Nearly one in three U.S. consumers have bad credit.¹ Luckily, there are a few different loan options available if you need a $500 loan without a credit check.
Your options typically include personal installment loans, payday loans, pawn shop loans, title loans, and more. But keep in mind that credit checks serve an important purpose in the loan process. And getting a $500 loan amount with a bad credit score isn’t always easy.
If you can get approved, just remember, quick cash isn’t always safe cash.
Types Of $500 Loans
Unfortunately, there are some predatory lenders that advertise no credit check loans for $500 in order to take advantage of low-credit borrowers in need. Below are a few of the most common options for borrowers with low credit to get a quick cash $500 loan:
$500 Payday Loans
A payday loan is a very short-term quick cash option. Borrowers take out a small amount of cash based on the promise to repay it within two weeks, or by their next payday.
The interest rates for payday loans are usually rather high, which makes repaying them difficult in such a short period of time. That being said, you can usually get $500 worth of cash without a credit check if you find the right lender. And even though 500 dollars may not seem like a lot, sometimes it’s just what is needed to cover an unexpected cash emergency.
Getting a $500 cash advance, no credit check, or a payday loan with no credit check could end up costing you a lot of money in the long run.
$500 No Credit Check Loans
No credit check loans would be any loan that does not require you to submit to a credit check in order to receive the loan. Many short-term loan options offer no credit check loans. These are usually meant for borrowers with less-than-perfect credit scores, since they can’t get loans from traditional lenders like banks and credit unions.
While you may be able to find a no credit check loan and get approved, make sure you thoroughly understand the terms and conditions before agreeing to one.
$500 Title Loans
This is a secured loan meaning it requires collateral to be approved for $500 cash. The collateral will be the title of your vehicle. That means that if you can’t repay the loan, the lender is legally allowed to seize your vehicle and sell it to recover their money.
These loans can provide you with quick cash if you’re in need, but you’re risking the loss of your vehicle. Many title loans may offer more than $500 cash for your loan amount, but it will depend on the value of your vehicle and their other eligibility criteria.
$500 Pawn Shop Loans
A pawn shop loan is similar to a title loan, but on a smaller scale. It’s still a secured loan meaning you’ll need to offer up collateral to get cash. The collateral in this case could be any valuable item that the pawn shop will accept. But it’s the same situation as a title loan, and if you can’t repay the lender will keep your item.
Most pawn shop loans don’t offer much cash, so it may be tough to get a $500 loan amount. If you do get the cash and loan amount you need, make sure you’re aware of the repayment terms before signing a loan agreement.
Many borrowers with a poor credit score can still get one of these loans, since the cash is secured with a valuable item. But specific eligibility criteria will depend on each lender’s policies. Just don’t expect much cash or a large loan amount unless you’re willing to give up a very valuable item.
$500 Personal Installment Loans
This is usually seen as a good alternative to the quick cash 500 dollar loans mentioned above. It’s unsecured so you won’t need collateral, you can get more cash depending on the lender and your credit history, you have a longer amount of time to repay it (several months, up to a couple of years in some cases) and oftentimes a better rate of interest.
$500 Bad Credit Loans
A bad credit loan is one that caters to borrowers who have low credit scores and poor credit histories. For these borrowers, getting a loan from a bank or credit union isn’t always possible. They might even have a difficult time being approved for a credit card. In these situations, there are lenders who can still offer them the money they need.
Banks and credit unions tend to have more strict eligibility criteria than certain poor credit lenders. This means that they will review your credit history very carefully before making a loan decision. And poor credit tells them that you may not be able to pay your debts on time.
Many of the loans listed here could be considered bad credit loans. No matter which ones you choose, read the eligibility criteria and repayment terms very carefully.
$500 Cash Advance Loans
Cash advance loans, sometimes called payday loans or payday cash advance loans, function the same way that a normal payday loan does. When a borrower submits a loan request and is approved, the lender offers the borrower a small amount of money that is then repaid on the borrower’s next payday, usually within two weeks.
The repayment terms and eligibility criteria will usually be the same for a cash advance as it is for payday loans. A cash advance and payday loans are essentially the same loan product in most cases.
A Word From CreditNinja if You Want a 500 Dollar Loan
If you have bad credit and need a 500 dollar loan in your bank account, you may be looking for lenders with good repayment terms that offer cash without credit checks. But no credit check loans typically come with excessive interest rates and fees. Consider all of your loan options and read the repayment terms and conditions of a loan offer before accepting.