25 Proven Ways to Borrow 500 Dollars Fast

It’s never fun being in a position where you need to borrow $500 quickly. You may be short on your monthly rent or mortgage payment, require an emergency auto repair, or have another unexpected expense. Hopefully, it’s for something better, but probably not.

Having been in this situation myself, I’ve learned there are straightforward methods for getting cash quickly, as well as numerous others you can take advantage of.

Still, it can be overwhelming and stressful trying to borrow money when you’re in a bind. Luckily, 500 dollars isn’t that much, so it’s going to be a lot easier to obtain than higher dollar amounts.

One of the quickest and most affordable ways to get five hundred dollars when you need it fast is by borrowing the money from someone close to you, but that’s not always an option. That’s why I’ve put together this helpful guide summarizing the top 25 ways to borrow $500 when you need it quickly.

Here’s how to borrow 500 dollars when you need cash as soon as today, tomorrow, this week, next week, or by the end of the month.

1. Borrow $500 from someone you know

• Speed: Fastest
• Repayment period: Negotiable
• Credit score: n/a
• Cost: Low

Borrowing money from a family member, friend, coworker, or acquaintance can be the quickest way to obtain $500. Oftentimes, you can do it with a simple verbal agreement and handshake. And thanks to advancements in technology, you can also receive money quickly from people far away.

I’d start with those closest to you, such as a significant other or family member, then move on to friends, coworkers, and finally acquaintances. You could even ask for $300 from one person and the remaining $200 from another.

It’s essential to pay these people back as soon as possible. You don’t want to ruin relationships over a few hundred dollars. It could harm your reputation with others, too, if it becomes known that you’re not repaying what you owe by the agreed-upon date.

2. Take a $500 credit card cash advance

• Speed: Fastest
• Repayment period: Years
• Credit score: n/a
• Cost: Moderate

One of the fastest ways to get $500 cash is by taking a cash advance on one or more of your credit cards. You can either visit a teller at your local bank or credit union to withdraw the money against your credit limit, use an ATM and enter your PIN for the cash, or transfer the funds from your credit card to your bank account online.

Some places, like casinos, even allow you to get a credit card cash advance without a PIN. Just be careful of the fees. Cash advances can already be costly, and the casino will charge an additional fee.

If you’re lucky enough to own a Discover Card, you should be able to get cash back during checkout at a store for free; however, this type of cash access is for smaller amounts and may not be available at all locations. Discover also offers standard cash advances for higher dollar amounts.

3. Overdraft your bank account by $500

• Speed: Fastest
• Repayment period: Varies
• Credit score: n/a
• Cost: Moderate

Most banking institutions offer a form of overdraft protection that allows transactions to go through even if there isn’t enough money in your checking account to cover them. Sometimes it’s included automatically, but you may need to enroll for this feature.

Some institutions have different levels of overdraft protection that you may have opted into as well. The best course of action would be to check with your bank or credit union to determine the type of protection you have in place before “overdrafting.”

If well-protected, you may be able to withdraw the money you need directly from an ATM. The bank will either cover the transaction, resulting in a negative balance, or use a backup account, such as a credit card, savings account, or another linked account, to cover it.

You could also write a check or make a $500 purchase with your debit card, as these methods are more likely to be covered by your agreement.

When you are fully aware of how overdraft protection works for your account, and you know you are protected, this could be a reasonable option for you. Ensure you understand precisely how you are protected and the best way to minimize headaches and fees.

4. Exceed your credit card limit by $500

• Speed: Fastest
• Repayment period: Years
• Credit score: Fair
• Cost: High

Similar to overdrafting your bank account, you may be able to spend more on your credit card than its stated credit limit if you’ve opted into over-limit protection. The amount you’re allowed to exceed it by, if any, will depend on your card issuer and may also be based on other factors, such as your spending activity and credit score.

Over-the-limit protection can be an invaluable mechanism when you autopay a large number of bills, but swiping for more than your credit limit can also be helpful when you’re in an emergency. However, I recommend avoiding it if possible, as there are many potential negative consequences.

Among them, you will likely be charged an over-limit fee, a penalty APR may apply to some or all of your balances, your credit score could decline, there could be a reduction in your future credit limit, and other creditors might take notice if it makes it onto your credit report.

If you choose to exceed your credit card’s limit, the best way to minimize the damage is to pay down the balance below that amount as soon as possible.

Better yet, ask for a credit increase instead. Some companies will apply credit increases immediately.

5. Ask for a $500 paycheck advance

• Speed: Faster
• Repayment period: n/a
• Credit score: n/a
• Cost: Low

One of my top recommendations for employees is to request a $500 paycheck advance rather than borrowing the money from elsewhere. Since this advance is based on money you’ve already earned or will earn soon, there is little risk to employers.

Many employers will be happy to assist you in your time of need. They may hand you the cash and deduct your check at payroll, or proceed more formally. Oftentimes, as a loan.

Some employers, such as large corporations, may already offer this benefit to employees through an employer-sponsored earned wage access (EWA) or financial wellness program. Others may allow on-demand access to your wages through a third party.

Alternatively, you could try a cash advance app or look into an employer-linked loan.

6. Buy now, then pay $500 later

• Speed: Faster
• Repayment period: Moderate
• Credit score: Fair
• Cost: Low

Thanks to numerous buy now, pay later (BNPL) services, people can now obtain quick, short-term loans at many merchants during checkout, both in-person and online. Even with bad credit, sometimes.

These are typically small personal loans that are repaid over a few weeks or months, with reasonable interest rates and fees.

If you’re able to resolve your financial troubles by using a buy now, pay later option to pay for it directly, then you’re probably on your way out the door. But I’m guessing you need 500 dollars in cash.

If that’s the case, then you can find a BNPL platform that allows you to buy prepaid debit cards or gift cards instead. You can either use the cards to pay for what you need, trade them for cash, or pay for someone else’s items and have them give you money in return.

7. Write yourself a $500 convenience check

• Speed: Faster
• Repayment period: Years
• Credit score: n/a
• Cost: Low

If you have one of these convenience checks lying around, you could write yourself a $500 check and deposit it into your bank account, or write it to someone else. Just make sure it hasn’t expired and pay attention to the fee information, which may be included on the check.

Most balance transfer checks have an expiration date, while some regular convenience checks might not. Balance transfer checks are a type of convenience check that usually offer a better deal for a limited time.

If you don’t remember receiving any checks, you may find some with your original paperwork.

8. Get a $500 payday loan

• Speed: Faster
• Repayment period: 2–4 weeks
• Credit score: Poor
• Cost: Moderate

Ugh, the dreaded payday loan. Also frequently referred to as a paycheck cash advance. Payday loans can suck, especially when you get caught up in the payday loan debt cycle.

If you haven’t used one, you’ve likely heard of them. Astronomically high annual percentage rates and fees. However, they can help in an emergency. They are similar to tribal loans for Native Americans who are members of a tribe.

Many payday lenders won’t check your credit, but even with a bad credit score, you can probably obtain a payday loan for $500 if you have a consistent source of income.

Traditionally, you would search “payday loans near me,” then visit a payday lending store, fill out some paperwork, and walk away with a small loan. Nowadays, the entire transaction can take place online.

A payday loan, if available in your state, will typically need to be repaid at the time of your next paycheck, which can be within two to four weeks. However, payday loans may be severely restricted or prohibited altogether by your local government because they are considered predatory lending by many.

9. Secure a $500 pawn shop loan

• Speed: Faster
• Repayment period: 30–90 days
• Credit score: n/a
• Cost: Moderate

I’m sure you’ve heard about selling items to local pawn shops for cash, but many people don’t know that you can also get a loan from a pawn shop. Instead of selling items to the shop, you could use your belongings as collateral for a loan from them instead.

Pawn shop loans can be a handy short-term loan option for someone in a pinch. Finding items to secure a pawn loan for $500 should be easy. Just don’t expect premium payouts for your stuff.

Pawn loans can be expensive, and you will lose your personal property if you fail to repay the loan within the typical 30 to 90-day timeframe. Luckily, some pawn shops offer extensions, and it won’t affect your credit score if you don’t repay the loan.

Not all pawn shops offer loans, and their availability may be minimal in some states.

10. Obtain a short-term installment loan for $500

• Speed: Faster
• Repayment period: Up to 36 months
• Credit score: Poor
• Cost: High

When discussing short-term installment loans here, I’m referring to installment loans typically offered by payday loan companies and businesses that market themselves as alternatives to payday loans, like our lending partner, CreditNinja.

These short-term personal loans are similar to payday loans in terms of their high annual percentage rates and other fees, but some offer lower rates. The primary difference is that they are repaid over a period of several months to a few years.

They also don’t require good credit, but can take slightly longer to receive on average than a payday loan. However, they can still be processed and funded swiftly, oftentimes on the same day.

You can find $500 installment loan options with many payday lenders and through payday loan alternative websites.

Just be cautious, as you may end up paying significantly more for the loan than for a payday loan, even with a lower APR. That’s because interest is calculated over time, and other fees may be added to originate and process the loan.

11. Get a $500 Payday Alternative Loan (PAL) from your credit union

• Speed: Faster
• Repayment period: 1–12 months
• Credit score: Poor
• Cost: Low

If you’re currently a member of a federal credit union, you may be able to take out a $500 payday alternative loan. Oftentimes, within a business day or two. Some credit unions also allow new members to have immediate access to payday alternative loans, but others may require a waiting period.

PALs are a low-cost borrowing option, with some lenders charging just a small fee and no interest. They are federally regulated, and their minimums and maximums depend on the type of PAL offered and the institution.

Payday Alternative Loans are more accessible to a broader range of people, as many credit unions prioritize income, membership status, and the ability to repay over credit history.

Many credit unions require membership for at least one month before applying for a PAL, but some offer them immediately.

12. Access $500 emergency cash from your bank

• Speed: Faster
• Repayment period: 3 months
• Credit score: Poor
• Cost: Low

Obtaining $500 in emergency cash from your bank is similar to getting a Payday Alternative Loan from a credit union. The key difference is that these loans aren’t regulated in the same way. Banks are freer to package them as they see fit.

Oftentimes, emergency loans are just traditional personal loans, marketed differently. The loans I am referring to here are much shorter, typically repaid over three months, with your credit score being less critical in the approval process. Sometimes it’s not a factor at all.

To obtain a short-term emergency loan from your bank, you will typically need to have been a banking member for a few months to a couple of years and show a history of deposits and other positive checking account activity.

Some institutions will provide these as loans, while others may refer to them as cash advances or lines of credit. Individual product names and terms will vary. Check with your bank to see if they offer a similar service.

13. Borrow $500 against your cryptocurrency

• Speed: Faster
• Repayment period: 1 year
• Credit score: Poor
• Cost: Low

If you’ve been holding onto cryptocurrency that you don’t want to sell, you may be able to get a personal loan or line of credit using your crypto as collateral. It’s called a crypto loan and is similar to a margin loan, which is backed by securities held within an investment account.

Numerous fintech companies, including major exchanges, offer crypto-backed lending products. The loans can be used for almost anything and are obtained relatively quickly. Even instantly. Some require monthly payments, while others don’t have a specific repayment period.

Bitcoin is the most common method for securing a crypto loan; however, other cryptocurrencies may be accepted as collateral. With a bit of searching, you should be able to find numerous platforms willing to lend you $500 secured by a portion of your cryptocurrency.

Crypto loans typically don’t require a credit check because the borrower’s assets serve as collateral for the loan. The funds are disbursed as stablecoins or transferred to the borrower’s bank account in fiat currency, and repayment is commonly due in 12 months.

14. Grab $500 from cash advance apps

• Speed: Faster
• Repayment period: 1–8 weeks
• Credit score: Poor
• Cost: Moderate

Recently, there has been a surge in cash advance apps that enable you to access a portion of your paycheck instantly. Instead of tying to your employer, they connect to your bank account and withdraw the money when it’s due. Initial advances are small, but they can increase over time.

These instant cash apps can be handy when you regularly need access to a portion of your paycheck before it’s deposited into your checking account. They can also serve as a useful backup for emergencies.

On the surface, they may seem very appealing; however, some of them feel nearly as dangerous as payday loans. If you’re not careful, the fees will accumulate quickly. Be sure to do your research before joining.

When considering cash advance apps for the long term, there are plenty of options to choose from and ways to minimize fees. Assuming you’re a first-time user who needs $500 cash immediately, you may have to sign up for a couple of them to get all the money.

15. Explore employer-linked loans for $500

• Speed: Fast
• Repayment period: Years
• Credit score: Fair
• Cost: Low

I would first ask for a $500 payroll advance, but if your employer is unable to provide you with one, they may be able to distribute the money to you as a loan. Either directly or via a third-party lender.

Unless you work for a large company or the federal government, there’s probably not an official workplace lending program in place. However, you can find many companies, such as our lending partner, Viva Finance, that specialize in working with employers to provide low-cost loans to employees, even if you’re the first to request it.

Often, you can obtain one of these payroll deduction or direct deposit loans without a credit check since the funds are withdrawn directly from your paycheck rather than relying on you to make each payment. Interest rates and fees are typically lower than traditional personal loans as well.

The best course of action is to contact your employer to determine if they offer benefits of this nature. If not, they may have previously assisted individual employees in arranging loans tied to their employment.

I’d start there, then, if necessary, see what you can find on your own. Your employer may be aware of other sources of funding or financial assistance that can help you, too.

16. Obtain a traditional personal loan for $500

• Speed: Fast
• Repayment period: Years
• Credit score: Good
• Cost: Low

Obtaining a traditional personal loan for $500 can be difficult. Most lenders require a minimum loan amount of $1,000, but that could be a decent pathway for you if you foresee needing more funding in the near future.

Traditional personal loans are considered an inexpensive way to borrow money. Individual terms will depend heavily on the loan amount and the borrower’s credit history, income, and debt.

500-dollar personal loans aren’t profitable enough for many traditional lenders, so other companies have stepped in to fill this lending gap. Rather than allowing you to repay the loan over many years, you’re usually required to pay it back over several months to a couple of years. However, these short-term loans can be costly.

If you’re looking for a low-cost personal loan of 500 dollars, it would be smart to check with your local bank or credit union. You can also get matched with a handful of loan providers through our site. Some of them are direct lenders, while others connect you with or have their loans issued by third parties.

17. Open a personal line of credit and withdraw $500

• Speed: Fast
• Repayment period: Up to 2 years
• Credit score: Good
• Cost: Low

A personal line of credit (PLOC) lies somewhere between a credit card and a personal loan, and is slightly harder to find and obtain than both. With a PLOC, you can open a credit line of $500 or more, and only use the money you need now.

For example, you can open a $2,000 credit line, withdraw $500 now, then another $1,500 later if you want. You can also reuse the funds as they are replenished during the draw period, which is usually a few years, and you won’t be charged interest on the full amount unless you use it.

If you have good credit and are already banking with a reputable institution, I would start there. They may offer $500 lines of credit, even if they don’t offer personal loans in such a small amount.

Personal lines of credit aren’t as popular with online lenders. Still, a few options are available. That includes the Upgrade Card, which is offered by one of our partners. It utilizes its own unique lending model and aims to assist individuals without perfect credit.

The Upgrade Card is considered a hybrid because it blends the functionality of a traditional credit card with the predictable repayment structure of a personal installment loan.

18. Check for purpose-based loans for $500

• Speed: Fast
• Repayment period: 6mo. to years
• Credit score: Fair
• Cost: Low

A purpose-based personal loan is a type of loan offered for a specific purpose, such as home improvement, medical bills, debt consolidation, or other life events.

Often, these loans offer similar interest rates and terms as standard personal loans provided by the same institution. They are just marketed differently. Other times, they are different.

Either way, you can check with your bank or credit union to see if they offer a purpose-driven loan specifically designed to meet your needs. If you need $500 for holiday shopping, many institutions will promote Christmas loans for that amount during the holiday season.

It’s easiest to obtain one of these loans if you’re already a banking member at the institution you are applying to, but it shouldn’t take new members much longer than a week to receive.

19. Use savings as collateral for a $500 loan

• Speed: Fast
• Repayment period: Years
• Credit score: Poor
• Cost: Low

If you have money in a savings account that you don’t want to touch for any number of reasons, you may be able to obtain a loan using your savings as collateral for the loan instead.

Savings-secured loans, also known as pledge, share-secured, CD-secured, and passbook loans, are one way to borrow money at an affordable rate.

Existing savings account holders should be able to receive funds within a few days of applying and repay the $500 loan over several months to years. In most cases, it will take new members longer to obtain.

The most common place to find savings-secured loans is with credit unions. You can also find them at banks and a handful of other institutions online.

20. Borrow $500 from your retirement account

• Speed: Fast
• Repayment period: Years
• Credit score: n/a
• Cost: Low

If you have a retirement account, you may have several options for obtaining the money you need right now. One option is to withdraw cash, which may result in paying high taxes and penalties. The other could be borrowing the $500 from your retirement account.

Depending on your account balance, type, and provider, you may not have lending options available to you. For those who do, a retirement loan can become a practical tool now and in the future.

Retirement loans can be an affordable way to borrow money, and your credit score is not a factor in the approval process. They are typically repaid over several years through your plan administrator as a payroll deduction, but they can also be repaid in other ways. A low interest rate is generally charged, and it is often paid into your retirement account rather than to a third-party lender.

The first step is to discuss your options with your plan administrator and a tax advisor. Consulting experts can help you thoroughly evaluate your options along with their pros and cons.

If you already have digital access to your retirement account and are comfortable with your finances, you may be able to apply online today.

21. Borrow $500 against your life insurance policy

• Speed: Fast
• Repayment period: Years
• Credit score: n/a
• Cost: Low

When you have a permanent life insurance policy, such as whole, universal, or variable life with a decent cash value, you can borrow against it. And because the cash value of the policy acts as collateral for the loan, a credit check is rarely required.

Unlike many retirement loans, though, interest is paid to the insurer, not to you. Still, the interest rate on a life insurance loan is typically lower than a personal loan, making it a worthwhile consideration.

It’s essential to understand both the short-term and long-term effects of borrowing money against your life insurance policy. The impact of borrowing from your life insurance policy extends beyond simply paying a fee to borrow 500 dollars.

It might be better to withdraw cash from or surrender your policy rather than borrowing from it. I highly recommend discussing your options with an insurance agent or financial advisor before making a decision.

22. Exchange your car’s title for a $500 loan

• Speed: Fast
• Repayment period: Weeks–years
• Credit score: Poor
• Cost: High

If you own a motor vehicle outright and it’s worth at least a couple of thousand dollars, you may be able to trade its title for a short-term loan of $500. Title loans, also known as pink-slip loans, allow you to swap the title of a car, truck, motorcycle, RV, boat, or other vehicle for cash.

Most title loans are offered at up to 25–50% of your vehicle’s total value, with terms ranging from 15 days to several years. Lenders prefer to be the first lienholder, but if the automobile has a significant amount of equity, you might be able to find a lender willing to be the 2nd lienholder.

One noteworthy benefit of a car title loan is that you can usually continue driving the vehicle while the loan is outstanding. Additionally, a credit check is seldom required because you are using your vehicle’s title as collateral for the loan.

Title loans are a risky way to borrow money, so you should explore this option as a last resort. In addition to high interest rates and fees, you could end up losing your vehicle altogether. They’re also only available in a limited number of states, with varying restrictions in each state.

23. Form or join a lending circle to get $500

• Speed: Fastish
• Repayment period: 12 months
• Credit score: n/a
• Cost: n/a

A lending circle, also known as a money circle or a rotating savings and credit association (ROSCA), is a financing arrangement among a trusted group of people, where each participant regularly contributes a fixed amount of money into a shared pool. Each person takes turns receiving the full amount collected during a cycle.

Setting up a lending club and receiving the $500 you need is unlikely to be a quick or easy process. It will depend on your level of motivation. If you can gather five or six people, each contributing $100, you might be able to persuade them to let you take your turn immediately.

You could join an existing lending circle, but you might end up waiting a year for your turn to receive cash. However, there are numerous online platforms, each with its own set of rules for handing out money to members.

A lending circle can be a formal arrangement or a casual agreement between friends. Many formalized lending circles allow you to take out a loan immediately and will report that information to the credit bureaus. A formal lending circle can be a great way to improve your credit, but you will need to prove you can afford your ongoing contribution.

24. Use home equity to get $500

• Speed: Fastish
• Repayment period: Years
• Credit score: Fair
• Cost: Moderate

When you own a home with equity built up, there are several ways to use it to borrow money. You could consider a home equity loan, a home equity line of credit, a home equity agreement, a reverse mortgage, or refinancing your home to obtain the cash.

A home equity line of credit (HELOC) will probably be the best choice, but unless you already have one that you can still draw on, opening one to obtain 500 dollars might not be very cost-effective. It could be, if you use it to pay off other debts or foresee needing money in the near future.

Many lenders allow you to open a home equity line of credit with little to no upfront costs. However, you will typically need to open a line for several thousand dollars and be required to withdraw a minimum of $1,000 or more initially.

A HELOC is a revolving credit line, similar to personal lines and credit cards. Unlike a credit card, though, most HELOCs begin charging interest immediately following a withdrawal. Most credit cards have a 3-week or more grace period.

You can find home equity lines of credit at most banks and credit unions, through online lenders, and some mortgage companies.

25. Open a new credit card account for $500

• Speed: Fastish
• Repayment period: Years
• Credit score: Good
• Cost: Moderate

I’m going to assume that applying for and then receiving a new credit card by the time you need $500 is slim. Approval may not occur instantly, and it typically takes an additional 7–10 business days to receive the credit card by mail. However, there are other ways to use this process to get the money sooner.

The quickest way to get cash with a new credit card is to apply online and transfer a balance from one or more of your existing cards during the application process. If approved, this should free up funds on the old cards before the new one arrives in the mail.

Once you receive your new credit card, PIN information, and checks, you will be able to borrow up to $500 by either swiping it or using the strategies mentioned earlier in this article. That includes withdrawing the money using a cash advance, depositing it into your checking account with a convenience check, and writing a check to someone.

Opening a new credit card to get $500 quickly is best suited for individuals with a good credit score, since they will have multiple options to choose from and are far more likely to receive instant approval. You can find most balance transfer and other credit cards on the internet, but it’s also worth checking with your banking institution to see if they offer one that can be obtained swiftly.

Final thoughts on borrowing 500 dollars fast

Borrowing money is one way to obtain $500 quickly, but it’s not always the best option. It’s a significant responsibility that should be taken seriously. Not only could you land in a worse situation than you are now, but you could end up sacrificing relationships, too.

Luckily, there are several legitimate options for obtaining 500 dollars when you need it fast. There are government and other assistance programs, you could sell items for cash, or try to earn the money.

If you decide to borrow it, you should explore several borrowing options before acquiring the cash. What is right for you this time may not have been appropriate for you before, or for someone else. By exploring many options, you’ll have a better understanding of what’s best for you in this moment.

Please note that borrowing costs can be high, particularly if you have a poor credit history. Generally, the quicker the method and the lower your credit score, the higher the cost will be. However, that’s not always the case.