A $500 payday loan is one of the most searched loan amounts, but it is also one of the more expensive ways to cover a bill. Here is what to understand before you borrow it.
What a $500 payday loan can cost
Fees depend on the lender and your state. As an illustration only, a fee of $15 for every $100 borrowed means $75 to borrow $500, so you would repay $575 in about two weeks. That fee works out to an APR near 390%. Your actual offer may be different, and the lender must show you the figures before you accept.
Who is usually eligible
- Age 18 or older and a U.S. resident
- Steady income from a job or regular benefits
- An active checking account
- A valid phone number and email
Lenders set their own criteria and approval is never guaranteed. Not every applicant can borrow $500; first-time borrowers are often offered a lower amount.
What happens if you cannot repay on time
Rolling the loan over adds new fees and can quickly make it far more expensive. Read how rollovers work and what to do if you cannot repay before you borrow.
Cheaper options to check first
- Ask your employer about a paycheck advance
- Ask the biller for a payment plan or later due date
- Look at a credit union payday alternative loan
- Local assistance programs for rent, utilities or food
More ideas are in our list of payday loan alternatives.
If a short-term loan still makes sense, you can start an application below and review the lender’s terms first.
Check Your Options Online
Fill in the secure form below. You will see the lender’s costs and terms before you accept anything.
Disclosure: CredQualify is not a lender and does not make credit decisions. We connect applicants with lenders in a network. Loan amounts, rates, fees and terms vary by lender and state, and funding times depend on the lender and your bank. Payday loans are expensive, short-term credit and should not be used as long-term financial solutions. Read the lender’s terms and see our Rates and Fees page before you accept any offer.