500 Cash Loans:
Small Loans for Bad Credit

Loan Terms
Bad credit payday loans are usually short-term loans with repayment periods from 3 to 31 days. Borrowers must repay them in one lump sum by the next payday. Unlike a payday loan, a personal installment loan typically has flexible terms from 24 to 60 months. In this case, borrowers must repay a loan in fixed monthly payments. The loan amount plus charges and fees are divided equally between the number of months the borrower choose;

Loan Amount
Cash advance loans offer limited loan amounts that usually don’t exceed $1,000. It is provided to make it easier to repay the money in a short time. A personal loan typically allows to borrow up to $100,000, which makes it a good long-term solution;

Maximum annual percentage rate
Emergency loans for bad credit always have higher rates and charges. The APR may reach almost 400 percent, which is pretty high. By comparison, an interest rate on a personal loan is usually set from 12 to 30 percent;

Credit History and Income Requirements
If you apply for a payday loan with bad credit, you don’t have to worry about being rejected due to your credit score. Moreover, your application doesn’t affect it because a payday lender provides only a soft credit check. That means that your direct lender will not give access to your data to major credit bureaus. You’re always welcome to apply and solve your financial difficulties if you can verify your source of income. Unlike payday lenders, traditional lenders always pay attention to your credit report. If you want to get a loan from a bank or a credit union, be ready that they may reject your application if you have a bad credit score. As they always share your account details with the three main credit bureaus, it will lower your credit score by a few points;

Loan Approval Rate
It usually takes from 5 to 15 minutes to approve a bad credit payday loan, while it may take about a week for a traditional loan application approval.

Documentation
If you decide to apply for a traditional loan, be ready that you will need some time to gather all the required documents. The list is usually quite long and includes your rental agreement, utility bills, proof of insurance for your property, etc. A bad credit loan has no such strong document requirements. All you need is proof of your identity and your income verification.

Installment loans
These loans have conditions similar to payday loans but offer a longer repayment period. You can repay the money in fixed equal installments, which is usually more comfortable when we talk about higher amounts. You can borrow up to $5,000 and turn the money back within 24 months. The downside is in a big overpayment, as an APR is still higher compared with a personal loan;

Secured loans
Secured loans are personal loans that use some of your property as collateral. Banks usually offer these loans to borrowers with bad credit. They have repayment periods of up to 60 months and a maximum loan amount of $100,000. However, the document requirements are still strong, and traditional lenders provide hard credit checks that lower your credit score. If you need an emergency loan, this option is probably not the one that suits you. It may take about a week till you get a loan decision;

Loans from a Credit Union
You may also apply for a loan from a not-for-profit financial institution according to your location or a place of work. They usually offer competitive rates but also provide hard credit checks. Typically, you can only apply if you are a credit union member with an active checking account.