A nationwide survey shows that nearly 40% of Americans need a loan to make ends meet. What’s the point? Money concerns are far too common. When money problems get in the way, you need cash to get back on your feet. If you need a quick, convenient solution without much hassle, a $500 installment loan is a great option.
These loans are easier to manage, can be used to finance multiple expenses, and you can qualify for a loan even if your credit score isn’t that good.
4 Types of $500 Loans You Can Get
Because a $500 loan is a short-term solution you can secure for various expenses, you can get multiple types of loans that equal or exceed that amount. Loan providers offer different terms and conditions, so consider your options carefully.
1. Personal Loan
You can use a $500 personal loan to finance almost any expense, recurring or unexpected. Because personal loans are unsecured, you won’t need collateral to qualify. The repayment period varies.
What credit score is needed for a $500 personal loan? Generally, the credit score requirement is around 580, but you should consult your loan provider to know for sure.
In addition to easy score requirements, you can secure a personal loan with low interest rates and fees, making them a convenient selection if you need reasonable monthly payments to keep your budget under control.
2. Cash Advance Loans
Cash advance loans are most commonly used to cover unforeseen expenses. How they work is simple. You might borrow money against your credit card’s line of credit or the maximum amount you’re approved for. Once approved, the amount is added to your credit card balance.
Unlike other loans, cash advances carry an upfront fee, usually between 3 and 5% of the total. Also, remember that there’s no grace period, so interest accumulates the moment you receive the funds.
3. Same-Day Loans
A same-day loan is one answer to how you can get cash ASAP. As the name suggests, a same-day loan is a financing option that can be approved on the same day you apply. Because they’re meant to cover short-term expenses, the same-day loan repayment period is often shorter than other loan types.
Your loan provider will likely request information about your employment history, income, and credit history before they determine how much you’re eligible to receive. Credit score qualifications vary, but some loan providers have lenient requirements, so you can secure a $500 loan on the day you request the funds.
4. Short-Term Loans
A $500 short-term loan is exactly what it sounds like—a loan to be repaid within a short time frame. Usually, these loans can be paid off in less than a year, and loan providers focus primarily on salaries when issuing them. Like personal loans, collateral isn’t required with short-term loans.
However, the short-term loan trade-off is that loan providers charge high interest and penalties. Short-term loan providers do this to protect themselves if borrowers fail to keep up with scheduled payments. The shorter repayment period means you can pay off the principal plus added interest before the loan debt rises substantially.
Do you need a CASH LOAN fast?
Power Finance Texas arranges installment loans from $100 to $1,250 quickly. Most loans are approved within minutes. All it takes is a checking account, a phone number and a few other simple qualifications. See why thousands of people choose Power Finance Texas for their fast cash needs.
Consider an Installment Loan with Power Finance Texas
Are you concerned about your credit score? Don’t be. With Power Finance Texas, you can qualify for a $500 installment loan even if your credit score isn’t high enough for other loan providers.
What Are the Benefits of a $500 Installment Loan?
A $500 installment loan lets you receive a substantial amount quickly; here are some primary advantages.
1. Fast Cash
You may wonder how you can borrow $500 instantly. If so, consider an installment loan. Many loan providers offer quick cash solutions, so you only have to wait a business day until the funds arrive in your bank account. You won’t wait around for financial solutions to cover immediate expenses. Plus, you can choose how much you want to borrow.
2. Consistent Repayment Periods
With installment loans, you can repay the money through scheduled payments, also known as “installment payments.” The payments remain consistent, so there’s no need to worry about excessive monthly charges that make it challenging to stick to a custom budget.
With installment loans, you also receive predetermined interest charges, so you know the amount you’ll owe monthly and how long the repayment period takes.
3. Financial Coverage for Large Purchases
Installment loans can also be great for financing large purchases that a credit card or a personal savings account can’t cover. Installment loans can finance expenses such as:
- Mortgage payments
- Home appliances
- Medical bills
With an installment loan, you can make any of the above expenses more attainable, provided you meet the loan provider’s requirements and remain up to date on all predetermined installment payments.
4. Credit Score Improvement
Installment loans can help improve a poor credit score. If approved, you can start repaying the loan in fixed monthly installments, which helps boost a tarnished credit score. The key is to repay the loan balance on time, along with any interest and fees.
Over time, consistent payments will reflect well on your credit profile. At Power Finance Texas, we report your payments to data providers, helping improve your credit score.
What Can You Use a $500 Installment Loan For?
Applying for a $500 installment loan online is an excellent way to receive money for expenses that drain your wallet. You can use a $500 loan to finance charges like:
- Phone bills
- Monthly student loans
- Utility bills
- Auto-related expenses
- Travel expenses
Depending on how large your expense or purchase is, a loan provider might offer a secured installment loan. This loan is secured with collateral, like property, cars, or monetary assets.
Requirements for a $500 Installment Loan
The requirements for a $500 installment loan vary, depending on the loan provider. Generally speaking, to apply for installment loans in Texas, you must meet the following criteria:
- Be at least 18 years old.
- Have a Social Security number.
- Be a Texas resident.
- Have a valid Texas identification card.
- Have a steady source of income.
- Have an active checking account.
- Be employed.
Obtain a $500 Loan with Power Finance Texas
Are you wondering how to get $500 instantly online without going through an extensive application with countless documents? Power Finance Texas can help by providing a loan from $100 to $1,250. We only request a checking account, phone number, and simple qualifications.
Have questions? Contact us today.