$500 & $1000 Payday Loans Online

by Philip Nelroy   Last updated: December 3, 2019
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Payday loans, also known as salary loans or small dollar loans, are unsecured, short-term loans. They are usually given out at the understanding that they will be repaid upon the borrower’s next paycheck. That is where the term “payday” comes from.

The disbursal or turnaround time for payday loans can be as soon as one business day. This fast processing time is one of the many reasons people turn to these types of loans.

This especially holds true for smaller amounts such as a $500 payday loan or $1,000 payday loan. Customers can be approved these types of loans very quickly. It makes them popular among those who need urgent cash due to an emergency need.

However, due to these benefits, the interest rates on these loans can be relatively high. When you take out these loans, you can expect to pay a higher interest rate compared to other unsecured loans.

This is why it is important to consider the following points when taking out a payday loan.

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When Would I Need a Payday Loan?

Payday loans are usually taken out to meet emergency needs. These situations could include but are not limited to:

  • Medical emergencies, in cases where your expenses are not covered by insurance.
  • Educational expenses, where you must pay your tuition fee urgently.
  • Residential requirements, such as down payment, maintenance, or rental expenses.
  • Wedding expenses, for your own self or a loved one.
  • Other loan repayment emergencies, where you can’t hold off the other lender but can take out another emergency payday loan.

Due to high interest rates, these loans are best taken by those who are certain that they can pay them by their next paycheck.

When Should One Turn to 500 Payday Loans?

As stated above, the needs are not limited to the aforementioned reasons. You can take out a payday loan for other expenses, and you may not need to mention the reason for your application. This makes short-term funding a viable solution for a wide range of customers.

What Do I Need to Get a $1,000 Payday Loan?

Due to the way that these payday loans are processed, borrowers may submit a smaller amount of personal information than with other types of financing applications. But these requirements depend upon the lender. A lender can have easier requirements to fulfill, but in some cases, the application process may be more difficult.

That is why, when looking for a payday loan, you need to review each lender’s specific requirements.

How Can I Speed Up the Approval Process?

Just ensure that you have everything in place according to the lender’s requirements. This would help ensure that there are no hiccups in the processing of your application.

Can I Get a 500 Payday Loan Against My Credit Card?

In some cases, it is possible to borrow up to $500 through one’s credit card. When you take a payday loan against a credit card, it is usually referred to as a cash advance. You need to check with the issuer to see if this option is available. If so, you should check and see how much it costs in your situation. If applicable, be sure to calculate in the cost of using an ATM to make the transaction.

This is the most usual instance where a small loan doesn’t have to be repaid at the borrower’s next paycheck. Instead, they can pay the minimum amount on their credit card bill and pay the rest at a later date.

Can I Get These Loans Against Any Credit Card?

Not all credit cards allow you to take out cash advances. But if you have a credit card that allows you to take a cash advance, you can utilize this feature quite easily. First, check the interest rate and applicable fees. The cost of using a credit card cash advance is sometimes higher than what a customer might expect.

What are the Pros and Cons of Payday Loans?

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The list of pros and cons for these loans are straightforward. You may have already realized them on your own after going through the information so far. However, for easy reference, the following points summarize the advantages and disadvantages of short-term funding.

Advantages of Payday Loans

  • Unsecured loans mean that you do not have to offer collateral
  • Faster turnaround time
  • You can take out payday loans for a wide variety of reasons
  • A shorter loan term means less time to worry about the loan

Disadvantages of Payday Loans

  • The interest rates are higher than with long-term funding
  • Your credit rating is on the line if you do not repay the loan within the specified time-frame, but this is the case with all credit
  • You have to repay the amount in full on the due date, which can be cumbersome if you have other debts

Additional Points to Remember About Payday Loans

These additional points will help you make an informed decision.

Keep the Lender in Mind

As noted above, the requirements for a payday loan depend on the lender you are dealing with.

Therefore, if you have had the experience of dealing with a payday loan lender previously, it doesn’t mean a different lender will follow the same requirements. The process could be different, and you will need to be ready.

Be Wary of the Interest Rates

The interest rate of a short-term loan can vary from lender to lender. Keep this in mind when choosing a lender and try to find a good rate for your situation.

Think of Your Future Expenses

Another point to remember while taking out payday loans is how the loan will affect your future expenses. If you spend your next paycheck now, then you will need to get by on less until the next paycheck after that.

This can be difficult if your monthly expenses include credit card bills or other loan repayments. Thus, you should always make this decision after ample consideration.

Payday Loans Can Be Beneficial

Payday loans can be the ray of hope that you need during dark times, but only if you know how to work with them effectively.

Smart consumers are aware of all their options. When choosing a financial product for your situation, it helps to know which products are in the market currently.

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