It doesn’t seem like a staggering amount of money, does it? With inflation rising and prices shooting up, $500 does not pack the same punch as it once did. But when times are a little tricky, and you need money quite desperately, $500 seems like all the money in the world.
Why? Because when you are comfortable and have no financial worries, it’s easy to take it for granted. When you don’t have it, you tend to realize just how essential it is to be comfortable, with no immediate concerns about laying your hands on a few bucks.
Most of us have felt financial uncertainty at some point. We know how frustrating it is to run on empty and have nowhere to turn when we need a personal loan.
When Times Are Tough
There are many reasons why a 500-dollar loan might be needed at short notice. Maybe an emergency leaves you in a slight panic wondering how on earth you will find the funds to cover it. A last-minute doctor’s appointment for urgent treatment, for example. Or maybe sudden engine trouble, which means you can’t get to your place of work or pick the kids up from school.
Maybe you need a break after a tough month at work, but money is a little tight right now, and you have nothing in the pot for a lovely weekend away. Many reasons exist, but the good thing is that loan agreement companies in this space don’t care too much about your reasons and will not ask any pointed questions about why you need to get a 500-dollar loan. That’s your business and no one else’s!
Arranging a Bank Loan Is Not Always Easy
It should be quite a simple undertaking, shouldn’t it? Just contact the bank or any other direct lender and see if you can secure a quick loan. Or maybe you have a credit card to fall back on or a family member who will bail you out.
But there are times when all of these avenues have been exhausted, and there is nowhere left to turn. Despair sets in, panic rises, and you wonder, how on earth am I going to find a 500-dollar loan?
We are here to tell you not to despair because there is a solution, one that is right under your nose, easy to arrange, with no credit check to worry about, and a fast cash payout. That solution is a $500 cash advance, no credit check, through a payday loan with Titelo.
Fast Cash With Titelo
You could qualify for a $500 payday loan right now, with the fast cash landing in your account in one business day. Very few direct lenders offer such a quick turnaround with a hassle-free application process, and because there is no credit check, there are no probing questions.
Because we don’t run you through a nasty credit check, if your credit score is in bad shape right now, that’s not a factor. Imagine the weight lifted off your shoulders if you could apply at lunchtime and have the cash in your bank account before dinner. With a Titelo cash advance, you can have just that.
Every day, thousands of Americans suffering with a poor credit score are scrambling to find quick cash advances in some form or another, and we are proud to make it easier for some of them to find that 500-dollar loan needed at the last minute. A payday loan makes sense when most other options are out of reach.
What Is a 500 Dollar Payday Loan?
A 500-dollar payday loan is a short-term solution when you urgently need cash to cover a variety of personal reasons. Repayment terms vary, but most commonly, the loan must be repaid within 30 days, usually on your next payday. Again, terms differ from state to state, but sometimes, an extension on that period can be granted if needed.
With payday loans, approval rates are typically relatively high, although there are no guarantees. If your loan request is successful, you will probably receive the funds directly into your bank account within one business day.
The high approval rate is quite an attractive benefit with a standard 500-dollar loan, enabling the borrower to receive cash quickly and without the stress of waiting days or weeks for approval.
Can I Use the Money for Anything I Wish?
Of course. There are no stipulations with a payday loan – do with it as you please. As soon as the money lands in your checking account, it belongs to you. Payday loans are unlike any other loan in that respect, and we will ask no intrusive questions about the reason for the loan request.
What Is the Process, and How Does It Work?
The first step is to complete the online application, providing all the requested information and stipulating the total amount you would like to borrow. Don’t worry; it’s a relatively short process and not full of overly detailed questions. The application should only take a minute or two. Usually, the lender wants evidence of employment with a stable income and a fixed address. The application mainly focuses on proving those two things and not much more.
Please be careful with the application, making sure all details are correct. Success rates are very high with Titelo payday loans, but those who fail usually do so owing to incorrect details during the application process.
After submitting the details, you should receive an answer pretty quickly. An agent will then speak to you to review your details in full and process the application further.
Once the loan is confirmed, funds will be deposited directly into your checking account that same working day (or within 24 hours of the loan approval).
Why Is a Payday Loan Free of Credit Check?
Most people don’t realize this, but there are different types of credit checks. Depending on the loan purpose – personal, commercial, corporate, or government – there are several credit checks. For most personal loans, however, there are two.
HARD Credit Checks
Credit unions, banks, and other traditional direct lenders will perform a hard credit check. Part of the process is to obtain your credit rating from the major credit reporting bureaus and then use this rating to decide if you qualify for a loan based on the company’s terms. There are other factors, but they will primarily use your credit score to decide whether the bank loan is successful.
Again, anyone with a poor credit history is likely to have a hard time being approved for the loan amount at this stage because, with traditional bank loans, a healthy credit score is essential.
Soft Credit Checks
Most payday loan providers carry out what is known as a soft check. The credit reporting bureaus are not informed of the application, so if the borrower does have bad credit, it will not be reported, becoming almost irrelevant to the process. This is why payday loans and 500-dollar loan applications are so popular with people with bad credit.
Companies specializing in payday loans for bad credit are primarily interested in your ability to pay back the money based on a regular income through stable employment.
I Am Employed – Is My Loan Guaranteed?
So, if you are unfortunate enough to have a bad credit score right now, fear not. Most payday lenders do not involve credit bureaus, so bad credit scores are not a factor. Low-credit borrowers will go through a soft check during the loan process, with the primary factor being stable employment with a fixed income.
That means your chances are pretty high, but your loan application is by no means sure of passing for various reasons. Your employment might be commission based, for example. Maybe you have had a long period of unemployment benefits and have only recently started work a few days before your application.
Installment loans with a direct lender usually come with a very long list of criteria you must meet, but with a payday loan, repayment within 30 days is the main factor considered based on a regular income. Guidelines and rules are slightly different for fast cash loans from company to company, but they are primarily based on that aspect alone and not much else.
Either way, many online loan companies sometimes falsely offer ‘guaranteed’ 500-dollar loans, but this isn’t strictly true and is usually promoted this way to encourage customers. Beware of companies like this. Here at Titelo, we have a very high success rate for 500-dollar loans, but we can not guarantee any loan applications.
How Much Will a $500 Payday Loan Cost?
Interest rates and fees will be slightly higher than a bank-offered installment loan, but the rates aren’t too bad because they are fast and involve no credit checks or intrusive questions.
Most short-term loans such as this will charge 10 to 30%. So, if you need to get a 500 dollar loan quickly and without much hassle, you are looking at paying $50 to $150 in total.
State laws are a factor, and no two companies are the same. Some might add on a few extra fees, and some won’t. Some companies are pretty expensive, and others are reasonably good value. Either way, you are probably looking at an average cost of $20 for every $100 borrowed.
We suggest you check the contract carefully and ensure no hidden fees. In most cases, however, online loans are pretty transparent, with a fixed percentage cost to borrow.
The exact cost depends on the payday provider and the state laws. Usually, lenders charge $10 to $30 for every $100 borrowed. If you take a $500 payday loan, you will have to repay between $550 and $650. The costs vary by state, so you should always carefully read the contract and ask the direct lender to clarify the repayment of the payday loan.
What Happens if I Don’t Pay It Back?
According to the loan terms, you will incur fees for late payments. If those fees are not met, and the loan amount still needs to be returned, a collection agency will become involved, incurring more fees. Late repayment fees can soon build up, and collection agencies have their own fees, so please be careful and only take out a loan if you are sure you can pay it back.
The Bottom Line
Payday loans are a beneficial last-minute solution to an urgent problem. The process is quick, the paperwork isn’t too intensive, and you should qualify without any problems if you have gainful employment.
If you need to find a more significant money loan amount and own a vehicle, car title loans might be worth considering, so you could look into that as an alternative. But for fast cash in a hurry with minimum hassle, a payday loan is perfect for most people.
Questions? Reach out to an agent, and let’s figure out how we can help you out of this temporary muddle!
Chad is a seasoned executive with an impressive track record spanning over two decades in the Fintech sector across diverse technologies and financial industries. With a wealth of knowledge accumulated throughout his career in finance & technology, he is dedicated to ensuring that both our employees and clients benefit from the highest levels of expertise and an unwavering commitment to customer service. Chad’s forward-looking approach and exceptional leadership skills have played a pivotal role in the success of his businesses, empowering consumers to proactively navigate the ever-evolving challenges of everyday life. When he’s not charting new horizons in the business world, Chad enjoys quality time outdoors with his wife and kids, as long as the Texas weather doesn’t hit a scorching 110 degrees! 😉
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