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There are many places to get a $500 loan, but some are more expensive than others. For example, a $500 payday loan can have excessive fees (such that they're banned in some states), while some $500 cash advances can be nearly free. Since costs can vary considerably, it’s important to understand your options when it comes to getting a $500 loan.
Where to get a $500 loan
Some of the best ways to get $500 when you need it include personal loans, payday alternative loans, credit card cash advances, and cash advance apps.
Personal loans
A $500 personal loan might be hard to find, as few lenders offer personal loans below $1,000. PenFed is one that gets close, for example, offering personal loans as low as $600. But a personal loan may still be a good option to borrow $500 if you can use the excess loan amount to pay down other debt.
The average APR on a 24-month personal loan was 12.35% in November 2023, while the average credit card APR was 21.47%, according to The Federal Reserve. In other words, you could potentially use a personal loan to pay off credit card debt and get a lower rate and lower monthly payments, plus the $500 you need.
What also stands out about personal loans are the repayment periods available. Unlike most other $500 loan lenders, personal loan terms can extend from one to seven years (or more).
A longer repayment term translates to lower, more affordable monthly payments. This is another reason personal loans can be a smart choice for consolidating high-interest debt — in addition to getting the $500 you need.
Tip
When you apply for a personal loan, the lender usually reviews your credit score, income, and debts to determine whether or not to lend you the money and on what terms.
You can typically get a personal loan from banks, credit unions, and online lenders.
4.24.2
Fox Money rating
Fixed (APR)
6.99% - 25.49%
Loan Amounts
$5,000 to $100,000
Min. Credit Score
700
Overview
Lightstream is one of three Credible partner lenders to offer loan amounts up to $100,000, which makes it ideal for financing large expenses like home improvements or weddings. Funds are available as soon as the same day you apply, and you'll have up to 20 years to repay certain types of loans, including home improvement loans, RV loans, and boat loans. There are no origination fees, and rates are low — Lightstream's lowest APR beats SoFi's advertised lowest APR by 1 percentage point. But you'll need good credit to qualify.
Unlike most lenders, Lightstream does not let you prequalify on its site. Nor does it provide a contact phone number next to its customer service hours on its website.
Loan amount
$5,000 to $100,000
Repayment terms
2 - 20 years, depending on loan purpose
Fees
None
Discounts
Autopay
Eligibility
Available in all states except RI and VT
Min. income
Does not disclose
Customer service
Soft credit check
No
Time to get funds
As soon as the same business day
Loan uses
Credit card refinancing, debt consolidation, home improvement, and other purposes
3.93.9
Fox Money rating
Fixed (APR)
7.80% - 35.99%
Loan Amounts
$1,000 to $50,000
Min. Credit Score
620
Overview
Upstart has one of the lowest available APRs of Credible partner lenders and of all non-partners we reviewed, making it a good choice for well-qualified applicants. However, it's also is one of few lenders that doesn't have a minimum credit score requirement (if you apply on the lender's website), which makes it an option if you have bad credit or no credit history. Upstart may charge an origination fee as high as 12%, but good-credit borrowers may not be charged one at all.
Trustpilot gives Upstart 4.9 stars, which is the highest of all lenders we reviewed.
Loan amount
$1,000 to $50,000
Fees
Origination fee
Discounts
None
Eligibility
Available nationwide
Min. income
$12,000
Customer service
Phone, email
Soft credit check
Yes
Time to get funds
As soon as 1 to 3 business days
Loan uses
Pay off credit cards, consolidate debt, relocate, make a large purchase, and other purposes
4.44.4
Fox Money rating
Fixed (APR)
7.99% - 24.99%
Loan Amounts
$2,500 to $40,000
Min. Credit Score
660
Overview
Discover Personal Loans offers low APRs, repayment terms up to seven years, no origination fees, nationwide availability, and doesn't require your Social Security number to prequalify on its site. You'll need to have an annual income of at least $40,000, and a FICO score 660 or higher, to be eligible. If your credit score is fair or poor, you'll need to go elsewhere, as Discover doesn't allow cosigners.
Funds are available as soon as the next business day after loan approval.
Loan amount
$2,500 - $40,000
Repayment terms
3 - 7 years
Fees
Late fee
Discounts
None
Eligibility
Available in all 50 states
Min. income
$40,000
Customer service
Phone
Soft credit check
Yes
Time to get funds
Funds can be sent as soon as the next business day after acceptance
Loan uses
Auto repair, credit card refinancing, debt consolidation, home remodel or repair, major purchase, medical expenses, taxes, vacation, and wedding
44
Fox Money rating
Fixed (APR)
8.98% - 35.99%
Loan Amounts
$1,000 to $40,000
Min. Credit Score
660
Overview
LendingClub is a solid lender for good credit borrowers and some fair credit borrowers that apply directly on its website. It's easy to prequalify with LendingClub, especially if you're uncomfortable providing your Social Security number, as the company doesn't require it at the prequalification stage. (You will need to provide it if you move forward with a full application.)
While prequalification is not a guarantee that you'll be approved for a loan, LendingClub does a better job than most other Credible partner lenders at approving applicants that have successfully prequalified. In other words, you're less likely to have your application declined once you apply (if you've already prequalified). LendingClub may charge an origination fee between 3% and 8%.
Loan amount
$1,000 to $40,000
Fees
Origination fee
Discounts
None
Eligibility
Available in all 50 states
Min. income
None
Customer service
Phone, email
Soft credit check
Yes
Time to get funds
Within 3 days
Loan uses
Debt consolidation, paying off credit cards
4.94.9
Fox Money rating
Fixed (APR)
8.99% - 29.99%1
Loan Amounts
$5,000 to $100,000
Min. Credit Score
Does not disclose
Overview
SoFi stands out for offering no-fee personal loans with competitive rates, high loan amounts, long loan terms, discounts for autopay and direct pay, and funding as soon as the same day. Plus, SoFi prioritizes convenience for existing and potential customers with features like live chat and an easy prequalification process that doesn't require your Social Security number.
The main catch is that you need to qualify for a loan with SoFi, which can be hard to do if you don't have good credit. You also won't be able to apply with a cosigner, since SoFi doesn't accept cosigners; nor does it offer secured personal loans.
Loan Amount
$5,000 to $100,000
Repayment terms
2 - 7 years
Fees
Option to pay an origination fee in exchange for a lower rate
Discounts
Autopay, direct pay
Eligibility
Available in all states
Min. income
Does not disclose
Customer service
Phone, email, live chat
Soft credit check
Yes
Time to get funds
Typically within a few days, given approval and bank account verification, but sometimes within the same day
Loan uses
Solely for personal, family, or household uses
44
Fox Money rating
Fixed (APR)
8.99% - 35.99%
Loan Amounts
$2,000 to $50,000
Min. Credit Score
600
Overview
Best Egg is a solid lender for a wide range of borrowers and, notably, scored second for personal loan satisfaction in J.D. Power's Consumer Lending Study. It offers competitive rates, reasonable loan terms and amounts, and personal loans for fair credit. You'll need a FICO score of at least 600 to qualify, but the lower your score, the higher your APR may be. The APR includes the interest rate and origination fees, which range from 0.99% to 9.99% with Best Egg.
Note that if you successfully prequalify with Best Egg, you may be more likely to be approved for the loan relative to other lenders you prequalify with. Based on Credible data, borrowers who chose to apply for a loan with Best Egg were more than twice as likely to be approved (relative to most other Credible partners).
Loan amount
$2,000 to $50,000
Fees
Origination fee, late fee, unsuccessful payment fee, check processing fee
Discounts
None
Eligibility
Available in all states except DC, IA, VT, and WV
Min. income
None
Customer service
Phone, email
Soft credit check
Yes
Time to get funds
As soon as 1 to 3 business days after successful verification
Loan uses
Credit card refinancing, debt consolidation, home improvement, and other purposes
3.93.9
Fox Money rating
Fixed (APR)
9.95% - 35.99%
Loan Amounts
$2,000 to $35,000
Min. Credit Score
550
Overview
Avant personal loans are a good choice for borrowers with bad credit looking for small- to moderate-sized personal loans. Loans are available up to $35,000 and you could get the money as soon as the next business day after approval. Plus, Avant is more likely than some lenders to approve the applications of borrowers who've prequalified with Avant. However, the lender charges an origination fee up to 9.99%, and its top-range interest rates are among the highest of the lenders we reviewed.
Loan amount
$2,000 to $35,000**
Fees
Origination fee, late fee, dishonored payment fee
Discounts
None
Eligibility
Available in all states except HI, IA, MA, ME, NY, VT, and WV
Min. income
$1,200 monthly
Customer service
Phone, email
Soft credit check
Yes
Time to get funds
As soon as the next business day (if approved by 4:30 p.m. CT on a weekday)
Loan uses
Debt consolidation, emergency expense, life event, home improvement, and other purposes
Repayment terms
2 to 5 years
4.54.5
Fox Money rating
Fixed (APR)
9.99% - 35.99%
Loan Amounts
$1,000 to $50,000
Min. Credit Score
600
Overview
Upgrade has a suite of features that make it a very attractive lender: competitive interest rates, discounts for direct pay and autopay, as soon as same-day funding, up to seven-year repayment terms, and nationwide availability. Plus, loans are available to fair-credit borrowers, and you don't need to input your Social Security number to prequalify on the website. Upgrade even offers secured personal loans, which is not common among lenders.
However, Upgrade does charge an origination fee of 1.85% to 9.99%. You must have a FICO score of at least 600 and a minimum income of $25,000 annually to qualify.
Loan amount
$1,000 to $50,000 ($3,005 minimum in GA; $6,600 minimum in MA)
Repayment terms
2 to 7 years
Fees
Origination fee
Discounts
Autopay and direct pay
Eligibility
Available in all states
Min. income
Does not disclose
Customer service
Soft credit check
Yes
Time to get funds
1 business day
Loan uses
Credit card refinancing, debt consolidation, home improvement, major purchase, other
4.34.3
Fox Money rating
Fixed (APR)
10.95% - 24.51%
Loan Amounts
$5,000 to $35,000
Min. Credit Score
700
Overview
It’s worth considering a personal loan through Splash if you have good credit (ideally, a FICO score above 700). The platform offers loans from a wide range of lenders, and next-day funding is available. Plus, Splash has a live chat feature so you can get real-time answers without having to wait on hold or for an email. Loans are available up to $100,000 if you apply via Splash’s website.
Rates are competitive, but borrowers with excellent credit may find lower APRs elsewhere. If you need a repayment term longer than five years, you’ll need to look elsewhere as well.
Loan amount
$5,000 - $100,000 (up to $35,000 on Credible)
Fees
Origination fee
Discounts
None
Eligibility
Available in all states except VT. OH and NM net disbursed amount must be greater than $5,000. MA must be greater than $6,000
Min. income
$45,000
Customer service
Live chat
Soft credit check
Yes
Time to get funds
Same day available, typically 1-3 days
Loan uses
Debt consolidation, home improvement, medical expenses, major purchases
4.34.3
Fox Money rating
Fixed (APR)
11.69% - 35.99%
Loan Amounts
$1,000 to $50,000
Min. Credit Score
560
Overview
Universal Credit is one of a handful of lenders that offers personal loans for bad credit. If your FICO credit score is at least 560, you may be eligible for a Universal Credit personal loan. It offers loan amounts up to $50,000, repayment terms up to seven years, and discounts for direct pay and autopay. Funds are available as soon as the next business day after loan approval.
Note that rates and fees can be relatively high — you may pay an origination fee from 5.25% to 9.99%, and APRs start at 11.69%. If you get a loan with a high interest rate, consider refinancing your personal loan at a lower rate once you've improved your credit score.
Loan amount
$1,000 - $50,000
Repayment terms
3, 5, or 7 years
Fees
Origination fee
Discounts
Autopay and direct pay
Eligibility
A U.S. citizen or permanent resident; not available in DC, IA, SC, WV
Min. income
None
Customer service
Phone, email
Soft credit check
Yes
Time to get funds
As soon as 1 business day after acceptance
Loan uses
Debt consolidation, pay off credit cards, home improvements, unexpected expenses, home and auto repairs, weddings, and other major purchases
3.93.9
Fox Money rating
Fixed (APR)
11.72% - 17.99%
Loan Amounts
$5,000 to $40,000
Min. Credit Score
640
Overview
Happy Money has been in operation since 2009 (formerly known as Payoff). It's an option for fair-credit borrowers (plus those with better credit), and notably has a relatively low top-end APR. In other words, you could qualify for a lower rate with Happy Money with fair credit, relative to other lenders that offer fair-credit loans. The company does charge an origination fee on some loans, up to 5%, but that's not as high as some other lenders' origination fees.
You should be prepared to wait a few days to get your money, as funding can take three to five days once approved. And loans aren't available in Massachusetts or Nevada. Happy Money has an A+ rating with the BBB and is ideal for debt consolidation and credit card consolidation loans.
Loan amount
$3,000 to $40,000
Fees
Origination fee
Discounts
None
Eligibility
Available in all states except MA, MS, NV, and OH
Min. income
None
Customer service
Phone, email, chat
Soft credit check
Yes
Time to get funds
As soon as 2 - 5 business days after verification
Loan uses
Debt consolidation and credit card consolidation only
44
Fox Money rating
Fixed (APR)
11.96% - 23.48%
Loan Amounts
$20,000 to $200,000
Min. Credit Score
660
Overview
BHG Financial stands out for offering the largest loan amounts — up to $200,0001 — of any Credible partner lenders. Simply put, if you need an unsecured personal loan over $100,000, there are very few places to look, but BHG is one. You'll have up to 10 years to repay the loan, but you'll need an annual income of at least $100,000 to qualify and a FICO score that's 6601,2 or higher.
Loan amounts start at $20,000, so look elsewhere for small loans. And BHG charges a modest origination fee between 3% and 4%, depending on your financial profile. Loan funds are available within five to 14 days of loan approval. Note that you can't prequalify with BHG.
Loan amount
$20,000 - $200,0001
Repayment terms
3 - 10 years1,2
Fees
Origination fees, late fees, other fees may apply
Discounts
None
Eligibility
Available in all states except Illinois, North Dakota, and Montana
Min. income
$100,000
Customer service
Email, phone
Soft credit check
Not on lender's site
Time to get funds
In as few as 5 days3
Loan uses
Debt consolidation, baby (adoption), engagement ring financing, moving (relocation), business, home improvement, special occasion, cosmetic procedures, major purchase, taxes, credit card refinancing, medical expenses, vacation, wedding, other
3.73.7
Fox Money rating
Fixed (APR)
14.30% - 35.99%
Loan Amounts
$3,500 to $40,000
Min. Credit Score
640
Overview
Reach is an option if you have fair credit, especially if you need money fast. According to the company, 90% of Reach personal loans are funded within one day of approval.
It's a good choice for debt consolidation and credit card refinancing, but borrowers with excellent credit may not find the lowest rates with Reach. The company also charges more fees than some of its competitors and doesn't offer direct pay or autopay discounts. If you need a 7-year term loan, you'll need to look elsewhere. Reach personal loans are not available in all states.
Loan amount
$3,500 to $40,000
Fees
Origination Fee, $15 Late Fee, $25 NSF Fee
Discounts
None
Eligibility
Available in all states except CO, CT, ME, NV, NH, TN, VT, WV, WY, and all U.S. Territories
Min. income
$1,000 monthly
Customer service
Phone, email
Soft credit check
Yes
Time to get funds
Funds typically deposited into your account in 1 business day13
Loan uses
Debt consolidation, credit card refinancing
3.93.9
Fox Money rating
Fixed (APR)
18.00% - 35.99%
Loan Amounts
$1,500 to $20,000
Min. Credit Score
540
Overview
OneMain Financial has multiple options for bad-credit personal loans. There is no minimum credit score required (if you apply directly with OneMain), which means you could get a loan with bad credit (FICO below 580). Plus, cosigners are allowed — a cosigner is someone (ideally, with good credit) who promises to repay the loan if you can't, which can make it easier to qualify or lower your rate. And, secured personal loans are available. You secure a loan with collateral, which may also help you qualify or lower your rate.
Rates are higher than competitors and OneMain charges origination fees as either a flat fee up to $500, or a percentage from 1% to 10% (depending on your state of residence). Note that even if you prequalify for a personal loan with OneMain, getting approved isn't a given.
Loan amount
$1,500 to $20,000
Fees
Origination fee, unsuccessful payment fee, late fee
Discounts
None
Eligibility
Must have photo I.D. issued by U.S. federal, state or local government
Min. income
Does not disclose
Customer service
Phone, email
Soft credit check
Yes
Time to get funds
As soon as 1 to 2 days after acceptance
Loan use
All except business, and education
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Fox Business does not make or arrange loans.
Cash advance apps
Cash advance apps offer small loan amounts, typically up to $500 or more, depending on the provider. Repayment is due by your next payday, and most apps don’t check your credit score.
Standard fund transfers may be free and take one to five business days, depending on the app, while express transfers can be deposited in seconds or minutes for a fee. But this is where cash advance apps can get expensive.
For example, Dave charges a 5% express transfer fee to an external account. Based on a $500 loan amount that’s repaid over two weeks, that comes out to a 130% annual percentage rate (APR). For comparison, most personal loans have APRs that max out around 36%.
Good to know
The APR reflects the total cost of borrowing, including the interest rate and upfront fees. It can make it easier for you to compare loans apples to apples.
Fees may also include optional tips, which further increases the APR. Avoid express or expedited fund transfer fees and optional tips to keep cash app costs low.
Credit card cash advances
If you have a credit card, you may be able to withdraw $500 in cash at an ATM or bank, get it transferred to your bank account, or write a check. Credit card cash advances usually have additional fees and higher APRs than standard card purchases.
Upfront fees can be from 2% to 5% of the transaction amount, or charge a flat minimum, whichever is more. Plus, interest charges begin to accrue immediately on cash advances. (Interest isn’t typically charged on standard purchases until a 21 to 25 day grace period has passed.)
It’s also worth noting that you may have a lower cash advance limit than your overall credit limit.
Payday loans
Payday loans may be a tempting option if you want to borrow a small amount quickly. But they can be very expensive. The Federal Trade Commission reports that APRs may be 390% or higher. Payday loans are repaid by your next payday, usually within two to four weeks and often don’t require a credit check.
The payday lender may deduct the full amount owed from your bank account on the due date (with your advance authorization) or may require a post-dated check in person.
Related: No-credit-check loans
Warning
Payday loan fees are high. They generally range from $10 to $30 for every $100 borrowed.
Due to their predatory nature, 26 states have banned payday loans altogether. Exhaust other options before considering a payday loan.
Payday alternative loans (PALs)
Payday alternative loans, or PALs, were designed to be an affordable option to payday loans. Offered by federal credit unions, these loans have a maximum interest rate of 28%. There are two types available:
- PALs I offer loan amounts from $200 to $1,000 with terms of one to six months. You must also be a member of the credit union for at least one month to qualify.
- PALs II max out at $2,000 with no minimum loan amount. They offer repayment terms of one to twelve months. You must be a member of the credit union to qualify, but there is no waiting period.
Related: Where can I get a personal loan?
Personal loan lenders that offer $500 loans
Here are four personal loan lenders that offer $500 loans (or get close):
- PenFed: PenFed offers loans as low as $600 in as soon as one business day of approval, with APRs that max out at 17.99% and repayment terms up to five years. But you’ll need good credit to qualify.
- Personify Financial: Personify offers personal loans for $500 in 23 states, with APRs ranging from 19% to 179.5%, including a 5% origination fee. Repayment terms as long as four years are available. If you don’t need a years-long repayment term and have bad credit, a fee-free cash advance could be a better option.
- Oportun: Oportun offers personal loans for $500 with APRs that max out at 35.99%. Repayment terms may vary by state, but generally range from 12 to 15 months.
- First Tech: First Tech, a credit union, offers $500 loans with no origination fees, rates as low as 9.29%, and a 24-month repayment term. You’ll need to become a member of the credit union, but there are multiple ways to qualify.
Check Out: Best Personal Loans
How much can a $500 loan cost?
How much a $500 loan costs depends on multiple factors. Here are the biggest ones that contribute to the loan’s APR:
- Fees: Watch out for lenders that don’t express loan costs in APR. Many lenders charge fees that can be very high relative to the amount borrowed and repayment term, whether that’s a fast funding fee for a cash advance or payday loan fees. Use a short-term loan calculator to compare APRs across the options available to you.
- Interest rate: Longer-term loans tend to charge interest rates as opposed to fees alone. The rate you qualify for will depend on the lender, your credit score, your financial profile, and other factors. Prequalify for personal loans online to compare rate estimates before applying. Doing so won’t hurt your credit, but formally applying for any loan may ding your score, usually temporarily.
- Your credit score and history: The higher your credit score, the lower APRs you may qualify for, and the more loan options you’ll have available.
Check Out:
- Average Personal Loan Interest Rates
- Best Personal Loan Rates
$500 loan example
For example, let’s say you take out a $500 loan with a 27.00% APR, and a one-year term. You would pay about $76 in total interest and $48 per month, for a total repayment of $576.
But if you were to get a $500 payday loan, the cost would be much higher on a weekly basis. Fees for payday loans range from $10 to $30 for every $100 borrowed, depending on your state. Let’s say your fee is $20 per hundred ($100 for a $500 loan), and the amount is due in two weeks. You would pay $600 which equates to a 521% APR. If you can’t make the payment, you’d likely be charged additional fees to extend your repayment, further adding on to your costs.
A small personal loan is usually a much better and more affordable option than a payday loan.
How to apply for a $500 loan
While the application process can vary based on the type of loan and the lender, these are the basic steps to expect:
- Check your credit score: Before applying, pull your credit score and check your credit reports for errors that could be bringing it down. Visit AnnualCreditReport.com for a free credit report, and report errors with the credit bureau showing them.
- Prequalify for multiple loans: Many lenders allow you to prequalify for loans without any impact to your credit score, so prequalify to see the terms each lender is prepared to offer you. Keep in mind that prequalification is not an offer of credit, and your final rate may be different.
- Compare offers: Compare APRs, repayment terms, and monthly payment amounts to find the lowest-cost option that you can comfortably afford.
- Complete your application: Once you apply for the loan, the lender will perform a hard credit pull, which can ding your score temporarily. You may also have to submit documentation, such as proof of identity and proof of income.
- Prepare for repayment: Once your loan is approved and you’ve received the funds, set up calendar reminders of your monthly payments. Since on-time payments can make up a large part of your credit, staying on top of your payment schedule can help raise your score or keep it high.
Other $500 loan alternatives
If none of these options seem right for you, there are some alternatives you might consider.
- Family or friends: If you have a loved one that can lend you $500, it may be worth asking. If they agree, draw up a repayment plan and stick to it.
- Side gig: If the expense isn’t time-sensitive, it can be worth saving up the money instead. This eliminates the cost of borrowing entirely. Apps like Uber, Instacart, or Rover often boast a fast and easy approval process for new workers.
- Government assistance: Some government assistance programs can help you pay for things like rent, utilities, and groceries. You can also contact 211 for local resources and community assistance in your area.
$500 loan FAQ
Can you get a $500 loan with bad credit or no credit?
Yes, you may be able to get a $500 loan with bad credit or no credit history. Seek out lenders that consider additional factors, such as income or employment history. If you're a member of a credit union, you may be able to get a payday alternative loan, which are designed for credit-challenged applicants. Cash advance apps, many of which don’t check user’s credit scores.
Check Out: Best Loans for Bad Credit
How can I get a $500 loan quickly?
Many lenders offer fast loan funding times as soon as the same or next business day. Find lenders with quick application and decision processes and ask about their disbursem*nt timelines to ensure you can get your funds in time. Just make sure you aren’t overpaying for fast cash via a cash app or payday loan.
Read More:
- Best personal loans with a cosigner
- Best hardship loans for bad credit
- Best emergency loans for poor credit
- Best personal loans for fair credit
- Best online loans
- How to get a loan with a 500 credit score
- How to get a loan if you're unemployed
- How to get a $2,000 personal loan
Meet the contributor:
Hilary Collins
Hilary Collins is a finance writer and editor. She loves taking topics that could be dry and complicated and turning them into engaging stories with actionable takeaways.
