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$500 Payday Loan

A $500 payday loan or cash advance is a kind of credit that an average person should only take advantage of in an emergency situation.

A payday loan is a direct loan of money to a borrower that must be paid back very quickly usually within a few weeks. These loans are also called cash loans because historically such lenders gave cash directly to low income people who didn’t do business with banks. They are called payday loans because the borrower was expected to pay them back on her or his next paday.

Payday lenders make their money by charging high interest and stiff fees on their loans. Many payday lenders will charge 25% or 30% interest on a loan.

If a borrower can’t pay a payday loan back when it is due the lender may charge a renewal fee. This can be as much as $50 or $100.

The High Cost of a $500 Payday Loan

A lot of people end up owing hundreds or thousands of dollars to payday lenders. They end up spending all of their salary or government benefit check to pay off these loans.

Nobody should take out a $500 payday loan unless they know that they will soon have the money to repay it. If you are unsure about being able to pay off a cash loan you should never take out a cash loan.

Most people can get a better deal on a loan at the pawn shop or through a credit card. An advantage to a credit card is that a borrower can pay only the minimum and delay paying the balance off until they have the money to do so.

Where to Get a $500 payday  Loan

There are many places that you can go to get a $500 payday loan. Most cities have fast cash, payday loan and check cashing shops that offer cash loans. These shops target low income people with bad credit who don’t have bank accounts.

Most borrowers should avoid the storefront lenders because of the high fees and interest rates they charge. The average person can get a much better deal on a cash loan by going online. Online lenders usually charge lower fees and interest and are much easier to deal with.

To get an online cash loan which is often called a cash advance you will have to have a bank account. The money is electronically deposited into your account by the online lender. The loan repayment is also done electronically.

Types of Cash Lenders

Payday lenders will try to disguise their product as something else. Many of them call their loans cash advances or payday loans. Some will call them check into cash or check loans.

Check loans are loans in which the borrower writes a check for the principal of the loan plus interest and fees. The lender holds the check for a period of time and cashes it on a specific date. The borrower agrees to have the money to cover the check in the account on that day.

Payday lenders make cash loans with the expectation that the borrower will payback the loan on their next payday. Many payday lenders also cash paychecks and government benefit checks.