$500 Loan Online: Payday or Installment, and What Each Costs
One free form. Lenders show the full cost before you commit.
Estimate uses a typical fee of $15 per $100 for a two-week loan (CFPB example). Actual fees depend on your state and lender. A typical two-week loan with a $15 per $100 fee has an APR near 400%. Your offer may differ.
Check my offers- Lenders must disclose fees and APR before you sign
- Free to request, no obligation
- All credit types can apply; lenders may check credit
Yes, many online lenders offer $500 loans, and you can request one with one short form. Payday Linet runs a loan request service; lenders in our network review your request and show the fees and APR before you sign. A two-week payday loan of $500 at $15 per $100 costs $75 and requires $575 at the end. Larger amounts like $500 are often offered as installment loans repaid over several months.
Why request online
Two ways a $500 loan can be structured
The same $500 can be borrowed in two very different ways. A payday loan is repaid in one lump sum, usually in about two weeks. An installment loan is repaid through several scheduled payments over weeks or months. Which type you are offered depends on the lender and, importantly, on your state, since not every state allows a payday loan or an installment loan of this size. The lender must tell you the type, payment schedule, and total cost before you sign. Reading that disclosure is the single most useful thing you can do before accepting.
Side-by-side cost example
Take a payday structure at $15 per $100:
- Loan: $500
- Fee: $75
- Due after two weeks: $575
The CFPB says a typical two-week payday loan with a $15 per $100 fee equals an APR of almost 400%. An installment loan spreads repayment out, so each payment is smaller than $575, but interest runs for longer and the total you repay can be higher than the fee shown above. Ask each lender for the total repayment in dollars and the payment dates, and compare those figures rather than only the size of a single payment.
Who qualifies and what helps
All credit types can apply. Lenders may check credit, but many also weigh income and your bank account history. Things that tend to help include steady, verifiable income, an open checking account in good standing, and accurate details on the form. A lower score may reduce the amount you are offered or raise the cost, and no lender can promise approval. Because $500 is a larger commitment than $255 or $300, take a moment to run your budget: confirm that the payment dates line up with your paydays and rent.
Request $500 online, then compare
Our form is free, takes a few minutes, and carries no obligation. A decision often comes quickly online, and many lenders fund as soon as the next business day if you are approved. If you prefer a lower-cost route, look into a credit union Payday Alternative Loan: $200 to $2,000, 1 to 12 months, a maximum 28% APR, and an application fee of no more than $20. Service members and dependents are protected by the Military Lending Act 36% MAPR cap. Take any offer you receive, read it fully, and decline if it does not fit.
How it works
Questions people ask
Is a $500 loan a payday loan?
It can be. In some states $500 fits within payday limits, while in others it would be offered as an installment loan. Payday loans are not legal or available in every state, so the lender serving your state determines the type.
How much interest will I pay on $500?
It depends on the lender, state, and term. At $15 per $100 for two weeks, the fee is $75, making $575 due. Installment loans charge interest over a longer period. The lender must disclose the APR and total repayment before you sign.
Can I get $500 on the same day?
Some lenders may move quickly, but same-day funding is not something we or anyone can promise. A decision often comes quickly online, and many lenders fund as soon as the next business day if you are approved. Your bank and the time you apply matter.
What happens if I miss a payment?
Consequences vary by lender and state and may include late fees or collection activity. Your agreement will spell them out. If you think you will miss a payment, contact the lender early and ask about your options instead of waiting.
It takes a few minutes and costs nothing to ask. You decide after you see the full cost.
Check my offersWe pass your request to participating lenders. A request does not guarantee an offer; approval, amount and funding time depend on the provider.