How To Borrow $500 Instantly – 7 Best Options To Consider
So, you're wondering how to borrow $500 and are looking for some instant solutions to get quick money.
We hear you. And at WebMonkey, we cover a range of ways to get fast cash when you're in a pinch. And this includes amounts of $500 or even more.
Below, we'll cover what some of the most realistic options are. And we're also covering some alternatives to borrowing and factors to consider that you should know as well.
Want more fast cash ideas? Checkout:
- TurboDebt: Get fast debt relief if you have at least $10,000 in high-interest debt!
- EarnIn: Borrow up to $750 against an upcoming paycheck!
How To Borrow $500 Instantly
1. Use Cash Advance Apps
It seems there’s no end to the number of cash advance apps on the market these days, and these have proven to be a popular and in-demand resource. Most of these apps are relatively easy to use and get started with, and they can all be done right from your phone.
Two apps you can use to borrow $500 instantly are EarnIn and Dave. These apps let you borrow up to $750 and $100 respectively against an upcoming paycheck. And EarnIn doesn't charge mandatory fees while Dave only has a $1 monthly membership fee.
It’s worth noting, however, that not all users automatically qualify for the maximum cash advance amount. In fact, you'll probably qualify for less. That's because these apps connect to your bank account and analyze your income and spending habits to determine how much you can borrow.
Each app also has different requirements, but usually, you can qualify for a cash advance if you have a job and receive regular paychecks.
If EarnIn and Dave don't work for you, there are also cash advance apps that work while unemployed. And apps like Cleo and Klover have much more lenient requirements, although they don't lend $500 and have lower limits.
2. Personal Loans
Personal loans are another option to borrow $500 instantly. And there are certainly plenty of online and in-person lenders you can explore. Your bank might even offer loans in this amount, so you can start there.
Companies like Swift Loan Fix also offer loans of up to $5,000. You can use it to quickly find the best personal loans you qualify for, which is pretty nice.
There are also loan apps like Possible Finance that let you borrow up to $500. We like this company because you don't go through a credit check and you have eight weeks to pay back your loan.
Like cash advance apps, Possible Finance connects to your bank account and monitors your income to determine how much you can borrow. Its loans are typically funded within one to two business days, but you will have to pay a monthly fee of $8 to $16 in addition to state specific fees.
The fees are a bit high, and this can be the case with a lot of personal lenders. This is why we prefer cash advance apps before loans for getting $500 instantly.
3. Ask Friends & Family
Another way to borrow $500 or even more is to ask your family and friends to spot you the cash.
Friends and family members can be a reliable option when you need a few hundred bucks fast, but you should keep a few things in mind before doing so.
First, make sure you’re only borrowing from someone who can lend you the money easily without placing an undue burden on them. Next, never borrow from anyone who you’re worried about damaging your relationship with. Most friends and family will lend you money at a low interest rate (or none at all), which is undoubtedly beneficial to you, but you should still treat the loan as you would any other and pay it back as soon as you can.
We also suggest getting everything in writing if you go down this route. And, you can consider starting a new side hustle or trying other options to get $500 before turning to family and friends.
Extra Reading – How To Get $500 By Tomorrow.
4. Credit Card Advances
Getting a credit card cash advance is one of the more expensive ways to borrow $500, so you should really only consider this option after you’ve ruled out other possibilities.
Most credit cards offer this service, but how you get the money will vary from company to company. If your credit card has an associated pin number, it may be as simple as visiting an ATM and withdrawing the money. In other circumstances, you may have to go into a bank that works with your card payment service and withdraw the money in person.
There are a few caveats about using your credit card this way. First, just because your credit limit may go up to a certain amount (say $1,000), that doesn’t mean you’ll be able to withdraw that much for an advance and your cap may be under $500. Second, the fees are typically quite high in relation to how much you're borrowing. And thirdly, you also be accruing interest on this advance as you would any other balance you keep on your card.
We're honestly not huge fans of this idea at WebMonkey. And you can look at 0% APR credit card offers instead to find a more affordable lending option that involves your credit card than taking out an advance.
5. Pawn Shops
Another route you can explore involves pawning stuff for $500 or even more.
Pawning is basically a form of a secured loan since you give up something valuable that you own as collateral in exchange for a specific amount of money. The pawn shop then sets out its terms for repayment and once the loan has been fulfilled, you’ll get your item back. The catch, however, is that if you fail to pay back the loan in full, the pawn shop gets to keep whatever you put up as collateral.
In terms of pawning, getting $500 means you have to part with something of significant value. Some of the best things to pawn from around the house include:
- Jewelry & watches (you can also use Worthy to safely sell these kinds of valuables)
- Electronics
- Collectibles
- Gold and silver
- Tools
- Cars
Also note you'll likely have to haggle since pawn shops are notorious for giving lowball offers. So, do your research and know how much your items are worth before trying this route!
💵 How To Make $1,000 In 24 Hours.
6. Credit Unions
Getting a short-term $500 loan from a credit union would follow a similar process as from a bank, but credit unions can often have lower rates and more flexible terms.
Additionally, credit unions tend to have a less restrictive approval process, meaning those who couldn’t qualify for a personal loan though a traditional bank may be able to with a credit union. To get a small loan like this, you’ll typically have to have a current account with the credit union that shows regular deposits and verifiable employment, though this will vary per institution.
Pro Tip: Use Raisin to find the best savings accounts, CDs, credit unions, and money market accounts on the market right now!
7. Payday Loans
Finally, there’s always the ubiquitous payday loan avenue if you’re looking to borrow $500 instantly, but we can’t recommend this option in good faith.
Most payday loan companies have predatory lending practices because they can come with such high interest rates of between 15% and 20%. What’s more, there are also often fees that can be as high as $10 to $30 of every $100 borrowed. In addition, most payday loans are due in full on your next pay day meaning most people will only have two weeks to come up with their full payment.
Using cash advance apps like EarnIn, Super, or Current are way better options here. So, please carefully consider the fees of an option like this before borrowing.
What Are Some Alternatives To Borrowing You Can Consider?
There are plenty of ways to borrow $500 when you're struggling financially. However, borrowing is far from your only option.
If none of the above options works, there are some alternatives you can explore:
- Starting a new side hustle that pays quickly
- Selling your unused stuff
- Picking up a overtime shift at your job
- Making money with gig economy apps
- Dipping into your emergency fund
- Asking your employer for an advance on your next paycheck
- Finding local cash gigs to complete
The bottom line is that you have lots of options to improve your finances. So, try out some of these options alongside options to borrow $500.
👉 The Best $100 Cash Advance Apps.
Final Thoughts
We’ve outlined seven different ways on how to borrow $500 instantly, but the right option for you won’t necessarily be the right choice for someone else.
If you find yourself strapped for cash and need a short-term loan fast, look first to your options with the lowest fees and interest rates like a cash advance app or a loan from a friend or family member. And always carefully read terms and conditions of any borrowing arrangement so you know exactly what you're getting into.
Want even more useful money-making guides? Checkout:
- How To Make Money Without A Job.
- How To Make A Guaranteed $100 A Day.
- How To Borrow $200 Instantly.
- How To Earn $500 A Day.
