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$500 Personal Loan

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

A personal 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 called personal loans because historically such lenders gave cash directly to low income people who didn’t do business with banks.

Personal loan lenders make their money by charging high interest and stiff fees on their loans. Many personal loan lenders will charge 25% or 30% interest on a $500 personal loan.

If a borrower can’t pay a personal loan back when it is due the lender may charge a renewal fee. This can be as much as $50 or $100 on a $500 personal loan.

The High Cost of a $500 Personal Loan

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

Nobody should take out a $500 personal 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 Personal Loan

There are many places that you can go to get a $500 personal loan. Most cities have fast cash, payday loan and check cashing shops that offer personal 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 a $500 personal loan online 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.

Limit the Use of Personal Loans

Since a $500 personal loan can be very expensive, individuals should limit their use of personal loans to emergency situations when no other sources of cash are available. Limiting the use of personal loans can save a person hundreds of dollars of interest charges and fees.

Always check out the alternatives before getting a $500 personal loan. Finding a good alternative can save you money and a lot of a grief.

Many personal loan lenders use sleazy debt collection tactics that can make a borrower’s life miserable. There are lenders who will send out collectors to pester borrowers at their home or workplace until they pay the loan off. Not taking out a $500 personal loan can help a borrower avoid this situation.