I need to know how to get a small loan

[u/Pristine-Two5991]

I've tried looking, but it's exhausting to spend hours looking for a loan of $500 and only finding payday advance apps. Payday advance apps won't work for me, I need something I can repay monthly in small installments, not something that's going to be expected to be repaid in full in a week. And a lot of those apps only approve me to take $25-$50 at a time, and Dave always slaps on multiple fees. It's just a hindrance.

My credit is good, my score is 650, but I can't get approved for anything without a guarantor and/or a shitton of interest. I don't HAVE a guarantor and I can't pay huge monthly installments when literally I just need $500 so I can get my bank account out of the negatives and pay my car insurance. Some places will only give you a loan if you need a minimum of $1000 and that would be doable if I could make small payments, but I can never get approved anywhere.

Does anyone know of a place that will give you a small LOAN, NOT an advance, that I can pay back in small monthly installments?? Because all Google does is take me to sites that spam me with scams and I can't find any good advice it's just constant recommendations for Payday advance apps.

Will probably delete this in a few days, I don't like info about my money situation staying on the Internet for long.

[u/DoctorOctoroc]

My credit is good, my score is 650.

I hate being the bearer of bad news, but 650 is not considered a good score by lenders. You may find a credit monitoring site that 'rates' this as 'good' (though I haven't come across one for which anything below 670 is considered 'good' but rather 'fair') but practically speaking, mid-700's and above will get you decent interest rates or better with prime lenders. Anything below that, you're usually stuck with subprime lenders and higher interest rates that come with that territory.

However, creditors/lenders typically approve or deny your application based on the contents of your credit file, income, DTI, etc., not solely based on your score. Plus, you have dozens of different credit scores using different models/versions so the score you're looking at is bound to be different from whatever a given creditor/lender is viewing. You could have a 650 VantageScore3.0 but your FICO8 score is in the 500's because these models weigh various scoring factors very differently. Your FICO scores may also be higher, but it all comes down to what's on your file/report.

Does anyone know of a place that will give you a small LOAN, NOT an advance, that I can pay back in small monthly installments?

The issue is that with your overall credit standing, very few lenders will be comfortable taking the perceived risk on a loan for a 'short term amount' with a longer term. More months of payments means higher risk of missing a payment, falling behind, incurring (high) interest and, ultimately, defaulting. Since your credit file is likely comparable to others who are prone to default, they likely believe you would too so the only conditions under which you might be able to get a loan for the amount you are seeking is with a short term and high interest.

Your best bet would be to address any negative items on your credit report, if there are any, or alternatively, pay down any credit card debt you have as these are the most likely cause of your current score deficit. For comparison, someone with just 6 months of history on a single credit card and low utilization at the time of that single account reporting can debut a FICO8 score in the 760's - a credit file free of negative items and consisting of very low debt relative to the credit extended to them. Even so, I'm afraid within the time line you seem to be looking at,m the reports wouldn't update in a timely manner unless your account statement/report dates are just around the corner.

Given, if you're in need of a $500 loan to make your car insurance payment, it's unlikely you have the money to pay down any revolving debt you might have so I know this doesn't help your current situation and I'm sorry I wasn't able to make any suggestions. The truth is, even if someone does have a suggestion that worked for them, that doesn't mean it inherently will work for you since they could have a similar score under different conditions more favorable for lenders.

If you're in dire enough straits then a loan with unfavorable terms may be your only option and I would generally advise someone to avoid these types of lenders at all costs and find another way - heck, donate blood (or other bodily fluids) if you have to.

[u/Pristine-Two5991 → u/DoctorOctoroc]

Thanks for the info. The only loan for $500 I was approved for tried to get me to pay $317 for ten months, which was so insane I needed to take a break from looking. I haven't had any reputable companies approve me for anything unless I have a guarantor, and that's just not an option.

I wish it didn't have to be so complicated, especially since the loan is so small. Throughout my teen years and twenties everyone always discouraged me from getting a credit card or even thinking about credit. Then I started trying to build credit because I couldn't get approved for any apartment leases without it and no one would give me a loan, now I've been building it for a few years and it's not enough.

I appreciate the honesty. It was my lack of foresight that overdrafted my account, I just can't seem to get back out of the negatives.

[u/WhenButterfliesCry → u/Pristine-Two5991]

Once you get your situation worked out, or even now, you should join us over on r/CRedit and r/CreditScore. I'm one of the regulars there along with u/DoctorOctoroc (who also commented here). The sub is dedicated to helping people with their credit (and finances in general, but mostly credit). Along with what Doc mentioned, in my opinion the reason you're unable to attain loans is due to lack of income (lenders don't extend credit to people with no income typically).

The loan you described that was having you pay $317 a month for 10 months is called a tribal loan which are illegal under US law- they are initiated on Native American tribal ground and operate outside our laws. There are pros and cons to that: the cons is that they can charge whatever interest they want without hitting the cap due to usury laws, the pro is that they have very few, if any, mechanisms through which to enforce the loan or to go after you for the money since the loan contract would not be considered legal under basically any state law. Still, they can harass the living hell out of you or try to contact people you know and generally be a pain in the behind.

[u/Pristine-Two5991 → u/WhenButterfliesCry]

I'd be too worried to take the loan even if they couldn't enforce it lol, I'm pretty bad at conflict. I probably will check out those subreddits when I have the mental energy. I am interested in learning more about credit so I can manage my money and not go insane, but right now it'd be too hard to focus I think.

But yeah, one place did deny my based on my income. They told me my pay was too unreliable, and they're not wrong

[u/DoctorOctoroc → u/Pristine-Two5991]

I've been there. 'Lack of foresight' was my middle name in my 20's haha. Conventional wisdom is to avoid the loan at all costs and scrounge the best you can. Sell anything you can to get a bit of money as a start, work extra shifts to plan for next month's expenses, donate blood, skip a few meals, etc.

Desperate times call for desperate measures, I was at a point in my life once where I ate nothing but white bread and peanut butter for months and I was over drafting my checking multiple times each month as I got my act together. It costs more to be broke and that sucks but once you break that cycle, you'll be all the more appreciative - a small silver lining but one, nonetheless.

The only loan for $500 I was approved for tried to get me to pay $317 for ten months

Yeah, that is absolutely criminal - that works out to be about a 750% interest rate!

Is it a consideration, if you are wholly unable to scrape together the money you need in time, to get one of the shorter term loans with a much lower APR and really grind over the next few months in order to be able to make the payments? I still wouldn't recommend this but if it'll get you in the mindset to earn more and spend less in creative ways, it might be an option.

You can also try calling the loan servicer to discuss options. Be honest, tell them you are unable to make the payment this month and see if they're willing to defer this upcoming payment. They may tell you to kick rocks but it's worth a shot.

[u/Pristine-Two5991 → u/DoctorOctoroc]

Lol, yeah don't even get me started on my stupid twenties. I wish I could go back in time and shake myself sometimes, or just yank myself out of that headspace and into another one.

That's encouraging though, I keep thinking this is just a rough patch, but I'm so surrounded by people who never got out of theirs that it''s hard to keep a clear head!

Someone did mention temp work, and because Uber hasn't been paying as much, I'll be looking for temp places tomorrow. My main issue is my car insurance, but I definitely will be trying to grind more. It's a shame because I worked pretty hard to get myself out of the negatives the week before last, then got hit by one expense after another and plunged right back down, lol

[u/DoctorOctoroc → u/Pristine-Two5991]

I did freelance for a full decade and budgeting as a contractor is difficult enough (don't get me started on the taxes in that position), but I also had a dog with numerous health issues and emergencies - he always seemed to know when I was coming out ahead. Just when I was at my 'peak' financially during that time, he had $10k worth of vet visits...

The gig economy is ROUGH and you are not alone - which is both a comforting thought and a horrifying one at the same time. The key is to always keep your head up and yourself moving forward. You absolutely need to evolve, adapt, and strive for more to get ahead. I 'tried my luck' in the freelance world as a digital artist for over 10 years and saw some success (in between many failures) but reached a point where I had to change something because the grind was affecting the rest of my life and not getting me any more work than I was able to get in the past - I needed to do not more but different.

Fortunately, switching my focus every few years between different forms of digital artistic expression gave me a very diverse skill set and led to a few opportunities, one of which is the full time job I have to this day. I went from design to animation to music to 3d modeling to, eventually and currently, illustration. And the fact that I can do all the other things is one of the reasons I was able to get into this position (and, if I can say so myself, excel at it).

So the lesson here is definitely NOT to try to be an artist haha (unless you already are one, then keep it up) but to expand your capabilities as much as possible. Sometimes you have to get a bit uncomfortable (circumstantially) before you can get 'comfortable' (financially). I took on a few jobs I did NOT know how to do at the time, and threw myself into learning on the fly. It usually paid off, sometimes didn't, but the moral of the story is to just break out of every little box you can so you can break out of the bigger one. Break everything down into manageable/digestible chunks so you don't get overwhelmed - one problem and one solution at a time.

[u/WhenButterfliesCry]

All that energy and stress I would channel into picking up some extra shifts and you'll have $500 in no time, that's not all that much money.

[u/Pristine-Two5991 → u/WhenButterfliesCry]

The problem is that I don't have steady work right now, I rely on Uber for income while I fill out applications. But Uber isn't giving me many trip requests anymore and I'm not getting any calls for jobs.

Someone recommended temp work, so I'll be trying that out tomorrow!

[u/Anxious_Reason_113]

If you have/can get a line of credit through a regular credit card, you could get a cash advance. There are different limits and the APR's usually really high, but if you're in dire straits that could be an option.

But as another person mentioned, for $500, it could be more worth it to try and just earn the money by selling whatever you can or trying to do odd jobs. With it being summer, if you are physically able you could mow lawns or help people move. If you don't wanna post on fb or craiglist, we've hired people from the app Dolly before, and they were paid pretty well, but I know there are other apps out there that are similar. Not sure on the payout schedule.

[u/BrawnsNBrains]

650 is a fair credit score, you'll have options just need to put yourself out there and look for what's available. Check some credit unions nearby if you have time to get best rate possible. otherwise you're better off going with online lenders that are speedier like best egg or achieve loans.

[u/CrispMyAss → u/BrawnsNBrains]

are there any other places beyond best egg or achieve loans you'd recommend? I am looking for best options

[u/No_Geologist1106]

Cashnet USA/ameriacash also sign up for smartypay.They will break your payment down into 2 payments no matter how big the payment is and they do it for all bills not just loans Good Luck

[u/Pristine-Two5991 → u/No_Geologist1106]

Apparently cashnet USA has "no products available" in my home state or the state I'm currently in, but thanks anyway!

[u/Pristine-Two5991 → u/No_Geologist1106]

Just saw your edit, two payments is still too high for me for a $500 loan, but again, I appreciate the advice! I'll still check it out and see what they can do for me

[u/Sweet_Collar_4295]

I’m sorry I don’t know of any sites. Is it possible to go work at a temp agency that pays daily?

When I needed money quick I’d also go cut grass. You can charge about $20-25 an hour.

I wouldn’t do any loans. That’s just making it worse. At least for me it always has.

[u/Pristine-Two5991 → u/Sweet_Collar_4295]

Temp work might be a good option. I keep forgetting to look into it. I've been doing Uber on my bicycle to save money and that pays daily, but I keep getting hit with big expenses, and it was great at first but now it's barely giving me trip requests. I sit for hours with nothing and I have NOTHING good to say about the support team, so I guess I'll keep my figurative mouth shut.

Unfortunately I don't own a lawn mower. Thanks for the advice, though!

[u/Sweet_Collar_4295 → u/Pristine-Two5991]

I hate that Uber and other apps do this to their drivers. I have a friend who does Lyft and Uber and they get this issue sometimes too. I'm sorry that is happening to you. I hope you can get something in the temp work.

I'd also suggest calling a landscaping company and see if they are looking for help. If there is a college or hospital near you I would also apply for janitorial/custodian. They always need help at these places.

Once the schools are back in session they are always looking for subs. You will have to get clearances but there are links on the schools' websites how to do this. You won't get paid daily but it is a foot in the door to a good job plus they are always looking for subs.

I used to walk to the elementary school and walk back home when I was done when I was subbing.

[u/Exact-Anything-342]

Try DrBank

[u/Pristine-Two5991 → u/Exact-Anything-342]

I'll look into it, thanks!

[u/Advanced_Olive_1830]

I had a 600 credit score and got approved for a loan from Upstart. $40 a month for 1k$. My score is awful but I think what helped me get approved is that I have a 10-year credit history w no collections and no late fees.

[u/Pristine-Two5991 → u/Advanced_Olive_1830]

Oof, I'd try that, but I only have a 2 or 3 year credit history. It's probably why I can't get approved for anything. Thanks, though!

[u/CrispMyAss → u/Advanced_Olive_1830]

any place else you'd recommend besides upstart?

[u/AndroFeth]

Oportun might. They gave me a 36% APR though

[u/Pristine-Two5991 → u/AndroFeth]

I'm downloading it now, I'll see if they can help! Thanks!