Sometimes things are tight. Sometimes you need $500 to get through the rest of the month, whether it’s to buy food or pay the rent, occasionally some of us just come up short.
Loans for 500 dollars can really only be obtained in two ways. That amount is generally too low for a bank to consider, and the people who need it don’t generally have the time to go through the process of applying for a loan from a bank. That leaves a $500 cash payday loan or borrowing the cash from someone that you know, a friend or relative.
Before you go for either option you will want to take a hard look at what your expenses really are. If you can buy food on sale, avoid eating out, and scrape together enough money to pay the rent you will want to avoid borrowing money at all. It’s always better to suffer a little than to get into a cycle of debt and sense of entitlement.
If the borrowing can’t be avoided, a payday cash advance loan can be quick and easy. They don’t require a credit check, and therefore are available to pretty much anyone. The only requirements are that you have a job and that you have a bank account. You will basically write them a post dated check for the amount of the loan and fees. The fees, that is the down side of this type of loan. The fees are generally a 17% origination fee and a 400% interest rate. Now this interest rate is compounded annually so don’t panic as this is a short term loan. As you can see, it can be very expensive to borrow that $500.
It is definitely cheaper to borrow from someone else, however this option has down sides as well. Make sure that you stick to your agreement, or your relationship with the lender will suffer.