$500 Loan

Get approved for your small loan to cover your unexpected expenses.

Apply in less than 10 minutes.

Last updated on May 4th, 2022 at 03:21 pm by Bill Tsouvalas

Can I get a $500 loan if I have bad credit?

Yes – in many cases, you can successfully apply for a $500 loan with bad credit. In fact, your past borrowing history is unlikely to prevent you from qualifying for a cash loan. Lenders do look at your credit report, but that’s mainly to check existing borrowing and your record dealing with similar cash loans in the recent past.

Qualification for small loans is assessed on the basis of affordability and lenders follow responsible lending guidelines while they examine your finances. What that essentially means is if you can afford to repay a cash loan without causing yourself financial stress, you’re likely to have no issues qualifying.

Assessable income can come from a variety of sources with a $500 loan application. You can apply for a cash loan on Centrelink; you’ll just need to supply a Centrelink Income Statement, which you can download by logging into your MyGov account. Lenders will consider Centrelink income as long as it makes up no more than 50% of your total. You can also apply for a $500 loan if you’re a pensioner.

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$500 instant cash loans approved

Need to borrow $500 fast? You can apply for a cash loan today and do everything you need online. Use a small cash loan for any purpose, choose a repayment option to match how you receive income and pay fixed fees.

With Savvy, you can borrow anything between $300 and $5,000 with one. All fees are capped and are represented as a simple percentage of the loan amount. Applications for small loans are conducted entirely online and approvals are quick. Borrowers can upload supporting documents via lender websites and fill out application forms online too.

Instant outcomes within 60 seconds

Get funds in 24 hours

Flexible repayments

100% online

Fixed loan repayments

Centrelink income accepted

No early termination fees

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Why choose Savvy for your cash loan?

What you can use a $500 loan to pay for

Still got some questions about cash loans? Find answers here

What are the fees for a $500 loan?

Fees for $500 loans are fixed as a percentage of the borrowed amount. You’ll pay a maximum of 4% or $20 each time you make a repayment and no more than 20% or $100 to set the loan up.

What if I’m late with my loan repayment?

All lenders charge different fees for late cash loan payments, which typically range between $10 and $30. If you’re having trouble in advance of a due payment, get straight in touch with your lender. Most will try to help you deal with the situation, within reason.

How long do I get to repay my cash loan?

You can borrow $500 and pay it back as quickly as 16 days afterwards if you just need to get to that next paycheque, or you can stretch repayments out for as long as twelve months.

Choose weekly or monthly schedules, depending on how you receive your income. Small cash loans don’t have any fees or penalties for early repayment.

Just get in touch with your lender if you want to repay early. You can usually use BPAY to pay off the remaining balance.

What documents do I need to apply for a $500 loan?

Document requirements for a small loan are pretty straightforward

  • Lenders check to see how much you earn and make sure your income is ongoing. They require that to have been the case for at least a few months – so they ask for 90 days’ worth of payslips.
  • You’ll need proof of ID – like a passport or driver’s licence. You can prove your address using a recent utility bill, and you’ll also need your Medicare card or a citizenship certificate to confirm permanent residence.
Do I need any money up front for a $500 cash loan?

No. Your setup fee gets spread evenly across your cash loan repayments. Your fist payment will be due after the first scheduled interval. So, if you’re repaying a $500 loan monthly, you won’t need to pay anything for a month after you sign up. If you’re repaying weekly, you’ll need enough in the bank to cover your first payment a week after you sign up. The lender will send you a contract after your application is approved. That will list all your responsibilities under the finance agreement, including repayments.