$500 dollar payday loans, often known as short-term loans, are designed for emergency financial situations and are easy to get for people with bad credit or no credit at all. To qualify, you need to show proof of income, have a valid ID, and a bank account. These loans are known for their high approval rates and often do not require a credit check or collateral. LendUp can help you apply for a $500 with multiple direct lenders with a single online application.
Getting fast cash when you need it can be a lifesaver. But with so many lending options, how do you know where to get a same day $500 loan? This complete guide covers everything you need to know to get funds ASAP.
What is a Same Day $500 Loan?
A same day $500 loan provides up to $500 transferred to your account on the same day you apply and get approved. These short-term loans offer fast cash without the wait of approval and funding with a traditional personal loan.
Same day funding means you skip the 1-2 business day wait typical of most online lenders. Instead, you get money transferred directly to your bank account within minutes to hours, depending on the lender.
Top Places to Get a Same Day $500 Loan
Here are some top picks for getting a same day cash advance up to $500
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Dave: Get up to $500 transferred instantly to your Dave debit card. Funding takes just minutes with no credit check required.
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Earnin This cash advance app links to your bank account to assess your eligibility. If approved, you can cash out up to $500 daily
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MoneyLion: Borrow up to $500 and have it deposited to your MoneyLion RoarMoney account instantly.
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Brigit: Received up to $250 in advances with same day funding to your bank account. No credit check required.
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CashNetUSA: Apply online and get approved for up to $500, then opt for same-day funding delivered through money transfer services like MoneyGram.
Requirements to Qualify for Instant Funding
Lenders have a few baseline requirements to qualify for same day funding:
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A regular income source – Most lenders require regular income of at least $1,000 per month from a job, self-employment, retirement or other sources.
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An active debit card or bank account – You need a checking account linked to a debit card for instant transfers from lenders like Dave and MoneyLion.
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Minimum age – All lenders require borrowers to be at least 18 years old. Some have higher minimums.
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US resident – You must be a US citizen or permanent legal resident.
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Contact information – Valid email address and phone number for communications.
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Identity verification – Photo ID, Social Security number and proofs of income are typically required.
As long as you meet these requirements, you can often get approved for same day funding even with bad credit or no credit check.
Costs to Expect with Same Day Funding
Getting your money same day comes at a price. Here are the typical costs:
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Fees: Expect to pay between $5 to $15 for the convenience of same day funding. Some lenders charge higher express delivery fees.
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Interest: Short-term loan rates vary wildly. Payday loans can have 400% APRs while personal loans are around 35% APR. Read terms carefully.
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Tips: Some lenders like Dave allow you to leave a tip, with a portion going to charity. This is optional.
Aim for lenders like payday loans and cash advances if you need cheap same day funding. Just make sure to compare lenders. Personal loans often have lower rates but take 1-3 days to fund.
How Do Same Day Loans Work?
Wondering about the step-by-step process? Here’s how most same day funding loans work:
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Apply online: Complete a short online application with your personal information and bank account details.
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Get approved: The lender reviews your information, checking income, ID, credit history and eligibility.
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Sign loan agreement: If approved, you review repayment terms and e-sign the loan contract.
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Receive funds: The lender transfers up to $500 directly to your bank account through instant transfer.
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Repay: The repayment due date is typically set for your next payday when getting a same day cash advance. Some lenders allow longer terms.
It’s that easy to get money from application to funds availability within the same day when you need fast cash.
Pros of Same Day Funding Loans
Same day funding loans offer advantages like:
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Speed – Get access to funds instantly without waiting days for approval and transfer.
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Convenience – Apply completely online without visiting a bank or store lender.
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Flexibility – Use the cash for any purpose, whether it’s bills, car repairs or unexpected expenses.
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Poor credit OK – Bad credit and no credit check loans available from some lenders.
When you need money ASAP, same day funding helps sidestep delays. Just make sure repayment fits your budget.
Cons to Consider
Downsides of fast cash loans include:
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High rates – Payday and cash advance loans can have APRs over 400%. Make sure you can afford repaying the loan.
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Risk of overspending – Easy access to cash makes it tempting to overspend. Have a plan for using funds responsibly.
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Potential for repeat borrowing – If short repayment timelines don’t match up with your income, you may end up needing to re-borrow.
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Fees add up – Beyond interest rates, account fees, late fees and insufficient fund fees can make costs soar if you’re not careful when repaying.
While same day cash is convenient, make sure to borrow only what you can realistically afford to pay back.
Alternatives to Same Day Funding Loans
If an instant loan doesn’t fit your needs, consider:
- Asking your employer for an advance on your paycheck
- Using a credit card cash advance (if available at a lower rate)
- Borrowing from family or friends
- Payment plans from bill providers
- Crowdfunding for emergency costs
- Local community assistance programs
While not same day, these options may be cheaper than payday and online cash advances.
Tips for Getting a Same Day Loan
Follow these tips when seeking instant cash:
- Compare lenders to find the cheapest fees and best terms for your budget
- Borrow only what you need until your next paycheck to make repayment easier
- Have a plan for repayment so the money goes where you need it before the due date
- Check your account balance to avoid overdraft and insufficient funds fees
- Read contracts carefully so you fully understand fees, rates and payment timelines
FAQs about Same Day Funding
Here are answers to some frequently asked questions:
How much can I get same day? Most lenders provide $100 to $500 the same day you’re approved, depending on income and eligibility.
When will funds arrive? With instant transfer, money can arrive in minutes or up to 1 hour. Direct deposit or money transfer may take until the end of the day.
What if I need more than $500? Some lenders offer next-day funding up to $1,000 or more. But amounts over $500 typically require longer approval and transfer times.
Can I get more than one cash advance? It depends on the lender, but most have a waiting period before you can get another same day loan. Pay back the first to open up eligibility again.
What if I can’t repay on time? Contact your lender immediately for help. While extensions aren’t guaranteed, some may give you extra time if you communicate proactively. Late and non-payment can hurt your credit and make loans harder to get in the future.
Get Your Fast Cash Today
A same day loan takes the wait out of getting emergency cash when you need it urgently. Just make sure to borrow responsibly and have a plan to repay on time. Comparing lenders helps you find affordable options and avoid pitfalls. With a strategic approach, a same day $500 loan can provide the convenience of instant cash access.
$500 Loan with Bad or No Credit
If moneys tight and your credits not great— or you dont have any credit history— a $500 loan might still be within reach. Plenty of lenders specialize in working with people in this situation. They get that financial emergencies dont care about credit scores.
When you apply for a $500 loan with bad or no credit, lenders will likely focus more on your current income and job stability than your credit history. These loans can be a real lifesaver when youre in a bind, but remember – they often come with high interest rates and fees. Lenders charge more because theyre taking a bigger risk.
Before signing loan offer, ask yourself if you can really afford the loan. Only borrow what you can realistically pay back. Read the fine print carefully and make sure you understand all the costs. A $500 loan can provide quick relief, but its important to use it wisely. You dont want to get trapped in a cycle of debt.
Sky-high interest and fees can turn a small loan into a big problem fast. Know what youre getting into and only borrow what you can handle.
Repayment of $500 Loans
The repayment process typically involves direct deposit or the lender automatically deducting the necessary sum from your bank account on your next payday or as stipulated in the contract.
When you take out a $500 loan, make sure you know how youre going to pay it back. Different types of loans have different repayment plans, and knowing these can help you manage your finances better.
- Payday Loans: These are usually due on your next payday. This means if you borrow the money, youre expected to pay it back in full, along with any interest and fees, within two to four weeks.
- Installment Loans: These loans are paid back over a longer period. Youll make regular payments, usually monthly, until the loan is paid off. This can take anywhere from a few months to a year or more, depending on the terms.