Your next paycheck is still 2 weeks away but you have already spent much of your last paycheck and you do not have any savings. If you need 500 dollars now, and you have a poor credit history, who can lend you the money fast? For situations like this, you might want to consider getting a 500 dollar loan with bad credit from an online lender with short term non-payday loans that are for people with no borrowing history.
Payday loan stores and online cash advance companies are a dime a dozen and you can easily find a legitimate lending company for a fast and direct 500 dollars cash loan. Because there are so many online lenders with unsecured personal loans, you will be able to pick and choose and compare them to get a low interest cash advance with low repayment terms.
Each lender may offer different types of personal loans. For example, the common short term 30 day payday loans, 90 day non-payday loan with installments, as well as long deadline loans which are called installment bad credit loans instead.
Even though these direct loan lenders still perform the conventional credit check on their customers, there are also criteria which you will need to satisfy before you are allowed a 500 dollar loan. First of all, the law stipulates that a person needs to over 18 years of age and holds the US citizenship. Documentation proving your employment status will also generally be required. With most lenders, they do not provide cheap payday loans for the unemployed although there are a few of them that are able to give unemployment loans for people who are receiving government benefits.
A valid bank account is also needed to facilitate the transfer of funds over to your bank account and vice-versa, to the lender’s account upon repayment.
The finance charge on a 500 dollar easy loan can vary widely from lender to lender as each lender will assess your risk differently. Due to the competitive market, it is also common to see online unsecured lenders offering no fee payday loans or low interest installment loans to first time borrowers. You should beware of any lender that asks for an upfront fee as any fees incurred should be included within the loan agreement and payable only when you need to repay back the 500 dollar loan with bad credit.