What Is the Eligibility for a 500 Dollar Loan From a Direct Lender
You need a 500 dollars online loan and looking for sources to get it urgently. You can go to your bank, other financial institutes for your requirement, and they can offer personal loans, mortgage loans, or other installment products for your needs. You can also use your credit card’s cash advance feature to get fast money for your requirement. Everything sounds straightforward until you have a bad credit score.
If you had taken a loan in the past and due to any personal reason you became a defaulter, then this will haunt you like a ghost whenever you try to get a new loan for your future requirements. Most of the lenders do Teletrack and credit checks (done by third party independent agencies) before sanctioning any loan to their customers. It is the most crucial part of their process. If you have a bad credit history, then getting a loan index from these lenders is nearly impossible for you.
Worry not! Some independent direct lenders offer 500 dollar loans to their customers without a credit check and Teletrack. That means, even if you have bad credit, you are eligible for this loan. I can understand that it gives you more significant relief. However, this type of loan comes with certain disadvantages. The main two problems of $500 payday loans are – short tenure maximum of 31 days from the agreement and very high-interest rates around 15 to 30 percent.
If you are sure that you can clear this loan in your next payday, then only take it. Otherwise, there will be numerous additional charges that you have to pay to close the loan after the due date gets over. The high-interest rates are another factor of disliking pay loans even in urgency. Do think twice before taking a payday loan. If you are okay with the interest rate and double sure to repay on time, then go for it.
Frequently Asked Questions
Are you wondering whether you are eligible for a payday loan or not? Here are the most common eligibility criteria for payday loans in the U.S. Remember that each state has different laws for pay loans. The eligibility criteria may differ slightly based on state laws.
You must be an adult that means you must be 18 years or plus to be eligible for this loan. You must have an active checking account in your legal name. You must have valid government identity proof. You must have a regular income source and need to submit relevant documents to validate it. Papers may vary, but mostly your bank account statement showing your salary credit for the past 3 to 6 months, your salary slip, or letter from your company HR team.
You also need to furnish some necessary information about yourself, such as a residential address, office address, designation, residential phone number, office phone number, personal phone number, email id, and two personal references. The necessary information may vary from lender to lender; however, the details mentioned above are most common.
If you have bad credit history and worrying about whether you will get a 500 dollar payday loan, then the answer is yes. These direct lenders offer debts to people with bad credit history too. So, you can apply even if you have a bad repayment history. These lenders won’t conduct a Teletrack and credit check by the independent third-party agencies to know prospective customers’ credit history. Hence it works in your favor.
Where Can I Get a $500 Payday Loan?
Several payday loans in Canada online offer short-term cash advance to those who need a dollar 500 loan. Search online with the term ‘cash near me’ to find lenders for a quick 500 loan in your location. After you get several options, choose one based on customer reviews, interest rates, and other details. This process will help you fetch fast cash despite your credit score.