A 500 USD loan may not be a big deal at first glance. The loan amount is very clear and the recording should therefore be easy. But those who rely on a 500 USD credit, for example, because new glasses are needed or an important repair in the room, which will go to a lot of effort, so that the loan is actually in fulfillment.
Why a 500 USD loan?
For many consumers, 500 USD are not a big deal. The amount is saved on the checking account, so that easy access is possible. But there are also many consumers who are not so liquid. You have to flip every penny twice and you can not just go for savings on spontaneous spending.
Among other things, the purchase of new glasses represents such a spontaneous purchase. It usually can not be postponed. Especially not if the old glasses are perhaps defective and must be procured by a pronounced ametropia quickly replacement. If it then adds that presbyopia is present, must be invested in a multi-purpose goggles. The elaborately manufactured lenses cost quickly several hundred USD. And since the health insurance company for years no grant for glasses granted more, 500 USD for the purchase of new glasses are not uncommon.
If the money has not been saved in advance, a $ 500 credit must plug the financial hole. Its inclusion is possible in different ways.
Where is the 500 USD loan?
If we start from the example of eyewear purchase, then it is worthwhile to take out the 500 USD loan as a loan without earmarking. The same would be useful if an invoice must be paid or a small new purchase is planned. So it is possible to freely dispose of the money and to adjust the loan amount so that it meets the occasion. Exactly up to the USD, the loan amount can be controlled.
In order to find the right loan offer, a credit comparison should be carried out. Here on the Internet there are credit calculators that allow this comparison for free and without obligation.
When comparing must be paid to the effective interest rate. It shows how high the cost of credit is. But not only a low effective interest decides how good or bad the offer is. Also, the modalities that can be agreed for the repayment, must fit the borrower. The more flexible the loan offer, the better.
Do not forget insurance
Even if a $ 500 loan is not the biggest challenge, the banks will expect a good hedge of the loan amount. That is because German banks only grant loans when the default risk around the loan is as low as possible. The amount of the default risk is always measured by the creditworthiness of the borrower.
A particularly good credit rating is given if the borrower has no negative entries in the credit bureau. This means that there are no debts that can not be controlled. It is also desirable to have a fixed income. It has to be high enough to cover all fixed costs and the cost of the loan. Should there be any problems in this regard, it may make sense to include a guarantor even with a small loan such as the 500 USD loan.
Our tip: Long terms are not recommended for a $ 500 credit. They make the credit unnecessarily expensive. It is better to settle the loan amount with a few installments.
The 500 USD credit
Lending in our latitudes is a very lucrative business. Even though interest rates are currently very consumer friendly, the banking houses are earning very well on lending. No wonder that even micro-credits such as the 500 USD credit are gladly approved and awarded.
Why only 500 USD?
500 USD does not seem to be a sum for which a loan must be taken. But if you have to make this money available spontaneously, for example, to settle open invoices, balance the account or have a repair carried out, you will be happy to receive such a small loan as the 500 USD loan from a bank of your choice , Because the times in which we have small as well as large assets hoarded in our accounts are long gone.
In the here and now is spontaneously invested. Long accumulation phases are no longer available. If your own money is not enough, it will be financed. The possibilities for this are incredibly large, so that it is not difficult to get even a micro-loan like the 500 USD loan on attractive terms. But before the loan agreement can be signed, a critical look at your own creditworthiness should be thrown. She decides how good the conditions for borrowing will really be.
Think through different options
A 500 USD credit can be taken in different places. Many dealers are now lending. In addition, there are the entire banking houses, which compete for the favor of customers. Finally, for a short-term bridging of a financial bottleneck and the own Dispo can be used. The latter, however, should always be compensated quickly. The associated effective interest rate is so high that it is impossible to speak of good terms with the best of intentions.
The easiest way to find a good loan offer is still the comparison. For this you can go from bank to bank and get an offer. This costs a lot of time and nerves. It is therefore easier to carry out the comparison here on the Internet. A simple reference calculator helps.
Only the loan amount of 500 USD has to be entered. In addition, the desired duration and possibly the intended use. During the term, it should be noted that this should be kept as short as possible. For a $ 500 credit interest accrues, which must be paid monthly. A long term thus means many interest payments that can be avoided with such a small loan amount. So if you can afford it, you should repay the 500 USD loan to the lender within a few months.
What to do if your credit rating is poor?
If your own credit rating is insufficient for borrowing, you can work with a guarantor. However, hedging through a residual debt insurance is not recommended. This is so expensive that no good value for money arises. Even with an incoming unemployment, it will somehow be possible to repay the 500 USD to the bank. If necessary with the help of friends. A hedge on an insurance would therefore rausgeschmissenes money.