“I need someone to give me a loan of 500 dollars fast”. Right, but do you know who to go if you need the money today? Well, I don’t think you would feel good about going to the bank to get a small guaranteed loan of just 500 dollars right? Not me, because I would probably go to get a safe long term personal loan from my banker if I need anything more than 5000 dollars upwards.
Besides going to a bank, where can you borrow 500 dollars in one hour? You may be surprised to learn that there are online lenders who can give short term 500 cash loan to people who need money but have bad or no credit history. Much have been said about guaranteed payday loans but for the uninitiated, a 500 dollar payday loan is a small personal loan secured against your future paycheck, on your signature alone, with no collateral required.
It works something like this. You go to a Internet loan lender’s website which allows you to apply online for instant cash advance. During the process, the lender will verify your information and if you passed their selection process, the lender will offer you a 500 dollar payday loan and tell you how much it will cost. If you agree to it, the lender will transfer the money to your bank account and when you receive your next paycheck, the lender will deduct the money from your bank account. Easy does it.
There are a few things you need to take note of though. Interest rate for a small 500 cash advance is a little on the high side as the high risks of doing business with bad credit borrowers is only justified if the lenders can make tidy profits. From another perspective, since these bad credit loan lenders are about the only financing option available to this group of borrowers with a bad credit history, they will definitely try to price their products higher.
But it is not all doom and gloom. The payday loan lending industry is highly competitive so there are many online loan lenders that offer cheap payday loans with no rollover fee. First time borrowers tend to get deeper discounts on 500 dollar loans with low interest as they are the one that lenders want to get their business and hoping that they will continue to borrow from them from time to time.
Start from by putting in your request for a 500 dollar payday loan here. As a rule of thumb, reputable payday loan lenders in USA can only give you the loan by the next business day. When they say ‘one hour loan’ or ‘ instant cash in 1 hour, it should not be taken as a promise that you would get the money as soon as 1 hour. Those terms are probably coined by a rouge marketing executive. The standard turnaround time for processing a 500 dollar online personal loan is usually 24 hours or within 2 days. If you apply on a normal workday, your funds should be ready for withdrawal overnight.