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Find $500 Fast – No Credit Check, No Waiting!

October 7, 2024

A quick $500 can be a lifesaver when emergencies pop up, and you don’t have the cash to cover them. Plenty of people find themselves in that position. In fact, the Federal Reserve estimates that 37% of Americans can’t cover a $400 emergency expense. If you fall into this category, it’s important to know where to get a small emergency loan fast.

Plenty of lenders provide access to fast cash. If you have bad credit, you’ll be happy to know that many of these lenders don’t conduct a credit check. No credit check loans are easy to get but may be expensive if you’re not careful.

We’ll go over different types of no-credit-check $500 loans and what to consider so that you get the best one for you.

Types of $500 loans

Get a cash advance via an app

Cash or paycheck advance apps are a popular solution for borrowing small amounts of money instantly without a credit check. These apps give you early access to a portion of your paycheck with no interest and minimal fees. Instead, the app may ask for an optional tip, subscription fee, or one-time advance fee. They are an affordable, easy-to-access option for short-term borrowing.

To receive a cash advance, you typically need to be over 18 and have an active bank account open for at least 30 days. The app may also require you to set up direct deposit or link an electronic timesheet. It will verify your bank account and assess your income and eligibility to determine how much to lend you.

When you request an advance, it can take one to three business days for the money to hit your account. If you need the cash now, you can pay for same-day transfers. Fast funding fees range from $1.99 to $13.99, depending on the app and the amounted requested. It can add up, but the money will be in your account within one hour.

Most cash advance apps require the money to be repaid with your next paycheck. Some will even automatically deduct the amount owed. Luckily, most apps let you reschedule your due date at no cost. And if you’re late, most do not charge late fees or report to the credit bureaus.

Overall, cash advance apps are a low cost, easy way to get $500 fast.

Ask for an employer payday advance

Cash advance apps are very useful, but you may be able to get an advance from your employer for even less. Some employers provide payday advances where you receive a portion of your upcoming paycheck before your scheduled payday. This type of payday advance is typically interest free, with few fees, and no credit check.

Not all employers offer this benefit, which is why paycheck advance apps are so popular. When they do, the amount you can access is usually limited to a portion of your earned wages (you may be able to borrow more from an app).

If your employer does offer payday advances, the process is usually straightforward. You’ll need to request the advance through your HR department or payroll team. The funds are often deducted automatically from your next paycheck. While this is a convenient and low-cost option, it’s essential to use it wisely.

Try a credit card cash advance

If you have a credit card, you can use it to withdraw money directly from an ATM or bank teller. Credit card cash advances are the definition of instant cash. Most card providers offer this benefit. You don’t have to submit an application or under go a credit check. Simply go to an ATM and take out cash.

While convenient, credit card cash advances come with significant costs. Credit card providers charge a transaction fee, usually 3% to 5% of the amount withdrawn or a flat fee, whichever is greater. Then there’s the ATM fee. Lastly, the annual percentage rate (APR) charged for cash advances is much higher than for regular purchases. Plus, interest begins accruing immediately, with no grace period. You’ll start paying interest from the day of the transaction.

Before proceeding, review your credit card’s terms to understand the fees, interest rates, and cash advance limits. If you decide to use this option, aim to repay the balance as quickly as possible to minimize interest charges. While convenient, credit card cash advances are best reserved for true financial emergencies due to their high costs.

Go for a payday loan

Payday loans are a classic type of no-credit-check, short-term loan. These loans are easy to access – ideal for people who do not qualify for traditional loans. Payday lenders often require minimal qualifications like proof of income, a valid ID, and an active checking account.

The problem with payday loans is that they come with very high fees and interest rates. Payday lenders often charge fees equivalent to a 400% APR – financial experts agree that the highest affordable APR is 36%. Additionally, the repayment period is typically very short, usually two to four weeks. The short repayment period coupled with the high fees makes these loans hard to repay, especially for borrowers who are already struggling financially.

If you cannot repay the money on time, many lenders will allow you to roll it over for an additional fee. Rolling over the loan can lead to a cycle of borrowing and repayment that becomes increasingly difficult to escape.

While payday loans can provide fast cash, they should be used with caution and as a last resort due to the financial risks involved. Always explore alternative options before turning to payday loans.

Pawn an item

Pawnshop loans let you walk away with cash the same-day. You use a personal item of value – jewelry, electronics, or musical instruments – as collateral to secure the loan. The pawnshop evaluates the item’s worth and offers a loan amount accordingly, often a fraction of the resale value.

There is no credit check and approval is often fast, perfect when you need emergency cash. This convenience comes with potential downsides. Interest rates and fees are often high. Repayment periods are typically short, usually 30 days, though extensions may be available for additional fees.

If you’re unable to repay the loan within the agreed timeframe, the pawnshop keeps your item and sells it to recover their costs. While this avoids debt collection issues, it means losing the collateral permanently. This option is best suited for borrowers who are confident in their ability to repay the money on time and are comfortable with the risk of forfeiting their pledged item.

Apply for a payday alternative loan

Payday alternative loans (PALs) are offered by federal credit unions that are part of the National Credit Union Administration (NCUA). They are designed to be a safer and more affordable option compared to traditional payday loans.

PALs can range from $100 up to $2,000 with repayment terms of one to 12 months. The application fee is capped at $20 and the APR cannot exceed 28%. The longer terms and low fees make these loans easier for borrowers to repay without excessive financial strain.

To qualify, you typically need to be a member of a federal credit union for at least one month and undergo a hard inquiry. The good news is that some credit unions waive the membership time requirement and most have low minimum credit score criteria.

Where to get a $500 loan

When you need $500 for small urgent expenses, you have several options. Here’s a quick guide to help you decide where to get your loan.

Online lenders offer quick access and often provide an easy application process. You can receive a loan within a business day. Certain online lenders are known for not conducting credit checks and providing loans for bad credit.

Payday lenders provide small-short-term loans based on your paycheck rather than your credit score.

Cash advance apps allow for small paycheck advances up to $500.

Credit card providers will advance you cash based on your credit limit.

Federal credit unions may offer payday alternative loans (PALs). These loans do require a credit check but they are less expensive and have lenient requirements.

The right lender depends on your credit situation and how fast you need the money.

Time to fund a $500 loan

When you need $500 fast, the funding time is an essential aspect to consider. You can receive same-day funding from certain online lenders, payday lenders, pawnshops, credit card providers, and cash advance apps (for an fast funding fee).

Most online lenders will take one to three business days, but some do offer same-day or next-day funding, particularly if you apply before noon. Check with your lender to find the exact funding times.

Federal credit unions are the outlier. They tend to take one to three business days to fund loans. Some may take even longer.

How much will a $500 personal loan cost?

Anytime you borrow money, it’s very important to understand the costs. You will need to consider the interest rate, fees, and loan term.

The interest rate depends on the lender, type of loan, and your credit score. The higher your score, the lower the interest rate. Many lenders charge upfront fees including an application and origination fee. The upfront fees and interest charged are typically represented together as the annual percentage rate or APR. Comparing APRs is an easy way to see which loans charge more.

The repayment term is how long you have to repay the money. These can range from two weeks to two years or more. Generally, shorter loan terms mean higher monthly payments but less total interest paid.

Let’s look at a few examples.

Say you take out a $500 payday loan. The lender will typically charge a $10 to $30 fee per $100 borrowed. For a $500 loan, this means a fee of $50 to $150. If your lender charges $15 per $100 borrowed and the loan is for 14 days, you will have to repay $575 in total with an APR over 391%.

Consider a credit card cash advance. You withdraw $500 from an ATM. Your card provider charges a 5% transaction fee that comes to $25. The ATM fee is $4 and the cash advance APR is 36%. You repay the money in two weeks resulting in $6.90 in interest charges. In total, you paid $535.90.

Instead you opt for a $500 cash advance. The subscription fee is $1, you leave a $4 tip, and pay a fast funding fee of $9.99. That comes to $514.99 – approximately 77.95% APR – for a $500 loan.

Always compare loan options to see exactly how much borrowing $500 will cost. Quick access to funds can help in a financial emergency, but it’s crucial to understand what you’ll pay overall.

Alternatives to get $500 fast

There are numerous ways to cover an emergency expense. We’ve gone over small, mainly no-credit-check loans. Now here are some other ways to access funds at a low cost.

Buy now, pay later services

Buy now, pay later (BNPL) services let you make purchases and spread out payments over time. Payments are typically split into four bi-weekly installments. The exact payment schedule will depend on the service you choose.

There’s often no credit check, no interest, and no fees – if you pay on time. Late or missed payments can result in penalties, interest charges, or even damage to your credit score. It all depends on the provider.

While these services can be very helpful, proceed with caution. They are a form of borrowing and can easily lead to overspending.

Borrow from loved ones

Borrowing from friends or family lets you get the money you need without excessive interest charges or fees. If this option is available to you, it can be the fastest and most affordable way to get the cash you need.

Before you borrow, discuss the repayment terms in detail. Agree on the loan amount, repayment timeline, and any other expectations upfront. Then put everything in writing. Having a loan agreement is a good way to avoid misunderstandings later.

Charitable grants or financial assistance programs

Look for charitable grants or federal financial assistance programs. They can provide critical relief without adding to your debt. Organizations like nonprofits and government programs offer targeted aid for housing, utilities, medical expenses, or general financial support.

You can also call 211 to find local assistance programs, food banks, and other community resources tailored to your needs. These resources can be invaluable during financial emergencies without having to resort to borrowing.

Frequently asked questions

1. Can I borrow $500 with bad credit?

You can borrow $500 with bad credit through payday loans, cash advance apps, or lenders specializing in bad credit loans. Always compare loan terms and ensure you can repay on time to avoid further financial challenges.

2. Will a $500 loan affect my credit score?

Whether or not a loan affects your credit score depends on if your lender reports payments to the credit bureaus – Experian, Equifax, and TransUnion. Payday loans, cash advance apps, and pawnshop loans will not impact your credit score since the lender does not report to the bureaus. Credit card cash advances and payday alternative loans will affect your score as these lenders will report borrowing and repayment activity. Pay on time, and you can improve your score.

3. How can I get $500 today?

To get $500 today, consider options like payday loans, cash advance apps, or credit card cash advances. Some online lenders provide same-day or next-day funding, especially if you apply before noon.

4. What is the easiest loan to get immediately?

Credit card cash advances are the easiest way to access cash immediately. You already have the credit card so there’s no application, no credit check, and no waiting for approval. All you have to do is use your card at an ATM to get cash. Credit card cash advances can be costly, so use them carefully and only when necessary.

Bottom line

When you face urgent expenses, a $500 loan can be a lifeline. Lenders that offer these small amounts typically don’t conduct a credit check and are willing to work with borrowers with less-than-stellar credit. This means that no matter your financial situation, you will be able to borrow cash.

Before you agree to a loan, compare your options carefully and find a lender with fair rates. Look at the interest, fees, and repayment terms to make sure you can afford the loan. Remember, no matter how urgent the situation or how bad your credit, you do have options and will be able to borrow money.

1. Paycheck Advance is For eligible customers only. Your actual available Paycheck Advance amount will be displayed to you in the mobile app and may change from time to time. Conditions and eligibility may vary and are subject to change at any time, at the sole discretion of Finco Advance LLC, which offers this optional feature. Finco Advance LLC is a financial technology company, not a bank. Expedited disbursement of your Paycheck Advance is an optional feature that is subject to an Instant Access Fee and may not be available to all users. Expedited disbursements may take up to an hour. For more information, please refer to Paycheck Advance Terms and Conditions.
2. Current is a financial technology company, not a bank. Banking services provided by Choice Financial Group, Member FDIC, and Cross River Bank, Member FDIC. The Current Visa® Debit Card is issued by Choice Financial Group pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa debit cards are accepted. The Current Visa® secured charge card is issued by Cross River Bank pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa credit cards are accepted. Please see the back of your Card for its issuing bank. Current Individual Account required to apply for the Current Visa® secured charge card. Independent approval required.
3. Individual results may vary. Using your credit card responsibly may allow you to improve your credit score. Credit building depends on various factors, including your payment history, credit utilization, length of credit history, and other financial activities.
4. Faster access to funds is based on comparison of traditional banking policies and deposit of paper checks from employers and government agencies versus deposits made electronically. Direct deposit and earlier availability of funds is subject to timing of payer’s submission of deposits.
5. Current is a financial technology company, not a bank. Banking services provided by Choice Financial Group. Funds held in Savings Pods are FDIC-insured on a pass-through basis up to $250,000 at our partner bank Choice Financial Group, member FDIC
6. Actual overdraft amount may vary and is subject to change at any time, at Current’s sole discretion. In order to qualify and enroll in the Fee-Free Overdraft feature, you must receive $500 or more in Qualifying Deposits into your Current Account over the preceding 30-day period. For more information, please refer to Fee-free Overdraft Terms and Conditions.
7. You may earn Points in connection with your everyday spending and by completing other actions that Current designates as subject to the Current Points Program. The amount of Points granted for different actions as well as the purchase requirements necessary to earn Points will vary, and is subject to Current’s sole discretion. After qualifying, please allow 3-5 business days for points to post to your Current account. The Current Points program is not available to Teen Account holders. See Current Points Terms and Conditions.
8. Some fees may apply, including out of network ATM fees of $2.50 per transaction, late payment fees of 3% of any total due balance outstanding and past due for two or more billing cycles, foreign transaction fees of 3% of the full transaction amount (minimum $0.50), card replacement fees per card of $5 for regular delivery and $30 for expedited delivery, cash deposit fees of $3.50 per deposit, and third party processing fees.
9. Boost Bonuses are credited to your Savings Pods within 48 hours of enabling the Boost feature and on a daily basis thereafter, provided that the Savings Pod has accrued a Boost Bonus of at least $0.01. The Boost rate on Savings Pods is variable and may change at any time. The disclosed rate is effective as of August 1, 2023. Must have $0.01 in Savings Pods to earn a Boost rate of either 0.25% or 4.00% annually on the portion of balances up to $2000 per Savings Pod, up to $6000 total. The remaining balance earns 0.00%. A qualifying direct deposit of $200 or more is required for 4.00%. No minimum balance required. For more information, please refer to Current Boost Terms and Conditions.
10. Cryptocurrency services are powered by Zero Hash LLC and Zero Hash Liquidity Services LLC, and may not be available in all states. Terms and conditions apply. When you buy or sell cryptocurrency, a difference between the current market price and the price you buy or sell that asset for is called a spread. However, unlike most other exchanges Current does not charge an additional trading fee. Cryptocurrency transactions are a form of investment, and all investments are subject to investment risks, including possible loss of the principal amount invested. Cryptocurrency is not insured by the FDIC or any other government-backed or third-party insurance. Your purchase of cryptocurrency is not a deposit or other obligation of, or guaranteed by, Choice Financial Group or Cross River Bank. The cryptocurrency assets in your Zero Hash account are not held at Current, Choice Financial Group, or Cross River Bank. Current, Choice Financial Group, and Cross River Bank are not responsible for the cryptocurrency assets held in any Zero Hash account. Neither Current, Choice, nor Cross River Bank is involved in the purchase, sale, exchange of fiat funds for cryptocurrency, or custody of the cryptocurrencies. Terms and Conditions apply (platform and user agreements). Crypto on Current is not currently available in HI. Licensed to engage in Virtual Currency Business Activity by the New York State Department of Financial Services. This does not constitute investment advice.
11. Current is a financial technology company, not a bank. Banking services provided by Choice Financial Group. Your money is FDIC-insured on a pass-through basis up to $250,000 at each of our partner banks, Choice Financial Group and Cross River Bank, members FDIC.
12. Average value based on Fine Hotels + Resorts bookings in 2023 for stays of two nights. Benefits include daily breakfast for two, room upgrade upon arrival when available, $100 amenity, guaranteed 4PM late checkout, and noon check-in when available. Certain room categories not eligible for upgrade. $100 amenity varies by property. Actual value will vary based on property, room rate, upgrade availability, and use of benefits.
13. Up to $500 per Covered Trip that is delayed for more than 6 hours; and 2 claims per Eligible Card per 12 consecutive month period. Eligibility and Benefit level varies by Card. Terms, Conditions, and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by New Hampshire Insurance Company, an AIG Company.
14. The maximum benefit amount for Trip Cancellation and Interruption Insurance is $10,000 per Covered Trip and $20,000 per Eligible Card per 12 consecutive month period. Eligibility and Benefit level varies by Card. Terms, Conditions, and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by New Hampshire Insurance Company, an AIG Company.
15. Baggage Insurance Plan coverage can be in effect for Covered Persons for eligible lost, damaged, or stolen Baggage during their travel on a Common Carrier Vehicle (e.g. plane, train, ship, or bus) when the Entire Fare for a ticket for the trip (one- way or round-trip) is charged to an Eligible Card. Coverage can be provided for up to $2,000 for checked Baggage and up to a combined maximum of $3,000 for checked and carry-on baggage, in excess of coverage provided by the Common Carrier. The coverage is also subject to a $3,000 aggregate limit per Covered Trip. For New York State residents, there is a $2,000 per bag/suitcase limit for each Covered Person with a $10,000 aggregate maximum for all Covered Persons per Covered Trip. Eligibility and Benefit level varies by Card. Terms, Conditions, and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by AMEX Assurance Company.
16. Car Rental Loss and Damage Insurance can provide coverage up to $75,000 for theft of or damage to most rental vehicles when you use your eligible Card to reserve and pay for the entire eligible vehicle rental and decline the collision damage waiver or similar option offered by the Commercial Car Rental Company. This product provides secondary coverage and does not include liability coverage. Not all vehicle types or rentals are covered. Geographic restrictions apply. Eligibility and Benefit level varies by Card. Terms, Conditions, and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by AMEX Assurance Company. Car Rental Loss or Damage Coverage is offered through American Express Travel Related Services Company, Inc.
17. Coverage for a Stolen or damaged Eligible Cellular Wireless Telephone is subject to the terms, conditions, exclusions, and limits of liability of this benefit. The maximum liability is $800, per claim, per Eligible Card Account. Each claim is subject to a $50 deductible. Coverage is limited to two (2) claims per Eligible Card Account per 12 month period. Eligibility and Benefit level varies by Card. Terms, Conditions, and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by New Hampshire Insurance Company, an AIG Company.
18. When an American Express® Card Member charges a Covered Purchase to an Eligible Card, Extended Warranty§ can provide up to one extra year added to the Original Manufacturer’s Warranty. Applies to warranties of five (5) years or less. Coverage is up to the actual amount charged to your Card for the item up to a maximum of $10,000; not to exceed $50,000 per Card Member account per calendar year. Eligibility and Benefit level varies by Card. Terms, Conditions, and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by AMEX Assurance Company.
19. Purchase Protection is an embedded benefit of your Card Membership and requires no enrollment. It can help protect Covered Purchases made on your Eligible Card when they’re accidentally damaged, stolen, or lost, for up to 90 days from the Covered Purchase date. The coverage is limited to up to $10,000 per occurrence, up to $50,000 per Card Member account per calendar year. Coverage Limits Apply. Eligibility and Benefit level varies by Card. Terms, Conditions, and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by AMEX Assurance Company.
20. Chime is a financial technology company, not a bank. Banking services provided by The Bancorp Bank, N.A. or Stride Bank, N.A., Members FDIC.
21. The secured Chime Credit Builder Visa® Card is issued by Stride Bank, N.A., Member FDIC, pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa credit cards are accepted.
22. Banking services and debit card provided by The Bancorp Bank N.A. or Stride Bank, N.A., Members FDIC, pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa debit cards are accepted.
23. The Annual Percentage Yield (“APY”) for the Chime Savings Account is variable and may change at any time. The disclosed APY is effective as of September 20, 2023. No minimum balance required. Must have $0.01 in savings to earn interest.
24. There’s no fee for the Chime Savings Account. Cash withdrawal and Third-party fees may apply to Chime Checking Accounts. You must have a Chime Checking Account to open a Chime Savings Account.
25. To apply for Credit Builder, you must have received a single qualifying direct deposit of $200 or more to your Chime Checking Account. The qualifying direct deposit must be from your employer, payroll provider, gig economy payer, or benefits payer by Automated Clearing House (ACH) deposit OR Original Credit Transaction (OCT). Bank ACH transfers, Pay Anyone transfers, verification or trial deposits from financial institutions, peer to peer transfers from services such as PayPal, Cash App, or Venmo, mobile check deposits, cash loads or deposits, one-time direct deposits, such as tax refunds and other similar transactions, and any deposit to which Chime deems to not be a qualifying direct deposit are not qualifying direct deposits.
26. Money added to Credit Builder will be held in a secured account as collateral for your Credit Builder Visa card, which means you can spend up to this amount on your card. This is money you can use to pay off your charges at the end of every month.
27. Based on a representative study conducted by Experian®, members who made their first purchase with Credit Builder between June 2020 and October 2020 observed an average FICO® Score 8 increase of 30 points after approximately 8 months. On-time payment history can have a positive impact on your credit score. Late payment may negatively impact your credit score.
28. On-time payment history may have a positive impact on your credit score. Late payment may negatively impact your credit score. Chime will report your activities to Transunion®, Experian®, and Equifax®. Impact on your credit may vary, as Credit scores are independently determined by credit bureaus based on a number of factors including the financial decisions you make with other financial services organizations.
29. Early access to direct deposit funds depends on the timing of the submission of the payment file from the payer. We generally make these funds available on the day the payment file is received, which may be up to 2 days earlier than the scheduled payment date.
30. SpotMe® on Debit is an optional, no fee overdraft service attached to your Chime Checking Account. To qualify for the SpotMe on Debit service, you must receive $200 or more in qualifying direct deposits to your Chime Checking Account each month and have activated your Visa debit card. Qualifying members will be allowed to overdraw their Chime Checking Account for up to $20 on debit card purchases and cash withdrawals initially but may later be eligible for a higher limit of up to $200 or more based on Chime Account history, direct deposit frequency and amount, spending activity and other risk-based factors. The SpotMe on Debit limit will be displayed within the Chime mobile app and is subject to change at any time, at Chime’s sole discretion. Although Chime does not charge any overdraft fees for SpotMe on Debit, there may be out-of-network or third-party fees associated with ATM transactions. SpotMe on Debit will not cover any non-debit card transactions, including ACH transfers, Pay Anyone transfers, or Chime Checkbook transactions. SpotMe on Debit Terms and Conditions.
31. Tipping or not tipping has no impact on your eligibility for SpotMe®.
32. Out-of-network ATM withdrawal fees may apply except at MoneyPass ATMs in a 7-Eleven, or any Allpoint or Visa Plus Alliance ATM.
33. Save When I Get Paid automatically transfers 10% of your direct deposits of $500 or more from your Checking Account into your savings account.
34. Round Ups automatically round up debit card purchases to the nearest dollar and transfer the round up from your Chime Checking Account to your savings account.
35. Mobile Check Deposit eligibility is determined by Chime in its sole discretion and may be granted based on various factors including, but not limited to, a member’s direct deposit enrollment status.
36. Funds are automatically debited from your Checking Account and typically deposited into the recipient’s Checking Account within seconds. Pay Anyone transactions will be monitored and may be held, delayed or blocked if the transfer could result in fraud or another form of financial harm. Sometimes instant transfers can be delayed.
37. Pay Anyone transactions will be monitored and may be held, delayed or blocked if the transfer could result in fraud or another form of financial harm. Sometimes instant transfers can be delayed. Non-Chime members must use a valid debit card to claim funds.
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About the author

Rachel Alulis

Rachel Alulis has been the lead editor for Moneyfor’s credit cards team since 2015 and for the financial rewards team since 2023. Before joining Moneyfor, Rachel worked at USA Today and the Des Moines Register. She then established a successful freelance writing and editing business specializing in personal finance. Rachel holds a bachelor’s degree in journalism and an MBA.

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