Getting a 500 dollar loan would categorized as a Micro Loan. Micro Loans are becoming more common now in the digital era, but there are only a handful of lenders who lend such a low amount. If you ever apply for a $500 loan online please comment below and leave the link to the lender’s web site. It’s not like there not any lenders who approve loans this small – don’t get me wrong – it’s just that most lenders don’t want to waste their time approving loans this small.

Almost always these lenders are Payday lenders who lend a minimum of 1K ($1000) and a maximum of $1500 dollars. There are some that lend more, but the rates really climb and the fees are really high.

If you only need to borrow 500 bucks please just ask a relative or something – then you might not have to pay any interest and you won’t have any hassles like high fees, faxing, Internet research, and phoning. If you need 500 dollars I would look at a getting small maximum credit card. A secured credit card or an unsecured credit card will do.

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A LOAN CALCULATOR; Enter your loan amount, how many years, the interest rate, and payment frequency (14 for biweekly, 30 for monthly, 7 for weekly. Very helpful so you know exactly what the loan will cost you in interest payments and you will know the total COB (cost of borrowing).

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30 for a Month, 7 for Week
and 14 for Bi-Weekly. Easy!

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