How To Get a $500 Loan: Steps To Qualify and Where To Get One

You can get $500 fast in many ways — cash advance apps and short-term loans, like payday loans. Those can be costly, though, with fees between $0 to $75 and up to 400% APR on payday loans. You can find lower-cost options with a credit union loan or a paycheck advance.

Key Takeaways

• You have several ways to get $500 fast, including cash advance apps, paycheck advances, credit union loans, personal loans and credit card cash advances. The right pick depends on how quickly you need the money and what you can afford to repay.

• Payday and title loans should be a last resort since payday APRs can approach 400% and title loans put your car on the line. Lower-cost options like earned wage access, credit union PALs or peer-to-peer loans usually cost far less and may have fewer tradeoffs.

• Before you borrow, compare total cost, repayment terms and fees across at least two lenders. If you can skip the loan entirely, try a same-day side hustle, sell unused items or check 211.org for community aid.

Summary generated by AI, verified by MoneyLion editors

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.

1. Cash Advances

You can get a cash advance through an app. You can also use earned wage access services. Services like MoneyLion Instacash® can help you access up to $500 of your hard-earned cash with no interest, credit check or mandatory fees*.

• What it is: Use an app to get an advance on your pay.

• Speed to cash: Instant and up to 1 day

• Typical fees or APR: No interest; tips are optional, but there may fees for instant or express delivery

• Credit check: None

• Best for: For short gaps where you need quick cash

• Risks: Avoid using too frequently so you don't become reliant on the option.

2. Personal Loans

Unlike a cash advance, a personal loan is often better for borrowing larger amounts, like $2,000. However, some banks will give smaller loans.

• What it is: You receive a lump sum of cash that you repay over time, typically in monthly installments.

• Speed to cash: 1 to 3 business days

• Typical fees or APR: 6% to 36%, with origination fees

• Credit check: Yes

• Best for: Those who need a predictable fixed payment schedule.

• Risks: If you have a lower credit score, you may only qualify for higher annual percentage rates (APR).

3. Credit Card Cash Advance

Although it's extremely expensive, you can get cash advances from your credit card. You'll usually have to pay a 3% to 5% fee upfront, then 25% APR until you pay the advance back.

• What it is: You withdraw cash against your credit limit.

• Speed to cash: Instant

• Typical fees or APR: 3% to 5% fee, along with interest. APRs could be as much as 30%.

• Credit check: No

• Best for: If you have a credit card and need quick cash and can repay it fast.

• Risks: There's no grace period, so interest begins accruing as soon as you withdraw. There may also be ATM or transaction fees.

MoneyLion can help you explore a wide variety of credit card options tailored to different needs and preferences.

4. Get a Paycheck Advance

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.

You can also use earned wage access (EWA) programs to access your pay early.

• What it is: You can get access to your wages ahead of payday, either through your employer or an EWA app.

• Speed to cash: 1 to 2 business days

• Typical fees or APR: There may be optional tips or fees for instant transfer.

• Credit check: No

• Best for: To cover a short-term need for funds, without accruing high-interest debt.

• Risks: Avoid relying on this too often.

5. Peer-To-Peer Lending

Peer-to-peer lending is when 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 loans for bad credit if you can show steady income.

• What it is: You can borrow funds from individuals, rather than banks or traditional lenders.

• Speed to cash: 1 to 5 business days after getting approved

• Typical fees or APR: APRs may be between 6% to 36%, along with origination fees that could reach up to 8%.

• Credit check: Yes

• Best for: Those who want to compare their different options and can qualify for better rates.

• Risks: You aren't guaranteed approval, plus the fees may be costly.

6. Buy Now, Pay Later

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.

• What it is: You can pay back purchases over time with smaller, regular payments.

• Speed to cash: Instant

• Typical fees or APR: Often you'll find plans with no interest if paid back on time. There may be late fees or interest charged on any missed payments.

• Credit check: Soft credit check

• Best for: Those who want to split the cost of a bigger purchase

• Risks: Don't miss a payment, as you can be charged fees and eventually you'll see a dip in your credit if you aren't able to keep up.

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.

• What it is: You take out a loan against your car if it's paid off.

• Speed to cash: Same-day

• Typical fees or APR: APRs may be high. Some costs to borrow.

• Credit check: No

• Best for: Good for emergencies, if you aren't able to do the other options.

• Risks: Your car is used as collateral, so of you don't repay, your car could become repossessed.

8. Payday Loans

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.

• What it is: Short-term loan, with a quick repayment period of about two weeks.

• Speed to cash: Same-day

• Typical fees or APR: $10 to $30, per $100, generally.

• Credit check: No

• Best for: An emergency situation and/or when you can't find any other option.

• Risks: Seen as a last resort due to the high APR.

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).

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 to 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 cash out, or ask your employer for an advance.

Key Terms

• Annual percentage rate (APR): The yearly cost of borrowing money, including interest and certain lender fees, shown as a percentage.

• Cash advance: A short-term advance that lets you access money before payday or borrow against a credit line, can be charged fees.

• Payday loan: A small, short-term loan that is usually due on your next payday and can come with very high fees and APRs.

• Earned wage access (EWA): A service that lets you access part of your earned pay before payday, often through your employer or an app.

• Personal loan: A lump-sum loan you repay in fixed monthly payments over time, usually with a set interest rate and repayment term.

Sources:

• Consumer Financial Protection Bureau: What is the difference between a loan interest rate and the APR?

• Consumer Financial Protection Bureau:

  What is a payday loan?

• Consumer Financial Protection Bureau: What is a personal installment loan?

• Consumer Financial Protection Bureau: What is a Buy Now, Pay Later (BNPL) loan?

• Consumer Financial Protection Bureau: Earned Wage Access Advisory Opinion

• Consumer Financial Protection Bureau: What are the costs and fees for a payday loan?

Summary generated by AI, verified by MoneyLion editors