If you are facing a financial emergency, a $500 payday loan can prove to be very useful to you. With this cash advance you can meet your financial responsibility without spoiling your credit history. These loans are short-term, and basically should be used for only emergency purposes. That emergency can be a sudden car breakdown, some unexpected utility bill, exam fees, any medical condition or any other situation where you require a few hundred dollars to meet the expenses.
The procedures of application, approval and disbursement of the $500 payday loan are all speedy as everything can be done online. There are many online payday loan companies that process your loan application and ensure that you receive the money by the next working day. The loan companies do not run any credit check on you, thus even if you have not-so-good credit history, you will get approved. Here you do not need to fax or send any documents as all verification and dealing is done through online resources.
These loans are generally for a short time of 14 days or so, after that you have to pay the amount plus the flat fee charged by the company. If you are not comfortable with paying off the loan in one go, then there are some flexible pay-back options also available for the $500 payday loan. In this you can do part payment at a time, though in totality you will be paying more fee. So opt for the part payment only if you cannot afford to pay in one installment.
There are two ways in which you can pay-back the loan to the lending company. One is through a post-dated check that you have to give them at the time of receiving money. Another way is through direct account debit. You will have to provide your bank account number and give approval for them to withdraw the money on due date. This is a much easier and preferred way, but make sure that the lender's site is encrypted and secured so that your data will not be misused.
Although you can file for loan extension if you are not able to pay back the $500 payday loan on the due-date, it comes out to be very expensive. You might have to pay some penalty or you will be issued a fresh loan where you will be charged even more fees. Try not to get into this loan-trap, it's better to control your other expenses and pay-off the payday loan as soon as you receive your salary. This way, you will be able to reap the full benefits of the payday loan, by receiving it in times of emergency and paying it back as soon as possible.