What Are $500 Payday Loans Online?
Sometimes even people with high incomes can suffer from a lack of money and need to get cash desperately. Of course, it is possible to ask family members and friends to lend the sum. Yet, what can you do if you have to get money instantly? In this case, a $500 payday loan can solve such problems. Borrow from Bridge Payday now!
500 dollar loans are the most profitable way to get money because it is possible to apply online, and lenders approve even submissions by people with bad credit. Borrowers have to meet only essential criteria and can get cash, regardless of their location.
Requirements to Get Approval for a $500 Payday Loan Online
One of the main advantages of $500 payday loans guaranteed is that lenders do not have many requirements. Yet, people still have to meet particular criteria to get approval. These requirements can differ for specific organizations and states. However, there are some terms that borrowers can find for most companies, including:
- To provide an available phone number and email. Moreover, lenders require an address in the state where the client receives the loan. We operate only with trusted services. That is why customers can be sure that hackers and other third parties will never access borrowers’ private information.
- To reach the age of majority. People must be at least 18 years old to get approval for the best payday loans. Some lenders provide money only to customers over 21. This factor depends on the company itself and the state. Clients have to provide copies of the legal documents to prove this information. These can be an ID card or a driving license.
- To be a US citizen or legal resident of the country. Clients must have a permanent address in the state and all documents proving that they live there legally.
- An active bank account. Clients have to get it to receive the loan. Most organizations require borrowers to have accounts that have been existing for at least six months. Moreover, it is impossible to get cash to the bank account owned by the client’s relatives.
- To have regular employment and source of income. Lenders require to work for the same companies for a particular time (in most cases, for at least half a year) or be self-employed. Some organizations can have a minimum income sum. It starts at $500 per month for most of them. Yet, lenders do not accept government payments as a source of income.
These requirements are easy to follow, and they are reasonable because these rules let lenders make sure that the clients will return the money and interest rates in time. Yet, according to the statistics, 90% of customers applying for $500 payday loans get approval.
However, it is better to learn a particular lender’s rules because most companies also have additional requirements that depend on the state.
Pros of a 500 Dollar Payday Loan
Payday loans are one of the most useful options for people suffering from a temporary lack of money. They have lots of advantages, and the most significant pros are:
- An instant option. People used to look for the lender’s office to get traditional loans. Moreover, they had to wait for their turn for hours and approval because most organizations checked applications manually. $500 payday loans let clients get rid of this issue because they can apply online. The acceptance takes about 5 minutes, thanks to the automatic data verification.
- Only basic data. Customers have to provide only general information. Most direct lenders require only copies of the documents providing that they are over 18, have a regular source of income, and permanently live in the state where they get $500 payday loans.
- Legal operation. Companies have all required documents, including the state license. It means that lenders follow the law and never ask to pay hidden fees.
- Safety. Organizations protect their borrowers’ data using encryption systems. That is why this information will never transfer to third parties or the government.
- No credit check. Most companies do not pay attention to the clients’ credit history. They do not look if a particular borrower has existing loans or has become bankrupt recently. Thus, people with bad credit can be sure that they will get approval.
- No pledge. Unlike title loans, a 500 dollar payday loan does not require to have a deposit or collateral. That is why borrowers can be sure that they do not have to give away their property if they cannot pay it back in time.
- Fast customer support. Users can get help quickly if they have questions about the loan and how they can make payments.
- It is possible to extend the repayment time. People can ask to put off the due date if they understand that they cannot pay back the entire sum in time.
500 dollars is the maximum loan amount for lots of states. It is the biggest amount for Alabama, Alaska, Colorado, Florida, Iowa, and most other areas. But if you need a bigger sum of money still it is possible to borrow a 600 dollar loan and even more. Yet, the maximum charge differs for all states. For example, it is from 20% to 21.95% for $100 for Mississippi citizens.
How to Apply for $500 Payday Loans
Since customers can get $500 payday loans online, it is easy to apply. Follow this straightforward instruction to make this process faster:
- Select the due date.
- Fill out the gaps in the application on BridgePayday.
- Check the correctness of the data in the form and send it to the lender.
- Wait for the approval. All online lenders check requests automatically. That is why it takes less than five minutes to get acceptance. Time can differ for particular organizations, and people who have already got loans in the company several times pass the process faster.
- Receive the email from the lender. The company will provide its decision for a $500 payday loan. In 90%, it is positive.
- Get money to your bank account on the next business day. This time can change if you apply on holidays or weekends because lenders provide cash only from Monday to Friday.
All in all, this process is quick, and you can choose this option if you need cash instantly. Yet, the time you should wait for the money arrival can differ for each organization. So, it is better to look for this information before filling out your application.