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Best Quick Loans Over 500 Dollars

By Edited Mar 31, 2014 2 1

Some of the best places for quick loans over 500 dollars are available right in your neighborhood.  If you need money now, you will have plenty of options to keep in mind, even if you have very bad credit.  Of course, if you have a good credit score, there will be several more options available for you, at much lower interest rates.  In this article, I would like to go over some of the best places to look for quick loans over 500 dollars, or even 5000 dollars, when you need your money right now.

Pawn Shops

When you watch television, it seems the only option you have with pawn shops is to go in and sell the items you have of value for much less than they are actually worth.  This simply is not the case.  In fact, a good portion of the business pawn shops do is from collateral loans.  The items you see on television that go into the stores for sale can be used as collateral for a short term, quick personal loan.  You put the item up as collateral and get your money now.

You will pay high rates of interest, which is generally charged monthly, when you use this type of business for a really fast personal loan of over 500 or 1,000 dollars.  In addition to this, you also agree to forfeit the items you put up as collateral if you fail to pay back the loan at the specified times.  Most have no credit checks involved, so it is a great option for anyone that has something of value and a poor score.  Consider this carefully though before you put up any valuable family heirlooms or other items that have a value that exceeds money.

Peer to Peer Lenders

This is a good way to get a quick personal loan of almost any amount.  These are regular people borrowing money to others, through a number of different websites.  You will most likely have to have a credit check run and the interest rates will vary greatly by lender, website, and type of personal loan you take out.  Some offer no collateral options, but others will need something of value for a more secure transaction.  You will end up signing contracts and agreeing to terms, just as you would through a regular bank.  For those that cannot get financing through the traditional lenders, this is a very good option to keep in mind.  Keep these sites in mind, but be sure to shop around to find the very best deals on interest rates, so you save as much money as possible when you borrow money.

Check Advance Services

This is probably one of the quickest places to go for a short term loan.  The approval is almost instant and sometimes is guaranteed.  There are generally several of these institutions in almost every city of any size, so you can compare their fees and services.  Of course, as with any lender, there are some serious drawbacks to using payday advance loans.

First up, you will pay very, very high rates of interest.  While they are quick and have to be paid back within two weeks, in most cases, the actual APR you pay will border on obscene.  In addition to this, it will show up on your credit report, which can serve as a red flag to lenders down the road.  That said, if paid back on time and within the agreed terms, it can show a good payment history.  Keep this in mind as there are probably some cheaper alternatives for short term, quick personal loans of 500 dollars or more.

Traditional Banks

Have you considered taking out a 90 day note?  This is a quick personal loan that you can take out for almost any amount, assuming you have good credit.  You get your money today and you are responsible for paying back the entire amount, with the interest, by the last day of the note.  This is different than traditional personal loans as monthly payments are not required.   Interest rates are generally much more favorable, even with mediocre credit scores, when compared to payday services, pawn shops, and bad credit lenders.

If you have a good history with a traditional bank, this might serve as you best option for a quick personal loan of over 500 dollars.  While your credit score will need to be taken into account, you might find the lender willing to work with you, even if you your score has dipped.  Since past relationships and borrowing history are taken into account, building a relationship with the same lender has some real benefits to it.

Viable Alternatives to Quick Personal Loans

There are some things you might want to consider before you take out more credit and borrow money from the banks and traditional lenders.

Credit Cards:  You probably have access to a certain amount of cash with any credit card you have in your wallet.  You will pay a much higher rate of interest than you would through traditional lenders, but it can be a very quick process.  Often, you need to do nothing more than visit an ATM, enter your pin, and take out your cash.  If you need $500 or $1,000, this is a good alternative that you will want to keep in mind as you look around for the best deals.

Asset Liquidation:  If you have anything of value that you can live without, sell it quickly for a cheap price.  While getting less than the value of any item you sell isn’t appealing, if you are saving high rates of interest for a quick personal loan, the savings will generally offset the reduced price.  This is risky though, since you don’t always know how quickly any item will sell, even if it is priced very cheap.  If you need the money now and cannot wait for even a few days, this might not be the best choice.

As you check out all of your options, you will find you have to do some homework and spend some time looking around to get the best quick loans over 500 dollars.

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Apr 3, 2013 11:12am
This is really useful information, I find peer to peer lending very interesting as the banks are avoided completely, they're better than pay day loans where you have to pay over 1000%! Thanks for sharing and thumbs up.
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