Get a $500 loan deposited today.

Loans made for bad credit

Instant decisions in 3.1 secs

Get the funds deposited in your account as fast as 90 mins

Won't affect your credit score
Woman using smartphone to apply for a loan
How it Works

Borrow $500 in 3 simple steps

Get the funds you need without the added stress of complicated forms.

$500 loan app

Explore your options

Complete a short questionaire to help us find the best $500 loans available to you.


Choose a $500 loan

Choose a personal loan that best fits your needs and apply for an instant decision.


Get your funds today

Get the money you need delivered to your bank account as soon as the same day!

Get Started

Choosing the best 500 dollar loan

With several $500 loans available for bad credit, choosing the right one can be overwhelming. In this article, we'll help you choose between the best $500 loans for bad credit: installment loans, payday loans, and title loans.

Features $500 Installment Loan $500 Payday Loan $500 Title Loan
Interest rate 175% 450% 300%
Credit check Yes No No
Bad credit OK Yes Yes Yes
Unemployed OK Yes Yes Yes
Instant approval Yes Yes No
Same-day funding Yes Yes Yes
Completely online Yes Yes No
Need collateral No No Yes

Best for low interest rates

#1. Installment loans

The average interest rate on an installment loan is 175%, which would cost you $283.84 in finance charges on a $500 loan paid back in 6 months.

Installment loans feature the lowest average APR of all $500 loans for bad credit.

With their minimal requirements, flexible repayment terms, and easy online application process – they’re a top choice for bad credit borrowers!

#2. Title loans

The average interest rate on a title loan is 300%, which would cost you $516.46 in finance charges on a $500 loan paid back in 6 months.

Title loans will offer you the second lowest interest rate for a $500 loan.

Though, to qualify for a title loan, lenders do require an inspection of your vehicle and repayment terms are typically less flexible.

However, because title loans are a secured loan, they typically feature lower interest rates than payday loans.

Best for no credit checks

#1. Title loans

With a title loan, you can easily get a $500 loan with no credit check.

Because lenders require that you offer your vehicle’s title as collateral to secure a title loan, your credit standing isn’t a factor.

This loan option is favored by borrowers who wish to avoid all credit inquiries.

#2. Installment loans

Installment loans are another great option if a credit check is your worry.

While you’ll still be subject to a credit check, installment loan lenders are lenient when it comes to what they look for on your credit report.

Most installment loan lenders are only on the lookout for major dings like bankruptcies or outstanding collections.

Best for bad credit

#1. Installment loans

Although every loan in this article accepts bad credit, installment loans are the best option overall.

Installment loans offer the lowest rates of all the loans and are, in fact, designed for borrowers with poor credit. So, a subpar score won’t hurt your chances of being approved!

#2. Title loans

Title loans are a second great alternative for a $500 loan with bad credit.

In lieu of a credit check, lenders require that you have a car that is paid off with a lien-free title to use as collateral — this backs the security of your title loan instead of your credit history, so lenders don’t require a credit check.

Best for the unemployed

#1. Installment loans

Many unemployed borrowers in need of a $500 loan find installment loans to be the fittest option.

If you are a Social Security or unemployment benefits recipient, or have some form of recurring income, lenders will count those verified checks as proof of income.

So, for an installment loan, unemployment doesn’t totally eliminate your odds for approval.

#2. Title loans

Title loans are our second-place contender in this category.

Just like installment loans, employment isn’t a requirement to qualify for a title loan. Because title loans are secured by collateral (your vehicle’s title), lenders are more willing to accept government benefits as a source of income.

Best for instant approvals

#1. Installment loans

When it comes to getting a quick $500 loan, installment loans will get you the fastest approval times.

Offering approval within seconds, installment loans are the most ideal loan type for urgent financial needs.

Installment loans also offer the most streamlined process of all the loan types in this category, so you can easily apply and get your funds deposited as soon as today.

#2. Payday loans

Payday loans are a second option to get a $500 loan instantly approved.

Payday loans aren’t approved as fast as installment loans but, like installment loans, many lenders conveniently offer a completely online application process.

Payday loans beat title loans in this category because title loans require a vehicle inspection, which takes time.

Best for same-day funding

#1. Installment loans

If you need your $500 loan today, installment loans are the most flexible and affordable choice — and, of course, the fastest!

Funds can be ready in your bank account within 1-4 hours of your approval.

This loan type is second to none in terms of funding speed and convenience.

#2. Title loans

Title loans are the second most viable option for same-day funding.

While title loans may require more and take slightly longer to process, they can still offer the benefit of same-day funding.

Additionally, title loans deal a more favorable interest rate than payday loans (our final contestant in this category) making them the more cost-effective choice.

Best for a completely online experience

#1. Installment loans

100% of the installment loan process — from the application to receiving your funds — happens online.

With this loan type, you can apply from any device, receive an instant loan decision, and receive your funds the same day without the task of having to pay your lender an in-person visit.

#2. Payday loans

You can also apply for a $500 payday loan online — the caveat being that some lenders may require an in-person visit to finalize your loan.

However, an increasing number of payday loan lenders are moving toward a fully virtual application process.

So, a payday loan can be a viable option if convenience is your priority.

Best for no collateral

#1. Installment loans

An installment loan is the most affordable way to get the cash you need without any collateral.

Installment loans boast the best rates and terms compared to both title and payday loans, and they require no security to obtain, earning them the crown for this category.

#2. Payday loans

If you don’t have the collateral to secure a loan or don’t wish to risk your assets, then the second-best option for you is a payday loan.

A payday loan has higher interest rates than both installment and title loans, but securing a $500 loan won’t ever require collateral.

Frequently asked questions

Got questions about 500 dollar loans? We've got the answers.

Visit Our Help Center

Are you a $500 loan no credit check direct lender?

While we provide several different $500 loan options without credit check requirements through our platform, we ourselves are not a direct lender. Sound Financial is a third-party marketplace that matches prospective borrowers with our lending partners.

Do you offer $500 tribal installment loans?

Sound Financial does not offer tribal installment loans, but we do offer several loan options with the same flexibility and minimal requirements.

I need a $500 loan urgently, how fast will I receive my funds?

How fast you receive your funds will depend on the loan type you choose.

If the day you are due to receive your funds (or the day your loan application was accepted) falls on a holiday, allow an extra business day for processing.

If you experience a delay in receiving your funds longer than the time frames specified above, reach out to your bank or your lender directly.

Customer support representative Customer support representative Customer support representative

Still have questions?

Get world-class support from one of our friendly loan representatives.

Contact Us