$500 Loan: Costs, Monthly Payments and How to Apply
Written by Alice, Editor · Reviewed by Stephen, Compliance
A $500 loan through Cash Panda Loans can be repaid in monthly installments over 3 to 12 months, with APRs from 6.99% to 35.99% depending on the lender and your circumstances. Checking your options takes about 2 minutes and won’t affect your credit score.
What a $500 loan could cost each month
| APR | 3 months | 6 months | 12 months |
|---|---|---|---|
| 6.99% | $169 / month ($506 total) | $85 / month ($510 total) | $43 / month ($519 total) |
| 20% | $172 / month ($517 total) | $88 / month ($530 total) | $46 / month ($556 total) |
| 35.99% | $177 / month ($530 total) | $92 / month ($554 total) | $50 / month ($603 total) |
Examples assume fixed monthly payments and no fees. The lowest rates are only available to some borrowers. Your actual APR, fees and payment are set by the lender and shown in your loan agreement before you accept.
On a small loan the term matters less to the total cost than the APR does. At 35.99% APR, choosing 12 months instead of 3 adds about $72 in interest, but brings the payment down from $177 to $50 a month.
Who can request a $500 loan
- You are at least 18 and a US citizen or permanent resident.
- You have a regular income of at least $1,000 a month.
- You have an active checking account in your name.
- You have a valid email address and phone number.
All credit types can submit a request. Because $500 is the smaller end of what lenders offer, the main checks are that your income is regular and the payment fits your budget.
Can you get a $500 loan with bad credit?
You can request one. A lower credit score usually means a higher APR, but a $500 request is often easier for lenders to say yes to than a larger amount. These steps can help:
- Show steady income. Regular deposits into your checking account help lenders see you can repay.
- Pick a payment you can manage. At 35.99% APR, $500 over 12 months is about $50 a month.
- Check your credit report first. Free reports are available at annualcreditreport.com.
- Borrow only what you need. A smaller amount means less interest overall.
How it works
- Tell us what you need. Fill in one short form with the amount and some basic details.
- See your options. Lenders in our network of 100+ lenders review your request. If one can help, you see the APR, payment and term.
- Accept and get funded. If you accept, the lender may run a soft or full credit check and deposit funds as soon as the next business day.
Common uses for a $500 loan
- An unexpected utility or phone bill
- A car repair or new tires
- A medical or prescription bill
- Covering a short gap before your next paycheck
Alternatives worth checking first
- Your bank or credit union. Some offer small-dollar loans to members at lower rates.
- A payment plan. Utility companies and medical providers often let you spread a bill at no interest.
- Asking for a pay advance. Some employers offer earned wage access at little or no cost.
Need a bit more? See our $1,000 loan and $2,000 loan pages, or read how to borrow money online.
Frequently asked questions
How much is the monthly payment on a $500 loan?
It depends on the APR and term. At 6.99% APR over 12 months it is about $43 a month; at 35.99% APR over 3 months it is about $177 a month.
How fast can I get $500?
If a lender approves you and you accept, funds can arrive as soon as the next business day.
Can I repay a $500 loan early?
Many lenders let you repay early, which reduces the interest you pay. Check your loan agreement for any prepayment terms before you accept.
Will checking my options affect my credit score?
No. Checking your options with Cash Panda Loans doesn’t affect your credit score. Lenders may run a soft or full credit check before making a final decision.
Is Cash Panda Loans a lender?
No. Cash Panda Loans is a free loan-matching service that connects you with lenders. The lender sets your rate and terms.
Check your options — it takes about 2 minutes and won’t affect your credit score.