The smallest personal loan you can get from a major loan provider is $250 from Navy Federal Credit Union. The company also has an APR range of 7.49% - 18%, repayment periods of Up to 60 months (up to 180 for home improvement) and an origination fee of $0.
You do have to be part of the military community to qualify, though. The minimum loan amount available from most other major loan providers ranges from $1,000 to $3,500.
If you're having trouble finding a small enough loan from a major loan provider, you should look into alternatives. Using a credit card or getting a loan from a friend or family member may be a better option for you.
The best places to get a $500 loan are local credit unions or friends and family. A credit card is another good option for borrowing $500 for personal reasons. Credit cards with $500+ credit limits are usually available to people with good credit or better (though people with fair credit might have a chance). Unfortunately, the most popular and best-rated lenders on the market don’t offer personal loans below $1,000. And many of them won’t even lend less than $5,000.… read full answer
A lot of places that advertise $500 personal loans are “bad credit” lenders that will lend to almost anyone but charge extremely high interest rates. For example, one of the more well-known of these lenders is RISE Credit, which offers APRs of 50% - 299%. WalletHub gives these loans 0.5/5 stars.
In addition, you’ll want to avoid so-called “payday lenders,” which offer small personal loans against your next paycheck – and require immediate payment with interest after you receive the check. The APRs on these loans can be over 400%. You’ll want to pursue less costly options as a result.
Where to get a $500 personal loan:
Credit unions: A few credit unions that anyone can join (with a small donation) offer $500 personal loans: First Tech FCU, Georgia’s Own CU and PenFed CU. You can find credit unions in your area on WalletHub.
Friends and family: You may find someone close to you who’s willing to lend you the money. And they might give you lower interest rates than a regular lender because of your personal relationship. The most important thing to do when borrowing from friends or family is to create a written contract so everyone is clear on the terms.
Credit card: Many credit cards have minimum credit limits of $500 or more. The best cards for borrowing money over time are 0% APR credit cards, which require minimum monthly payments but charge no interest for a certain number of months after you open an account. It’s best to pay off the entire amount within the introductory period because after that, you start owing interest at the card’s regular APR.
Oddly enough, your options for a decent $500 personal loan are more limited than your choices for higher loan amounts. But there are still ways to borrow with reasonable interest rates. There are also plenty of predatory options. So be sure to read the terms and conditions in full before accepting anything.
Yes, you can get a personal loan for less than $1,000 from select credit unions and online lenders. The best lender for personal loans under $1,000 is Navy Federal Credit Union because it offers loans starting at $250 with APRs of 7.49% - 18% and repayment periods of Up to 60 months (up to 180 for home improvement). To qualify for a loan… read full answer, you must be a member of the credit union, which is open to active and former military members and their family.
Navy Federal Credit Union isn’t the only reputable lender that offers small personal loans, though. For your convenience, below is a comparison of the best options.
You can borrow a small amount of money from banks, credit unions or online lenders, some of which offer as little as $250. Other options include getting a paycheck advance from a service such as Dave or Earnin, or getting a loan from a trusted friend or family member.
Payday loans and auto title loans can offer small amounts of money, as well. However, these loans often have expensive fees and very short repayment periods, so you should avoid them.… read full answer
Where You Can Borrow a Small Amount of Money
Banks can offer loans as small as $1,000, but typically have minimum loan amounts of $2,000+. Keep in mind that some banks require you to have a credit card or deposit account with them to qualify for a loan. To read about the top-ranked offers, check out WalletHub’s picks for the best personal loans from banks.
Credit unions can offer loans as small as $250. However, you will need to be a member of the credit union to be eligible for a loan. To see the top-ranked offers, check out WalletHub’s picks for the best personal loans from credit unions.
Online lenders can offer loans as small as $300. However, online lenders that offer such small loans typically have very high APRs. If you think a small loan from an online lender is right for you, check out WalletHub’s picks for the best small personal loans.
Paycheck advance services
You can get up to $500 in a pay period when you use a paycheck advance service. These loans must be repaid with your next paycheck, though. Some services may charge a membership fee, but there are typically no fees or interest charges for the paycheck advance itself, as long as you don’t need the funds the same day.
Friends or family members
Friends or family members may be willing to loan you a small amount of money. They may even offer better terms than a conventional loan. If you don’t repay what you borrow, though, you risk damaging your relationship.
Additionally, you could use your credit card to fund a small expense. A credit card cash advance could even work when the person or company you’re paying doesn’t accept cards. A cash advance will have an expensive fee and high APR, though, so it might not be worth it.
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