500 dollar mini loan
If you have to overcome a financial bottleneck, you can do so with a 500 dollar mini loan. Mini loans are characterized by particularly short terms, so that interest accrues only for a short time, which means that the total cost of the loan is quite low. With a 500 dollar mini loan, for example, you can pay the rent if your salary is not paid in time. Or take out a loan to pay unexpectedly high bills or repairs. At this point you will learn how to take out a 500 dollar loan and everything you should know about mini loans.
Which providers offer a 500 dollar mini loan?
You get the best interest rate at Lender Bank. The annual percentage rate here is only 7.95 percent and is therefore at the level of many installment loans. The effective annual interest rate is 10.36 percent for Best Bank and 13.9 percent for Infra Bank. Even if the interest rates are relatively high, you should keep in mind that they only accrue for a short period. If you took out a $ 500 loan with a term of 12 months, you would probably pay more for your loan in the end, despite lower interest rates.
Who can take out a 500 dollar loan?
Anyone can take out a 500 dollar loan as soon as they are of legal age and have a German bank account. The main residence should also be in Germany. If your place of residence is not in Germany, but at least in Europe, Best Bank is the right contact for the mini loan. Best Bank is also the only major provider that does not provide proof of income.
With Infra Bank you have to prove a minimum income of 500 USD, with Lender Bank it is already 700 USD. You cannot be over-indebted with any provider. However, a negative Schufa entry is not an exclusion criterion. The providers also check whether they consider you creditworthy. With such smaller loan amounts, the criteria are generally not as narrow as with high-sum installment loans.
What is a 500 dollar loan needed for?
500 USD is a sum that is often not spontaneously left over. So it is good if you can borrow the money quickly and with a short term. You have regular costs, for example rent payments. These can be planned and usually also work smoothly. However, due to a system error or illness in the responsible departments, your salary may not be transferred on time. Then just take out a 500 dollar mini loan, pay the rent and pay it back as soon as your salary is there.
Sometimes there are also unplanned additional costs, for example in the form of unexpectedly high bills for electricity, gas or water. For example, if your refrigerator’s temperature control fails, you may not even notice the defect because the refrigerator is still cool. However, if the refrigerator works at maximum capacity all the time, this can have a huge impact on the electricity bill, so you are faced with a bill that you did not expect.
Even spontaneous repairs such as a defect in your car can be paid for with a 500 dollar loan. You should only consider that, depending on the provider, you have a maximum of up to 90 days to repay the loan. If you cannot guarantee that you will have the money, you should first try to negotiate an installment payment. Large companies such as energy suppliers are often quite accommodating in this regard.
How quickly is a 500 dollar loan paid out?
If you accept the offers without additional fees, you have to be able to wait a little until you can actually spend the money. Infra Bank is particularly fast. Here you will receive your 500 USD within three to five working days. With Best Bank you have to wait up to 15 working days, with Lender Bank up to seven working days.
However, if you need the money as soon as possible, you can pay an acceleration fee. With such an express option, you have the money in your account after 24 hours on weekdays at the latest. Some providers even get the money on the same day. However, the express options are not offered free of charge. Infra Bank promises to pay out within 30 minutes if you pay a fee of 39 USD. Best Bank charges $ 179 for the quick transfer of your $ 500 mini credit, $ 99 Lender Bank.
When do you have to repay a 500 dollar loan?
You must repay your mini loan of over 500 USD by the end of the agreed term. Which terms are offered varies from provider to provider and sometimes also depends on the loan amount. With Infra Bank, you can choose a term of 60 or 90 days in addition to the standard term of 30 days. If you are sure that you can repay your EUR 500 loan very quickly, you can only borrow the money for 15 days.
The standard term for Best Bank is also 30 days. Alternatively, you can opt for 62 days, but you will then have to repay your loan in two installments, for which an additional fee of 99 USD will be charged. At Lender Bank you can choose between terms of 30 or 60 days. Here, too, the longer term is associated with additional fees for payment in two installments. The cost for this is currently 49 USD.