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500 Dollar Loans

$500 Loans: Why So Many Limits Stop at $500

Page last reviewed: October 28, 2026 · Reviewed for accuracy by Betty Walsh

$500 is where a lot of short-term borrowing tops out. It's the most Dave and Chime MyPay will advance, the largest Balance Assist loan from Bank of America, and a common legal cap on payday loans. See the limits that apply to you and what $500 costs, then request it online.

  • Bank of America's Balance Assist lends $500 for a flat $15
  • Dave says few members qualify for its $500 maximum
  • Several states, including Alabama and Missouri, cap payday loans at $500
Check Your $500 Options See State Limits

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Your loan amount

$500
Bank of America on $500$15 flat fee
U.S. Bank on $500$30 fee
Payday at $15 per $100$75, due at once
FundingMinutes to a few business days
Check Your $500 Options

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Products That Top Out at $500

$500 maxDave ExtraCash

Advances of $25 to $500, though Dave says few members qualify for the full amount. The fee is the greater of $5 or 5%, so $25 at $500.

$500 maxChime MyPay

Advances of $20 to $500 for Chime direct deposit customers: free if you wait about a day, or $5 for an instant transfer at this size.

$500 maxBank of America Balance Assist

A flat $15 on $500 works out to about 14.32% APR, repaid in 4 monthly payments. Your checking account must be at least a year old.

Goes to $1,000U.S. Bank Simple Loan

One of the few small-dollar loans that keeps going past $500: $30 on $500, repaid over three months.

Goes to $1,000Credit union PAL I

$500 is mid-range for a PAL I: up to 28% APR plus an application fee of up to $20, repaid over 1 to 6 months.

Common capPayday loans

The CFPB describes $500 as a common payday loan limit; some states set it lower and some don't allow payday loans at all.

State Limits That Matter at $500

Payday loan limits in a sample of states, checked against each state's law or regulator in October 2026. Limits change, so confirm yours before you apply.

State Payday loan limit What it means for $500
Alabama $500 total, from all lenders combined You can't owe more than $500 in payday loans at once
Alaska $500 outstanding with one lender The cap is per lender, not statewide
Florida $500 per check, not counting fees Only one payday loan at a time, from any provider
Iowa $500 in checks held by one lender The fee is part of the check, so you receive less than $500
Kansas $500 per advance Up to 2 loans from one lender at a time
Missouri $500 outstanding with one lender The cap applies to each lender separately
California $300 check, about $255 in cash $500 isn't possible as a payday loan

A few states allow more: South Carolina ($550), Michigan ($600 per loan), Washington ($700 or 30% of income, whichever is lower) and Indiana ($825 with one lender). Find your state's rules.

$500 in One Payment or Six?

A $500 payday loan is due all at once. Spreading the same amount over months changes both the payment and the cost.

Payday loan 6-month installment loan
Cost $75 at $15 per $100 $53.80 in interest at 36% APR
Payment $575 in about two weeks 6 monthly payments of $92.30
APR About 391% 36%

$500 Loan Questions

How can I borrow $500 quickly?

If you bank with Bank of America or U.S. Bank and qualify, their small-dollar loans are the cheapest fast route: $15 or $30 on $500. Otherwise, submit one request through LendUp; if a lender approves you, funding can arrive the same or next business day.

Where can I get an instant $500 loan?

No legitimate lender guarantees instant approval. Instant transfers from Chime MyPay or Dave can deliver $500 quickly if your limit is that high, which for newer users it often isn't.

Which apps let me borrow $500?

Dave ExtraCash and Chime MyPay go up to $500, and Cash App Borrow can reach it after limit increases. Experian Cash ($250) and Chime SpotMe ($200) stop well short.

Can I get a $500 payday loan in every state?

No. Several states cap payday loans at exactly $500, California's cap works out to $255 in cash, and some states don't allow payday loans at all. Check your state's rules.

Need the full $500?

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Check Your $500 Options

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