Do you know you can apply for a small personal 500 dollar loan where you get approved in few minutes? What is a small personal loan? There is no right definition of this. But the words “small” and “personal” indicates that you are applying for a loan roughly $3,000 and below for your personal use.
A small loan is timely because it covers the gab in your income, covers small emergencies like car repairs. But no matter how urgently you need cash it is often good for you to compare your financing options before taking a loan.
Lenders hardly make profits from a 500 dollar loan and for this reason, such small personal loans are very hard to find. I have taken my time to research and bring up a list of lenders who charge an annual percentage rate 36% and below which is the highest and a loan’s APR should be. You can also read our review on 100 Dollar Loan Online With Fast Approval.
Today we will be discussing small personal 500 dollar loans, how to explore alternatives and compare lenders. Evaluate and assess lenders before you take a loan to ensure that the loans serves it purpose instead of making your financial life worse.
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Where to Get a 500 Dollar Loan (Small Personal)
Below is a list of institutions to get a small personal loan from
A credit union is a non-profit institution created to serve its members, and many of them look past your credit score to information like your relationship with the credit union to determine if you can take a loan and if you can, the amount.
Here are handpicked federal credit unions you can take small personal loans from, their loan rates, and amounts.
- First Tech Federal: their typical APR range can be from 6.70% – 18.00% and they can give you from $500 – $50,000.
- PenFed Credit Union: their typical APR ranges from 4.99% – 17.99% and their loan amount ranges from $600 – $35,000.
- Navy Federal: This is one of the few credit unions that goes below 500 dollars. Their loan amounts ranges from $250 – $50,000 and their APR ranges from 7.49% – 18.00%.
It is no story that not all banks offer loans and the ones that do, do not offer small personal loans. But if you are looking for a 500 dollar loan, there are two banks who would give you $1000 or less.
- Bank of America: its balance assist provides bank account owners loans from $100 to $500 with a flat borrowing fee of $5 and a three-month repayment plan.
- The US Bank: with the simple loan, you can take a loan between $100 and $1000 and repay in instalments in three months. The borrowing fee ranges from $12 to $15, with an APR of 77% to 81%. You must be a customer to qualify for this loan.
Online lenders are not ideal financial institutions to run to if you are looking for a 500 dollar loan because their loan amounts typically starts from $1000, and $2000 although a lot of them have higher starting amounts.
You apply for these kind of online and are funded almost immediately. A lot of online lenders offer pre-qualification, where your basic information is required during application, like your name, employment information, requested loan amount and reason for borrowing.
One of the few online lenders out there is Capital Good Fund. They offer loans less than $1000 with low rates. But these loans are available to some selected states and the loan amount can vary from state to state.
How to Get a 500 Dollar Loan (Small Personal)
If you have assessed yourself and what you really need is a small personal loan, here are steps to apply below
Assess Your Credit and Debts: Before you apply for a loan, do well to check your credit report to see if there are opportunities to improve your credit. No matter how much you wish to borrow, working on issues on your report can improve your chances of qualifying.
Pre-Qualify: It is important to preview loan offers to know what monthly payments could be on a personal loan. It is important you pre-qualify since it takes no much time and does not affect your credit score. It can even help you compare small personal loans.
Collect the Required Documents: Gather documents like your social security number, W-2s and pay stubs while applying because lenders often request from these documents.
Submit Application: You can submit your loan applications in person at bank branches or credit unions, but online with lenders. If your application is approved, you could be funded within a day to a week.
Avoid Predatory Small Personal Loans
Predatory loans refer to loans where the lender takes advantage of the borrower. These kind of lenders are referred to as predatory lenders and they impose lending terms that are unfair and abusive. A lot of payday loans are predatory loans with high rates, short terms, late fees and hidden charges. Imagine a 500 dollar loan due in two weeks with an outrages fee of $15 for every $100 and APR of 391%.
Predatory lender can be spotted easily. They do not check your credit, they require access to your bank account, they do not state the loan’s APR before closing. If you catch sight of such signals, it is better you stay off.
Do you need a 500 dollar loan? How about more? Do not worry! The above mentioned financial institutions will help you secure your small personal loans ranging from $200 to even $50,000 to cover day to day needs. Remember to access your income to see if taking such loans and paying back wouldn’t pose a challenge.
Do not forget also that there are predatory lenders out there looking for desperate borrowers who would fall victim. Be wary of phishing sites when applying for loans online. These kind of sites are fake sites made to look like the original where they let you put your personal details in other to scam you.