What Is a $500 Loan?
A $500 loan covers a slightly larger single expense than our smallest amount — common for a fuller car repair, a larger bill, or a purchase that a $300 loan wouldn't quite stretch to cover. It's one of several loan amounts we match, from $300 up to $5,000.
Who a $500 Loan Is For
- A more involved car repair, like a battery or brake job
- Replacing a broken small appliance
- A vet visit or pet care cost
- Covering rent or a bill that's fallen slightly behind
Eligibility Requirements
- 18 years or older (19 in BC, NB, NL, NS, NT, NU, and YT)
- Canadian citizen or permanent resident
- Valid Social Insurance Number (SIN)
- Active bank account in your name
- A regular source of income
How Much Will a $500 Loan Cost?
APRs across our lender network range from 5.99% to 34.99%, depending on the lender, your credit profile, and provincial regulations, in compliance with Canada's federal criminal rate of interest. Here's an illustrative example at a representative rate:
| Term | APR | Est. Monthly Payment | Est. Total Repayable |
|---|---|---|---|
| 3 months | 29.9% | $175 | $525 |
| 6 months | 29.9% | $91 | $546 |
Illustrative example only — your actual rate, term, and payment depend on the lender and your credit profile.
Pros
- Fast approval — often within minutes
- Soft credit check only, so checking rates doesn't hurt your score
- Repayment term sized to the amount, keeping payments manageable
- Available to a wide range of credit profiles
Cons
- Still a short enough term that the monthly payment is a meaningful chunk of a typical paycheque.
- Best treated as a one-time solution, not a recurring source of cash flow.
Alternatives to a $500 Loan
Credit union small loan
If you're a member, a small loan from a credit union can sometimes beat our network's rate for this amount.
Selling unused items
For a cost this size, some borrowers find it's faster and cheaper to sell something they no longer need.
How to Get Your $500
Apply in 2 minutes
Tell us you need $500 and a bit about your situation. No paperwork.
Compare offers
See real offers from vetted lenders, matched to your credit profile.
Get funded
Accept an offer and funds typically land within 24 hours.