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Sunday, October 9, 2011

How To Get a 500 Dollar Loan Online

"I'm broke, and I need a 300 dollar loan fast." If this sentence sounds familiar, you are not alone. Many of us can be caught with a situation where they have to find money elsewhere. There was one time when I needed to borrow five hundred dollars for a car repair but my paycheck was not due to me until a week later. That was when I started to research more about getting a quick loan for emergency needs online. If you wish to know how to get a 500 dollar personal loan today, read on about my experience.

When we think of getting an easy personal loan, most people will assume that the banks are the best place to get loans with low rates. While I am not disputing that, but going to a bank for a small personal loan under 1000 dollars seems much of an overkill to me, so to speak. I always thought that if someone needs to borrow money from a bank, the amount will probably be in the tens of thousands of dollars. Besides, I am not even sure if I have the prerequisites to qualify for a low rate personal loan from US banks. I am unsure of my credit score since I didn't really need to get a loan until now.

By doing a search on the Internet for a 500 dollar cash advance that you can apply with no credit, I quickly found many Internet loan lenders that can give small personal loans with easy approval, and there are lots to choose from. 1000 dollar payday loans, cash advance for people with bad credit, instant approval loans with no faxing and even some lenders that provide online unemployed loans for people with no job!

Going through a few websites of payday loan companies and direct loan lenders, I find out that most of these online loan companies with short term loans are in the payday loan business. A payday loan is an unsecured cash advance on your signature, that is secured against your next paycheck, hence its name. Unlike traditional lenders, these non-bank loan lenders are willing to accept applicants who have bad credit. In a way, you could say that they exist primarily to provide bad credit personal loans because they are filling in a gap left behind by banks and financial institutions who continue to restrict access for credit to those who have a low credit score.

Eventually, I signed up for an instant payday loan to get a 500 dollars loan from an online lender. So, why would you pick an online payday loan for your credit needs, you may ask. The reasons are simple. Firstly, I needed to borrow 500 dollars quickly and these lenders make the loan process extremely easy. You can simply go to the website and fill up the application form and within minutes, you can get an answer from a lender. I have already been pre-approved since I am able to meet their requirements and all that is needed from me is to check the rates and accept terms on the 300 dollar payday loan online. Thankfully, they don't require me to fax any documents over and once I accepted the loan, the money is directly transferred to my bank account the next day.

Now, surely there is a disadvantage with using emergency payday loans. Of course there is and for most people, they feel that a payday cash advance is too expensive. For my case, I repaid around $120 for every hundredth I took out and going by the APR, that may seem a lot if you compare it with a 3000 dollar installment loan over a 2 year term. My point is, getting an online payday loan of $500 is meant for short term and emergency needs, and I have no complains about paying close to $100 in finance charges for a quick instant loan that gives you cash on the same day.

If you need to borrow 500 dollars today and have a job or verifiable income, try applying for a payday personal loan online with no fax requirements. As with all types of loans, keep to the repayment dates and make good of your obligations, otherwise your credit record will take a beating again and you may find it impossible to get a loan anywhere in future.


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