by Ben Sweiry ·
Modified on 13 October, 2023
Yes, you can get a payday loan with a 500 credit score.
When you apply online with Dime Alley, our lenders take all credit scores and histories into consideration – don’t let a poor credit score stop you from applying!
Payday loans can be a great option if you need money now to cover an emergency bill or expense, or to tide you over to your next payday.
Is 500 a Good Credit Score?
A credit rating of 500 is not perfect but our lenders will consider borrowers with all credit scores and histories! At Dime Alley, we understand that circumstances change and a lower credit score may not reflect your ability to borrow and pay-back your loan on-time.
Generally speaking, credit scores, or FICO scores, are sorted into these categories:
- 700+ is excellent.
- 650-700 is good.
- 600-650 is fair.
- Below 600 is poor.
How to Improve My Credit Score
If your credit score is lower than you would like it to be, there are some easy ways you can bring it back up! In general, the higher your credit score, the better rates you will get on financial products as lenders consider candidates with stronger credit to be more reliable borrowers.
Pay your bills on-time.
Your record of paying your bills on-time and in full is the most important consideration in determining your credit score and has the biggest impact on your FICO score and credit rating.
Make sure you don’t miss the deadline to pay off bills for credit cards and other loans by setting reminders and budgeting in advance so you know you’ll be able to pay back what you owe.
Build your credit rating.
This especially applies if you’re young – many young people in America will not even have a credit rating having never applied for a credit card or for any other financial products such as payday loans or installment loans.
Therefore, taking out a credit card and paying the bill back on-time and in full will show that you can be a reliable borrower and you’ll see your credit score shoot up in no time!
Maintain a low credit utilization rate.
Your credit utilization is the percentage you use of your credit limit.
For instance, if you have a credit card with a credit limit of $2000 and you spend $1000 of this limit per month, your credit utilization is 50%.
If you can keep your credit utilization below 25% this will reflect well on your ability to borrow sensibly and can positively impact your credit score.
For example, if you have a credit limit of $2000, try and only spend $500 of this per month and make sure to pay this back on-time and in full.
Register for the electoral roll.
Although this may seem silly, registering on the electoral roll, if you haven’t already, can help your credit score! This is because it provides proof of a permanent address which lenders like to see.
Can I Get a Payday Loan with Bad Credit?
Yes! With Dime Alley, you can apply online for payday loans, no matter whether you have a perfect credit rating or not.
The only eligibility criteria that you need to pass are as follows:
- You must be at least 18 years of age or older.
- You must be a U.S. resident
- You need to have a checking account, which your payday loan will need to be deposited into.
- You must have a consistent income and be earning at least $800 per month.
As long as you pass these eligibility criteria, there is nothing else stopping you from getting your payday loan today!
Even without a strong credit rating, you will likely be able to secure some form of short-term loan, either with higher interest rates, or perhaps a secured loan using your vehicle as collateral.
You may also need to send in a previous pay-stub as a proof of income. Lenders will often require this sort of documentation if you have a lower credit rating.
How To Apply For a Payday Loan
Dime Alley’s payday loan application process takes less than 5 minutes, and it is completely online. This means that wherever you are in the U.S. you can apply for a payday loan.
The application process is quick, easy and completely free to do.
Applying for a payday loan with Dime Alley will not impact your credit score either! We will only conduct a soft credit search when you apply which does not impact your score or even show up on your credit report.
Once you’ve provided your details and decided how much you need to borrow and for how long you will receive an instant decision on your loan, letting you know if you have been accepted.
If you are accepted, you’ll receive your funds that same day in one lump sum, which makes a payday loan one of the quickest and easiest ways to borrow money short-term.
With Dime Alley, you can borrow $600, $800 or even $2000 and choose to repay your loan in as soon as 2 weeks or all the way up to to 5 years.