How To Borrow $500 Quickly: 6 Fast Ways To Get Cash

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Need to borrow $500 fast? Whether you’re dealing with an emergency, covering rent or handling a surprise expense, there are safe and speedy ways to get the cash you need — sometimes within just a few hours.

This guide covers the fastest options, from paycheck advances to borrowing from friends, along with key pros, cons and what to watch for with each one.

How To Borrow $500 Quickly: 6 Options

Unexpected costs can throw off your budget, but these six strategies offer a fast, reliable way to get the cash you need.

Option 1: Online Personal Loans

Online personal loans are known for their quick responses, convenience and minimal paperwork. Many online platforms like SoFi® and LightStream offer personal loans where you can apply and receive approval within minutes to a few hours.

While loan terms and interest rates can vary, some lenders specialize in small, short-term loans, making it easier to borrow exactly $500 quickly.

Pros

• Convenient and fast
• Easy to qualify 
• Paperless application process
• Soft credit check for prequalification

Cons

• Rates can vary widely
• Origination fees could apply
• Subject to predatory scams
• Limited flexibility on terms

Option 2: Credit Union Loans

If you’re a member of a credit union, you may have access to personal loans with more favorable terms compared to banks and online lenders.

The best credit unions often offer lower interest rates and fees, making them an excellent option for borrowing small amounts. However, the approval process may vary, and some credit unions may require a meeting before granting a loan.

Pros 

• Lower interest rates
• More flexible credit requirements
• Personalized customer service 
• Fewer fees

Cons

• Must be a member of the credit union 
• Fewer loan product options
• Local or regional availability
• Not always instant approval 

Option 3: Ask for a Paycheck Advance

Some employers offer the option to receive an advance on your next paycheck. This method allows you to access funds you’ve already earned before your regular payday.

While not all employers offer this option, it’s worth asking your HR department if it’s possible.

Pros

• Fast access to cash
• No credit check 
• Lower cost than payday loans
• No interest (in some cases)

Cons

• Short-term option
• Reduces future paycheck
• May create dependency 
• Not all employers offer this benefit

Option 4: Credit Card Cash Advance

If you have a credit card, a cash advance is a quick way to borrow money. You can withdraw up to a certain limit from an ATM or bank using your credit card.

Cash advances typically come with higher interest rates compared to regular credit card purchases, and interest starts accruing immediately.

Pros 

• No loan application needed
• Fast access to cash 
• No collateral required
• Can be extremely convenient 

Cons

• High interest rates
• Immediate interest accrual 
• Transaction fees
• Can lead to a cycle of debt

Option 5: Borrowing From Friends or Family

Borrowing from friends or family can be one of the fastest and most cost-effective ways to secure $500. There are usually no interest rates involved, and the repayment terms can be flexible.

Make sure you treat the loan seriously and agree on repayment terms beforehand to avoid any potential strain on the relationship.

Pros 

• Low or no interest rate
• Flexible repayment terms
• No credit check required
• Quick access to funds

Cons

• Can lead to disagreements
• Legal disputes may arise
• Can get messy if you don’t set clear terms

Option 6: Payday Loans — Use With Caution

Payday loans should be used as a last resort. They can provide immediate cash with the expectation that you’ll repay the loan with your next paycheck. While they offer quick access to funds, they come with high interest rates and fees.

Before opting for a payday loan, consider the costs and ensure you can repay the loan on time to avoid getting trapped in a cycle of debt.

Pros 

• Minimal eligibility requirements
• No collateral needed
• Convenient application process
• Fast cash access

Cons

• Exceedingly high interest rates
• Lack of transparency in terms
• Short repayment terms
• Will not help to build credit 

Which $500 Loan Option Is Best for You?

The best option for you depends on the situation. Here are a few quick guidelines to help you decide:

• Need cash immediately? A credit card advance offers fast access but at a higher cost.
• Prefer predictable payments? An online personal loan may offer fixed terms.
• Have access through work? Ask your employer if a paycheck advance is available.

Other Ways To Get $500 Fast Without a Loan

Beyond loans, there are a few other ways to secure fast cash.

• Sell items you no longer need: Electronics, furniture, clothing and more can be sold quickly on platforms like Facebook Marketplace, OfferUp or Mercari.
• Use gig apps to earn extra cash: Sign up to become a delivery driver with Uber Eats or DoorDash.
• Pick up short-term or freelance work: Look for temporary jobs on sites like Upwork, Fiverr or local staffing agencies.
• Ask about bill extensions or hardship programs: Utility providers often offer payment plans or emergency relief if you’re struggling.

Final Take: Borrow Smart, Repay Fast

When you’re figuring out how to borrow $500 quickly, weigh all your options carefully. The cheapest choice isn’t always the fastest and high-interest options should only be used when absolutely necessary. If you find yourself needing quick cash often, consider building an emergency fund or talking with a financial counselor for longer-term solutions.

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