Conditions for obtaining a loan for $500
Banking organizations do not deal with small amounts. In addition, applying to a bank always involves a lengthy collection of documents and a lengthy review process.
There is a way out of the situation – in most microfinance organizations you can quickly borrow $500 on a card or e-wallet. Such companies operate according to a simplified scheme, which allows you to get the required amount very quickly.
A loan of $500 is suitable if a small amount of money is not enough for some important expense, for example, to top up your phone account or pay for the Internet. You can apply for a microloan online and receive money via a bank card, e-wallet or money transfer. Here are organizations from which you can borrow 500 $. When choosing, consider the term, interest rate, requirements for borrowers and other conditions.
- Requirements for the borrower
- Age – from 18 years, sometimes – over 21 years
- Citizen’s passport
- Mobile phone
MFOs do not require proof of income, do not attract guarantors, and are not interested in the purpose of receiving money. The potential client’s task is to carefully study the lending conditions of different organizations, compare and choose the appropriate option.
Conditions of registration
Repayment period – from 1 day to 1 year.
Amount – from 100 to 70,000 dollars
Interest rate – from 0% to 0.8%
You can get money without leaving your home. Fill out an application online, wait for a response and receive a loan on a card or e-wallet.
Advantages
The term of such a loan is often one to two weeks.
It is convenient to repay a small amount at the end of the debt along with interest
This type of loan is quickly processed and does not require a large package of documents.
Flaws
The minimum amount for most MFCs and MCCs is above $500
Typically, the lower the amount, the higher the interest.