No, you cannot get a $500 loan if you are 16 as you must be the age of maturity (18 or older) in order to qualify. In addition, you must be a US national or resident with a permanent US address. Other requirements include a credit history (not always a good credit score), a bank account, and an income source. Since $500 loans are usually not given by institutions, requirements may change from person to person and some additional documents may also be needed.