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- $500 loan
$500 Loan
The crossover point: $500 is the largest amount most paychecks can absorb, and the smallest installment loan we offer. The structure matters more than the rate.
$500 is the crossover point. It is the largest amount most people can clear from a single paycheck, and it is the smallest installment loan we offer. That means you have a real choice of structure for the first time, and the choice matters more than the rate.
| Key loan information | Details |
|---|---|
| Amount | $500 |
| Products available | Payday, cash advance or installment loan |
| Payday cost | $75 at $15 per $100, repaid as $575 |
| Installment payment | About $108.98 a month over 6 months at 99% APR |
| Installment cost of credit | About $153.88 over 6 months |
| Funding | Same day (payday) or next business day (installment) |
| Credit reporting | Installment loans reported; payday loans not |
| Credit check | Soft inquiry, no FICO® impact |
Your options for $500
| Option | Term | Payment | Cost of credit | APR |
|---|---|---|---|---|
| Payday loan | 14 days, one payment | $575.00 once | $75.00 | 391% |
| Cash advance | Next payday, one payment | $575.00 once | $75.00 | 391% |
| Installment loan | 6 months | $108.98/mo | $153.88 | 99% |
| Installment loan | 12 months | $67.21/mo | $306.51 | 99% |
| Installment loan | 24 months | $48.48/mo | $663.59 | 99% |
One payment or six?
The payday loan costs $75 and the six-month installment loan costs about $154. In pure dollars the payday loan wins, and if you are certain the $575 clears without leaving you short, take it.
The installment loan wins in three situations: when $575 in one debit would leave you short again, when you would otherwise renew the payday loan even once (two renewals cost $150, already more than the installment loan), and when you want the payments reported to the credit bureaus.
| Scenario on $500 | Total cost | Where you stand after 8 weeks |
|---|---|---|
| Payday loan, repaid once | $75 | Clear |
| Payday loan, renewed twice | $225 | $500 still owed |
| Installment loan, 6 months | About $154 | Roughly two-thirds still owed, on schedule |
Before you borrow
A credit union payday alternative loan at 28% APR costs about $62 on $500 over six months including the application fee, which beats both options above. It takes one to three business days and you need to be a member. Full list in cheaper alternatives.
Eligibility
- 18 or older and resident in a state where we lend
- At least $1,000 a month in verifiable income after tax
- An active checking account in your name, open at least 30 days
- Government-issued ID and a Social Security number or ITIN
Other amounts
$200 loan · $300 loan · $1,000 loan · $2,000 loan · $5,000 loan
Frequently asked questions
How much does a $500 loan cost?
As a payday loan at $15 per $100 it costs $75 and you repay $575 in one payment. As a six-month installment loan at 99% APR it costs about $154 in interest with payments of roughly $108.98 a month.
Is a $500 payday loan or installment loan better?
The payday loan costs fewer dollars if you clear it in one payment without being left short. The installment loan is better if $575 in one debit would leave you short, if you would otherwise renew, or if you want the payments reported to the credit bureaus.
Can I get a $500 loan with bad credit?
Yes. There is no minimum credit score. The decision weighs your income, existing commitments and banking history, and checking your rate uses a soft inquiry.
What is the cheapest way to borrow $500?
A credit union payday alternative loan is capped at 28% APR with a $20 maximum application fee, which works out at roughly $62 over six months. It takes one to three business days and requires membership.
Borrow $200 to $5,000 for any purpose
Apply in about five minutes and get a decision in minutes. Checking your rate won't affect your FICO® score.