment and income.
- Approval only by an ID. Online direct lenders do not require the provision of documents confirming income and employment.
- Loyal attitude to the credit history. Borrowers can apply for a loan even with open delinquencies.
- Quick review of applications. Credit institutions make a decision to issue a loan within a few minutes.
- Issuing a loan without collateral. To receive money, it is not necessary to provide property as collateral and look for guarantors.
- The possibility of registration online. To borrow money, it is enough to fill out a simple application on the lending website and wait for approval. Borrowed funds can be obtained without visiting the office.
- A wide range of ways to issue loans. Microfinance companies transfer money to bank cards and electronic wallets of borrowers. Also, extra loans can be issued in cash at the offices or at the points of payment of money transfers.
- High probability of approval. About 98% of loan applications are positively reviewed.
Thanks to the loan processing, the client can not only receive the necessary amount in the shortest possible time, but also improve his credit history. The fact is that lenders, just like banks, transmit data on each borrower to the credit bureaus. If you take out a payday loan and repay the debt in a timely manner, then this will have a positive effect on the client’s report. To improve the credit history, this procedure will have to be done more than once, but in the future it will allow you to get approval for a bank loan.
By contacting the bank to obtain a loan in the presence of a negative credit history, you can safely count on rejection. Financial institutions are very reluctant to contact the owners of a bad credit rating. This situation is associated with increased risks of non-payment of the loan by the borrower.
One of the solutions to the current situation can be re-borrowed in another financial institution to repay previous debts.
Many lending services are ready to assist in obtaining loans to repay existing debts and thereby contribute to improving credit history. Moreover, to receive a credit amount, only a passport, an identification code and a payment card are required.
Pay off existing payments on time with the help of such credit services. Improving the credit history will allow you to safely apply for credit funds to any financial institutions, without fear of rejection.
Of course, it is better not to take out a loan at all if you are not sure that you will be able to repay it on time. This will avoid fines, payment of increased interest, as well as the loss of collateral and the involvement of guarantors in resolving the current situation.
How to improve your bad credit history?
You can improve your credit history only through timely repayment of loans.
It is possible to repay the loan within the specified period both in cash and by non-cash payment method. Cash payment is made by contacting a branch of any bank. All that is required of you is to inform the cashier of the payment details, the contract number and deposit the loan repayment amount.
In your personal account, you can make a non-cash payment on a valid loan. Internet banking, to which the payment card is linked, allows you to make a loan payment.
It is always difficult for young borrowers and students to get a loan. Banks are picky about them, set strict requirements, age restrictions. Microfinance organizations operate differently. They are ready to issue a loan to students almost without refusal, lend money at any age, regardless of circumstances.
Features of 500 dollar loans for students
Lenders issue small loans. Due to the low limit and fast return, loyal terms are formed. Students, pensioners, citizens with a bad credit history can receive money.
A student loan is a loan with a limit of up to $500, for the return of which a period of no more than 30 days is set. The exact amount and repayment period is chosen by the borrower himself when filling out an online application. The whole process of registration takes place remotely, you can get money even at night.
What you need to get a student loan?
The package of required documents includes only an ID or a driver’s license. Some credit companies may ask you to additionally specify the SSN or TIN.
Basic requirements for borrowers:
- the student’s age is from 18 or from 21, each service has its own criteria;
- only students of the United States;
- a permanent residence permit is required;
- the borrower should have a source of income.
An important point for students is income. All creditors consider the solvency of the applicant and approve applications only to those who can safely repay the loan.
As a source of income, you can specify an official or unofficial income, a scholarship, benefits. If a student earns extra money, it can be considered earnings. When considering, all income items will be taken into account. Online payday loans are issued to students even without work, if they receive payments from the state.
Thanks to the online lending services, almost anyone can get a payday loan to the card in a simplified manner and in a short time, usually within 10-15 minutes. At the same time, you do not even need to go anywhere — all the procedures for filing an application, verifying the identity of the applicant, signing an agreement, etc. are carried out remotely. Banks, as you know, do not provide such terms.
How are a 500 dollar loans better than a bank loan?
A 500 dollar loan can be considered as an alternative to a bank loan. It is advisable to apply to online lenders if you need a small amount of money ($100-$1,000) right now. Most microfinance organizations work even at night, so applications for money can be sent around the clock.
Here are other advantages of online lender:
- in some organizations, you can get more money if you leave a car title as collateral. An online loan secured by a title is a great opportunity to get a large amount of money, but at the same time continue to use the car;
- to get an online loan, you do not need to collect certificates and documents. Only an ID is needed, or rather a copy or photo of it. When submitting an application, you will need to upload it to a special form on the lending website;
- online lenders are loyal to checking credit history. If you have had small delays in paying debts in the past, then the organization will usually turn a blind eye to this. The bank may refuse to issue a loan for this;
- another advantage of short-term loans is the ability to extend the term of the loan. To do this, you need to pay a small amount of money (the amount depends on the amount borrowed).
What are the differences between online lenders and banking institutions?
Despite the fact that both online lenders and banks are participants in the same financial market, the principle of operation of payday lenders and bank is very seriously different. Among the main differences in the activities of the credit institutions under consideration are:
- The amount and duration of the loan. The most common size of microloans is $100-$1,000 for a period of two weeks to a month. Banks offer the possibility of obtaining larger amounts, and the duration of the loan agreement ranges from 3-6 months to several years;
- The procedure for issuing money. Online lenders are ready to issue a payday 500 dollar loan to almost any client, even a problematic one. As a result, people without jobs, who have overdue debts to other financial organizations, etc. can receive money. At the same time, it is almost impossible to meet bank’s requirements that do check the credit history of a potential client;
- The interest rate. Quick 500 dollar loans are much riskier than bank ones. The logical consequence of this is compensation in the form of a noticeably higher rate. Even after the introduction of legal restrictions, its size can reach up to three times the amount of the loan issued.
The online calculator will help you quickly calculate the total amount of loan repayment and the total amount of interest, as well as generate a loan repayment table. To calculate, you need to enter the amount of the small lending option, the term in days and the amount of the interest rate for one day of using the loan.
Advantages of the online loan calculator
If you set yourself the task of studying and calculating loan offers from all banks, then it will take a huge amount of time and effort: you need to call, visit bank branches, or search for information on official websites. And until recently, there was no alternative to this method. And without such a study, you should not apply for a loan in any case: you can lose a profitable offer without simply noticing it, or, even worse, get into the most unfavorable situation. The main advantage of the loan calculator is precisely that it helps to save both time and money.
In addition, if you want to calculate a loan, the calculator will help you get the following information:
- a suitable loan amount for you;
- the loan repayment period that is right for you;
- the most favorable interest rate;
- the corresponding amount of the monthly payment;
- the share of the monthly payment going to the repayment of the principal and the repayment of interest.
All this helps to choose exactly the loan that will be able to be paid back, and which will really be the most profitable (the calculator itself selects the best options from all existing ones). Most calculators also allow you to find out the terms for early loan repayment.
To attract new customers, payday lenders arrange various promotions and provide loans at reduced rates, even for borrowers with poor credit rating and delinquencies.
Why do payday lending services arrange promotions?
A discount on the rate in a microfinance organization is a discount on the base interest on the loan. As a rule, it is available as part of special loyalty programs for regular customers or by promo code.
These offers are being developed to attract new interested parties and maintain cooperation with regular customers. According to recent research in the field of psychology and advertising, even minor privileges can push a person to apply to a particular company.
That is why many microfinance services offer favorable terms for loans, arranging all kinds of discount promotions for different categories of borrowers.
The main advantages of issuing loans with discounts and promotions
- The very first plus is the opportunity to save on interest.
- Remote application, which eliminates the cost of effort and money for a personal visit to the office.
- The ability to send a request and immediately receive money at any time of the day. If borrowed funds are needed at night or on a holiday, when all banks are resting, you can safely get the right amount.
- Availability of loans. Online lenders work with all categories of borrowers, including the unemployed and those with damaged credit history.
- Various ways to receive funds.
- High probability of approval – reaches 99% in some companies.
- The opportunity to improve your credit history and raise your credit rating with the help of timely repayment of payday loans.
- All possible repayment options, including remote ones.
First, you need to clearly understand whether you really can’t do without this money. It is also important to calculate whether you will be able to return them on time and not ruin your credit history.
Secondly, you need to carefully choose a company. It is worth looking for a company in the state register of MFIs. This way you will protect yourself from “black creditors”. And they are definitely not worth dealing with. It is also necessary to check the lender according to the warning list, illegal creditors.
Thirdly, it is worth comparing interest rates and, in general, the terms of the contract in different companies. It is necessary to carefully study the terms for additional services that the lender can offer, but does not have the right to impose. It is better to study the reviews about the work of the organization, so as not to encounter problems when interacting.
Fourth, you need to check the full cost of the loan. It is indicated in the contract on the first page in the upper right corner. This is the amount that needs to be returned in the end. If it is more than you expected, specify why it happened. It may have included additional services that you did not agree to.
Fifth, such a loan belongs to “fast” money with a high daily interest rate. Therefore, you need to return them on time and use them for a short time and only if there is an urgent necessity.