If you are looking at taking out a 500 dollar loan then there are a few options that you might want to consider:

1. Payday loans
2. Personal loans (from family or friends)
3. Peer to Peer loans (from sites like Prosper.com)

In this article let’s take a closer look at option number one – taking out 500 payday loans. While payday loans are one of the most controversial types of loans available and on the market today, they do have value and can be a good option–as long as you use them properly and don’t find your self in a very common trap of having to take out more than one or two payday loans.

These loans can be good if used properly. Basically, they are supposed to be used for shorter-term financing needs. For example, if your computer dies and you use it everday for work but won’t have the money until your next paycheck, then taking out a payday loan could be a decent option. Obviuosly, if you don’t have a computer and can’t work then you won’t be gettting a paycheck anyways–in other words the computer is a neccesity that you can not get by without. You can use these loans for items that are truly necessities, but should not use them for items that aren’t. For example, if your computer goes out and it affects you because you can’t play video games, then you probably should not take out a 500 payday loan to buy a new computer….you should wait until you have saved the money, or at least until your next paycheck comes in. The reason for this is simple – the costs associated with 500 loans from payday lenders are fairly high. There is no sense paying 20-25% of your paycheck just to get the money one or two weeks earlier unless you have a true emergency.