Get a $500 Loan Today

What Is a $500 Loan?

Loan Amount	$500
Loan Type	Short-term personal loan (installment or payday)
Typical Repayment Term	2 weeks to 6 months
Typical APR Range	Varies by lender and state (e.g., 36% to 400%+)
Funding Speed	As fast as the same business day
Common Uses	Emergency expenses, car repairs, medical bills, utility payments

A $500 loan is a small personal loan built to handle surprise costs or a short cash gap. It may be a short-term installment loan you repay over several weeks or months, or a payday loan due in one lump sum on your next payday. With LendUp, you can look for a lender that offers a personal loan that fits your needs.

You borrow $500 and agree to repay it with interest and any applicable fees on a set schedule. Most lenders send funds straight to your bank account, sometimes within one business day of approval, and in some cases as fast as the same business day.

When a $500 loan makes sense

Use a $500 personal loan when waiting would cost more than borrowing. Think a brake repair so you can keep working, a pediatric visit you can’t delay, or a utility bill with a reconnection fee. It can also bridge a one-time gap between paychecks when your job is steady.

How to Qualify for Your $500 Loan

If you’re seeking a $500 loan through LendUp’s network, lenders will check a few basics to confirm you’re eligible. Criteria can vary, but most follow similar rules.

Basic eligibility

• Age and residency: You must be at least 18 years old, or 19 in Alabama and Nebraska. You also need to be a U.S. citizen or a permanent resident with a valid Social Security Number.
• Active bank account: A personal checking account in your name, in good standing, is usually required. Lenders use it to deposit funds and set up automatic repayments. Some may send money to a prepaid debit card, but a traditional bank account is more common.
• Contact info: You’ll need a working email address and phone number for verification and updates.
• Valid ID: Be ready to provide a government‑issued photo ID, such as a driver’s license or state ID.

Income and employment

Lenders look for reliable income to make sure you can repay. Many set a minimum monthly income, often $800 to $1,200, from sources like employment, self‑employment, Social Security, or disability benefits. You may be asked for recent pay stubs, bank statements showing regular deposits, or tax documents like a W‑2.

Credit score considerations

Many $500‑loan lenders are flexible with credit. They often work with bad credit borrowers (typically a FICO score below 580) or those with thin files. Some skip a hard credit inquiry with Equifax, Experian, and TransUnion, using alternative data or a soft pull that won’t affect your score. A higher score can mean better terms and a lower APR. With poor credit, approval is still possible, but rates may be higher to offset risk.

Applying for a $500 Loan: A Simple Process

With LendUp, requesting a $500 personal loan takes just minutes. One encrypted form captures your details, and we instantly match you with vetted partner lenders so you can compare offers side by side. No phone calls or branch visits.

What you need

Have these basics ready to avoid delays.

• Full legal name
• Government-issued ID number
• Current home address and date of birth
• Verifiable income source and pay frequency
• Active checking account plus valid email and phone

Step by step

1. Select your amount. Choose $500 and note the purpose if asked.
2. Enter your information in our secure form.
3. Submit your request. We route it to lenders that fit your profile.
4. Compare offers by APR, repayment schedule, fees, and funding speed.
5. Pick a lender that suits your budget and timing.
6. Complete verification. Upload any requested pay stub or ID and e-sign.
7. Receive funds. Most partners deposit to your bank as soon as the next business day.

Your initial inquiry uses only a soft credit pull, so your score stays untouched until you accept an offer. Cutoff times vary, but requests approved before 10:30 a.m. CT often fund the same or next business day, subject to state regulations and bank processing schedules. Keep every detail accurate to prevent hold-ups.

When Will Your $500 Loan Arrive?

When a surprise expense pops up, timing matters. LendUp submits your request right away to its network of U.S. lenders. After approval, your deposit window depends on the funding rail the lender uses, your bank’s posting schedule, and the time of day you sign your agreement.

Typical timelines

Most lenders fund by ACH. Standard ACH batches clear overnight, so money usually lands the next business morning. If a lender offers Same-Day ACH and you sign before the 1:00 p.m. ET settlement window, you could see cash by early evening. Some partners use Visa Direct or Mastercard Send, which can move money to an eligible debit card in as little as 15–30 minutes.

Funding Method	Cut-Off Time (ET)	Expected Arrival
Standard ACH	5:00 p.m.	Next business day
Same-Day ACH	1:00 p.m.	Same business day
Instant Debit Card	24/7	Minutes
Bank Wire	3:30 p.m.	Same business day

Speed it up

• Apply Monday–Friday before noon local time
• Upload clear proof of income and a government-issued ID when prompted
• Enter the exact routing and account numbers from your checks, not a third-party app
• Choose debit-card disbursement if your bank supports instant push-to-card transfers

What can slow it down

Typos, name mismatches, accounts opened within the last 30 days, weekend or federal-holiday approvals, and banks that post after 8 a.m. local time can push delivery to the next business day. Plan on next-day funding and use the faster rails when available.

Understanding Your Loan's True Cost

APR vs interest rate

When you compare $500 personal loans, focus on Annual Percentage Rate (APR), not just the stated rate. APR bundles mandatory fees and spreads them over the term, so you see the real cost. Two loans at 18% interest can carry very different APRs once fees are added, and the lowest monthly payment is not always the cheapest overall.

Fees to watch

Extra charges affect both what you receive and what you repay.

• Origination fee (0%–8% in most states) is deducted from the $500 you expect to pocket.
• Late or NSF fee—typically $15–$35—applies if a payment is missed or a debit is returned.
• Expedited funding fee may run $10–$30 for same-day deposits.
• Most personal-loan lenders waive prepayment penalties, but verify before signing.

Several states cap fees. In California, origination is limited to 5% (or $50) on loans under $2,500.

Term and total cost

Shorter terms raise the payment but reduce interest. Longer terms do the opposite. A $500 loan at 24% APR over 6 months costs about $38 in interest; the same loan over 12 months costs roughly $66. If no prepayment penalty exists, paying off early cuts interest immediately.

Sample costs

APR	Term	Monthly Pay	Total Repayment
24%	6 mo	$90.58	$543
24%	12 mo	$47.32	$568
200% (payday)	14 days	Single pay	$575*

*Assumes a 15% finance charge ($75) permitted in many states.

What you’ll see with LendUp

LendUp is a loan-matching platform, not a direct lender. Before you accept an offer, you’ll see each lender’s APR, repayment schedule, funding speed, and all disclosed fees. Typical partner-lender APRs for $500 installment loans range from 6% to 36%, subject to state limits and your credit profile. Review the total repayment amount, not only the monthly figure.

Repayment Terms Explained

Typical repayment schedules

Most $500 loans run from a few weeks to several months, and some lenders offer terms up to a year. The timeline depends on the loan type you choose. Payday-style loans usually require full repayment in one payment on your next payday, typically two to four weeks after funding. Installment loans break the balance into multiple payments over several months, which can make each due amount smaller and easier to budget for. Lenders you may find through LendUp set the schedule in your agreement.

Feature	Payday-Style Loan	Installment Loan
Repayment structure	Single lump-sum payment	Multiple, scheduled payments
Typical term	2-4 weeks	3-12 months
Budget impact	Large, one-time withdrawal	Smaller, predictable payments
Total interest	Lower if paid on time	Higher due to longer term

Payment frequency

Your loan agreement sets how often you pay. With an installment loan, payments may be weekly, biweekly, or monthly. Biweekly schedules are popular because they line up with many pay cycles. Monthly plans are common too, but they call for careful budgeting. Payday loans don’t have a payment frequency because they’re repaid in one single payment.

Managing your repayment

Set up automatic ACH payments to reduce the chance of missed due dates and late fees. Add each due date to your calendar and keep a balance buffer in your bank account. If a payment looks tight, contact your lender before the due date. Many offer hardship options, such as a payment extension. Also ask about prepayment penalties. Most small-dollar loans don’t have them, so you can pay off early to save on interest.

$500 Loans for Every Credit Story

How lenders view your credit

You can get a $500 loan whether your credit is strong, thin, or in repair. Lenders in the LendUp network look beyond a single FICO score and often layer in supplemental data to price your loan more accurately.

What they usually check

• Verified monthly income of at least $1,000–$1,500 after taxes
• Active U.S. checking account open 30+ days
• Debt-to-income ratio generally below 45%
• Length and stability of employment or benefits
• Recent delinquencies, bankruptcies, or charged-off accounts
• Credit mix (revolving vs. installment) and utilization
• Alternative data such as rent, phone, or utility payment history

Most partners run a soft inquiry for pre-qualification, so your score is untouched until you accept an offer.

Common $500 options by credit tier

Credit Score Range	Common Product	APR Range*	Repayment Term
670-850 (Good/Excellent)	Unsecured personal loan	6%–24%	6–24 months
580-669 (Fair)	Installment loan	18%–36%	3–12 months
300-579 (Poor/Rebuilding)	Secured or co-signed loan; Federal Credit Union PAL	10%–28% (PAL) or 36% state cap	1–12 months

*APR examples reflect 2024 marketplace averages and may be lower where state usury ceilings apply (e.g., 36% in most states, 24% in New York).

LendUp’s matching service lets you compare these offers in minutes, so you can choose a $500 loan that fits your credit story, repayment comfort, and state regulations.

Alternatives to Consider

Before taking out a $500 loan, you can look at other ways to handle a short-term cash gap. These choices may cost less or move money to you faster, but each has trade-offs to weigh.

Alternative	How it works	What to watch for
Paycheck advance apps (EWA)	Apps like Dave or Earnin let you access a portion of your earned pay before your scheduled payday.	May include small transfer fees or optional tips that act like interest. Your next paycheck will be smaller.
Credit card cash advance	Withdraw cash from an ATM using your credit card, up to your cash advance limit.	Very high APRs, often over 25%, start accruing immediately. You will also pay a fee, typically 3-5% of the amount.
Borrowing from family or friends	A personal loan from someone you trust, often arranged without interest charges.	Needs clear, agreed repayment terms to avoid misunderstandings and straining important personal relationships.
Local assistance programs	Community organizations, churches, and nonprofits may offer emergency grants. Dial 211 to connect with local services for help with utilities or rent.	Funds are limited, may have strict eligibility rules, and are usually designated for specific expenses rather than general cash.

Selling items you no longer need or picking up gig work through apps can bring in quick cash without taking on debt.

State Regulations That Affect You

In the United States, your state’s laws shape whether a $500 loan is available through LendUp’s lender network and what it costs. Some states set strict rules, such as interest rate caps, to protect consumers, while others allow lenders more flexibility. In some places, high-cost, short-term loans like payday loans are banned entirely, leaving you with more traditional options such as credit unions or banks.

Regulation varies a lot from state to state. Some cap small-loan interest at a 36% Annual Percentage Rate (APR), while others permit APRs that can exceed 500%. These rules directly affect your total repayment amount.

Regulatory Example	Typical APR Cap	Key Restrictions
Restrictive State (e.g., Colorado)	36% APR	Limits on fees, longer repayment terms required.
Permissive State (e.g., Texas)	Can exceed 600% APR	Fewer restrictions on fees and loan rollovers.
Federal Law (Military Lending Act)	36% MAPR	Applies to active-duty service members and their dependents nationwide.

Check your state’s rules

Before you apply, review your state’s lending laws on the website of your attorney general or department of financial regulation. You’ll see maximum loan amounts, interest limits, allowable fees, rollover prohibitions, and any required cooling-off periods between loans. Most states also require lenders to be licensed, so you can confirm a company’s standing.

Understanding these regulations protects you from illegal lending and helps you compare offers accurately. If a lender’s terms don’t line up with your state’s laws, that’s a red flag worth investigating before you proceed.

Avoiding Predatory Lenders

When you need a $500 loan, urgency can make risky offers look tempting. Predatory lenders target people who need cash now, using exorbitant fees, deceptive terms, and aggressive tactics that can trap you in debt. Knowing how to spot a legitimate lender helps protect your budget.

Predatory Tactics

Guarantees approval without checking your income or ability to repay.

Assesses your ability to repay the loan to ensure it is affordable for you.

Hides fees or uses confusing language in the loan agreement.

Provides clear disclosures of the APR and all costs, as required by the Truth in Lending Act (TILA).

Pressures you to sign immediately with limited-time offers.

Gives you time to review the loan agreement before you sign.

Lacks a physical address or proper state license information.

Is licensed in your state and provides verifiable contact information and a secure website.

Red Flags to Watch For

• Upfront fees: Demands for an insurance, processing, or origination fee before you receive funds. Legitimate lenders deduct fees from the loan disbursement.
• Loan flipping: Pressure to refinance repeatedly, adding new fees each time and increasing your debt.
• Blank spaces in paperwork: You’re asked to sign documents that aren’t fully completed.
• Unusual payment methods: Requests for wire transfers, gift cards, or prepaid debit cards are a scam sign.

How to Verify a Lender

Before you commit, confirm the lender is registered with your state’s Attorney General or Department of Financial Regulation. Check the Better Business Bureau (BBB) and the CFPB’s Consumer Complaint Database. A trustworthy lender has a transparent, verifiable history. If you use LendUp to find a personal loan lender, still review licensing and disclosures before you sign.