Life has a funny way of throwing $500 emergencies at you when you’ve got about $12.37 in your checking account. Car repair, surprise utility spike, last-minute birthday gift — whatever it is, all you can think is, I need 500 dollars now.
The good news? You’ve got options. The not-so-good news? Some of those options are not exactly the most financially sound decisions. Let’s break down the legit ways to get a $500 loan, how to qualify, and what to avoid so you don’t dig yourself into an even bigger hole.
MoneyLion offers a service to help you find personal loan offers. Based on the information you provide, you can get matched with offers for up to $100,000 from our top providers. You can compare rates, terms, and fees from different lenders and choose the best offer for you.
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8 best options and alternatives for a 500 dollar loan now
Depending on your credit, income, and appetite for fees, some of these will be better than others.
1. Cash advances
Cash advances give you a boost of funds against your next paycheck or through an app. With MoneyLion’s Instacash, you can access up to a $500 advance once you qualify without paying interest — and yes, even with bad credit. It’s not a loan, but it’s a way to get up to $500.
2. Personal loans (Bank, credit union, or online lenders)
A traditional $500 personal loan comes with a fixed repayment schedule, usually at lower APRs (annual percentage rates) than payday loans. Online lenders may approve you in 24 to 48 hours, while credit unions often have “credit-builder” loans designed for smaller amounts.
MoneyLion’s personal loan marketplace lets you easily compare personal loan options that fit your needs. You may be able to get same-day funding with some lenders, or even find flexible repayment options.
3. Credit card cash advance
If you’ve got available credit, you can swipe your way to quick cash. Just remember: credit card advances usually charge a fee (typically around 3–5% of the amount) and start racking up interest right away.
MoneyLion can help you explore a wide variety of credit card options tailored to different needs and preferences.
4. Ask your boss for an advance of your paycheck
Some employers will front you part of your paycheck if you’re in a bind. It’s not guaranteed, but it’s worth asking. If your company offers early access to wages through payroll providers, even better.
5. Explore peer-to-peer lending options
Platforms like LendingClub or Prosper match you with investors willing to fund your loan. Rates vary depending on your credit score, but you might snag 500 dollar loans for bad credit if you can show steady income.
6. Buy now, pay later
Need $500 for a purchase? Buy now, pay later (BNPL) programs let you split the cost into smaller installments through providers like Affirm or Afterpay. Be careful, though — missing payments can tank your credit.
7. Title loans
Got a paid-off car? Some lenders let you borrow against it. But beware: fail to repay, and you risk losing your wheels.
8. Payday loans (as a last resort)
Payday loans are generally a last-resort option. Sure, you can get $500 today, but APRs often approach 400%, according to the Consumer Financial Protection Bureau (CFPB). Fees, rollovers, and short terms make these loans risky. If you go this route, tread carefully.
Other alternatives to a $500 loan
Sometimes borrowing isn’t the smartest play. Here are alternatives if you’re wondering how to get $500 right now without a loan:
- Work a side hustle: Deliver with DoorDash, Uber Eats, or Instacart and cash out same day.
- Freelance gigs: Sites like Upwork and Fiverr let you sell skills fast.
- Odd jobs: Use TaskRabbit or local Facebook groups for same-day work.
- Sell stuff: Facebook Marketplace, Poshmark, or eBay can turn clutter into quick cash.
- Pawn shops: Less dangerous than payday loans, but you’ll risk losing the item if you don’t repay.
- Community help: Charities, churches, and nonprofits sometimes provide emergency aid for rent, food, or utilities (211.org is a great starting point).
👉 Need Money Now? 14 Fast and Easy Ways to Get Cash Today
Typical requirements for a 500 dollar loan
To qualify for most $500 loans, you’ll usually need:
- Active bank account – so lenders can deposit funds.
- Proof of income – pay stubs, 1099s, or bank statements.
- Legal age (18+) – basic requirement everywhere.
- State residency – especially for online or credit union loans.
Tips to improve your chances of getting a $500 loan
Before you hit “apply,” take a few smart steps that can boost your odds of approval and help you land a $500 loan with better terms.
Check your credit score first
Before applying for a $500 loan, pull your credit report through free resources like AnnualCreditReport.com or your bank’s app. Knowing your score gives you leverage: excellent credit may unlock low-APR personal loans, while poor credit could push you toward higher-cost options. If your score isn’t where you want it, MoneyLion’s Credit Builder Plus membership is designed to help you boost your credit with a Credit Builder loan and other credit building benefits.
Ask your bank or credit union
Don’t overlook your own financial institution. Many community banks and credit unions offer “small-dollar loans” designed specifically for emergencies like this, often with APRs capped well below payday lenders. Some even have programs for members with less-than-perfect credit, making them a safer bet than online quick-cash lenders.
Compare lenders
One lender’s $500 personal loan could come with a 15% annual percentage rate (APR), while another’s might be 200% once you add fees. That’s why shopping around is critical. Use MoneyLion’s marketplace to compare multiple offers side-by-side, paying attention to the APR, repayment terms, and any origination or prepayment fees. Taking 10 minutes to compare could save you hundreds in interest.
Borrow only what you need
It’s tempting to take a larger loan “just in case,” but more money means bigger payments and higher total costs. A $500 loan might carry a $20 fee, while bumping up to $1,000 could double your costs unnecessarily. Borrowing only what you need keeps your repayment manageable and helps you avoid falling into a debt cycle.
Considering a way to build your credit? MoneyLion can help by offering a free and convenient way to find offers from our trusted partners to help you improve your credit.
What to know before taking out a $500 loan
Quick cash can solve today’s problem, but before you sign anything, it’s worth knowing the hidden costs and risks that often come with a $500 loan.
Debt cycle risk
Frequent rollovers, or difficulty repaying, can trap borrowers in a recurring debt cycle with mounting fees and interest. Often these loans have short repayment terms which can also increase the risk of debt.
High interest and fees
Payday and quick-cash loans commonly charge extremely high APRs—often well over 300%, plus extra fees for late payment or renewal.
Credit and bank account impact
Missed or late payments may be sent to collections, damaging credit; direct access to your bank account increases risk of overdraft fees or aggressive withdrawal attempts.
Predatory practices
Some lenders will target financially vulnerable individuals with confusing fee structures, misleading advertising, or pressure to borrow more than needed.
Borrow Smart, Not Scared
A $500 loan can be a lifesaver — or a financial trap. Personal loans and employer advances tend to be safer bets. Payday and title loans? Only if you like living dangerously. Whatever route you take, know the risks, compare offers, and keep your long-term financial health in mind.
FAQs
Can you get a $500 loan with bad credit?
Yes. Options like credit union loans or peer-to-peer lending may approve you.
What are the options for getting a $500 loan?
Personal loans, employer advances, BNPL, and payday/title loans are the most common.
How long does it take to get approved for a $500 loan?
Cash apps and payday lenders can approve instantly. Banks and credit unions may take 1–2 business days.
Are there any restrictions on how I can use the funds from a $500 loan?
Usually no — lenders don’t monitor purchases. But loans are best used for essential expenses.
How to borrow $500 quickly?
Go for a side hustle with instant cashout, or ask your employer for an advance.
