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How to Borrow $500 Quickly (Even With Bad Credit)

money in hand

Say you got into a car accident and need cash to repair your car as soon as possible. Or perhaps you broke your leg unexpectedly and need cash to pay off a medical bill. Maybe your paycheck was smaller than normal this month, so you’re a bit short on rent.

In any of these cases, you need cash quickly. It’s natural to ask how you can borrow $500 quickly.

There are a handful of legitimate options available to get cash fast. We’ll help you understand your best options so you can get the money you need in record time.

How to Get $500 Right Now

When you need $500 immediately, your options are relatively limited unless you already have that money in savings. If you don’t have that much available right this moment, you have three core options:

  1. Ask family or friends: A loved one can usually get you cash the quickest compared to your other options. You won’t have to go through an application process, wait for approval, or sign a contract before you get the money.
  2. Use a credit card: A credit card operates with an agreement that you can spend money now and pay it back later. In some circumstances, you may be able to use your credit card or open a new one to pay for what you need.
  3. Find an installment loan: Installment loans allow you to borrow a lump sum of money, then pay it back in regular installments over a set period of time. Many online lending companies or apps offer small installment loans so you can get the $500 you need. For Texas residents, Power Finance Texas is a fast installment loan provider.

How to Get $500 Fast with Bad Credit

Many people have bad credit scores, making it extremely difficult to find lenders that will approve their applications when they need money. If this applies to you, don’t worry—online installment loans may be the right solution for you and yours.

Many online companies offer installment loans without a required credit check. If you get one of these loans, you could receive $500 very quickly, and your credit score won’t negatively impact the loan fees or your eligibility.

What Should I Look for in a Loan?

Once you decide to get a loan, it’s important to choose the right lender. You have many options when it comes to lenders, including banks, credit unions, online lenders, and apps that lend funds.

No matter what type of lender you choose, you need to look at important details of their company, such as:

  1. Reputation of the lender: It’s crucial to look for a reputable lender who has many years of experience. Don’t borrow from just anyone.
  2. Hidden fees: You should also read your specific contract thoroughly before signing so you can catch any hidden fees beforehand. Do not sign unless you are comfortable with the fees or late payment penalties.
  3. Length of the contract: If you agree to smaller monthly payments, you need to understand it will take you longer to pay the loan off completely.

Can I Get a $2,000 Loan Instantly?

Can you borrow $200 today? That’s easy. However, it may not be as easy to obtain a $2,000 loan instantly. A simple installment loan from an online lender like Power Finance Texas can get you up to $1,250. However, when you need bigger sums of money—like $2,000 and beyond—your options are more limited.

Lenders undertake a significant risk when they lend large amounts of money to clients. If you fail to pay the loan, they stand to lose a lot of money. Naturally, the larger the loan, the more information the lender will need (such as credit history and information about your current employment and income).

The lenders willing to give a $2,000 loan are more likely to be banks and credit unions. Expect possible in-person meetings to sign a loan contract and provide proof of your financial history.

Choose an Installment Loan from Power Finance Texas

If you need a loan quickly and have a valid Texas ID, it’s time to look into an online installment loan from Power Finance Texas. The application for an installment loan takes only minutes to complete and can be approved rapidly. Thanks to our speedy process, you can get the money you need in as little as a day.

When you need money quickly, apply for an installment loan from Power Finance Texas today.