Requesting a 500 USD loan is quite easy. The reduced amount, in fact, makes possible a series of solutions, lowering, among other things, the risk perceived by the bank or the financial company that grant the loan itself without particular worries. Although therefore it seems an easy undertaking to try to obtain a loan of this type, this is not always the case since there are many realities that only grant loans for higher amounts which, as can be guessed, also guarantee them higher revenues, also spreading better fixed costs of practical management and analysis of the applicant’s profile.
Who to apply for a 500 USD loan
The financial companies best known to most, as mentioned, manage only and exclusively loans for amounts exceeding 500 USD. It will therefore not be easy to find a solution.
Among the realities that instead meet the needs of this type of customer we find the BNL-Paribas group at the forefront. Once the online or branch service has been chosen, it will be possible to analyze the purely economic aspect, which in fact will correspond to that offered by the most common online loan companies.
The alternatives to traditional loans
Given the small amount of the loan, it may be useful to check for other solutions. Some, for example, recommend using a credit line, although I personally do not recommend this solution due to the fixed cost associated with this option. For this reason, some decide to opt for the traditional private loan. It is a very simple solution that has as its only constraint the level of interest rate, which must be lower than that of usury as known.
If instead you want to exclude a solution of this type, you can opt for a loan by pledge, possible thanks to the reduced amount required. The operation of this option is quite simple. In fact, to obtain the figure, it is sufficient to have an asset that has a value higher than the requested figure.
An asset with an amount greater than 20%, 30% of the value of the figure is usually required, but this value is established by the bank or by the company which, however, hardly demands a lien with a much higher value. The restitution of what is given as a pledge is linked to the balance of the amount received on loan, an amount subject to interest that could grow even more in the event of delays or anomalies in the payment.
A further possibility is offered by revolving cards which in fact have a cash advance function. These cards are subject to a variable commission, which however fluctuates around 3.40%, to which then add a value linked to the interest set during the contract. In this case it is not actually necessary to present any guarantee or to request any loan since the de facto figure is part of the classic functioning of the revolving card.
This solution, of course, is suitable only and exclusively in the presence of a person with an income or in any case a source of sustenance who is in need of 500 USD, but who can pay the amount immediately in the following month or months. The timing varies according to what is established by the mechanisms of the card itself.
At this point you just have to evaluate every single proposal in detail, analyzing both the economic and the practical aspects, before deciding which option to choose. If possible, however, remember that there is also another option that we have not yet stated: postpone, if possible, your expenditure until the amount is actually available in your account.