$200 Loan: How and Where to Get?
At first, you may think that 200 dollars are a miserable as a loan amount to change matters considerably. However, in some cases, such a sum can be a valuable help in unforeseen obstacles. Unfortunately, some people are still skeptical about digital loan services, although they offer numerous benefits to borrowers.
Payday lenders provide short-term loans with instant approval, even for people with a bad credit score. To get a 200 payday loan you don’t have to wait till a business day or stand in queues. Just make use of your mobile phone and cash advance apps.
Below you will find information about types of 200-dollar loans, best lenders, peculiarities, and requirements. One day this knowledge can help you cover unexpected expenses. So, let’s start!
Best Lenders to Get 200 dollar Loan
There are a lot of companies offering lending services. There are direct lenders and indirect ones that cooperate with direct lending partners to issue loans. All of them set different loan requirements as well as loan terms and conditions.
Since 200 dollars is a small loan amount, you need to look for a payday lender. Ensure the chosen company can boast a high rating and positive customer reviews. It may help you avoid scammers! If you find a direct lender suspicious, look for other options.
1. Money Mutual
It is an indirect lender with an A- rating mark from the Better Business Bureau and more than 10 years of experience. It sets 200 dollar payday loan as a minimal available amount. Money Mutual cooperates with 60 trusted direct lenders and has a sophisticated website.
A borrower usually gets money within 24 hours. You have to earn at least $800 per month to qualify for a loan. The platform is free to use. The loan request terms and credit conditions differ from lender to lender. Some payday lenders charge an additional $15 for every $100 you borrow. If you apply for bad credit or a payday loan, be ready to pay a high APR that varies from 300% to 1300%.
It is another indirect lender with instant approval. This platform provides both short-term and lasting financial solutions. According to the official website of FundsJoy, a borrower receives a credit approval within 3 minutes.
The credit repayment period varies from 1 month to 6 years. The APR depends not only on the lender but also on the loan type. If it is a personal credit, be ready to pay from 4.99% to 450% of APR. If it is cash advance loans – from 200% to 1386%. APRs for installment loans range from 6.63% to 225%.
Another popular and reputable indirect lender offers payday advance even lower than 200 dollars. This company performs soft credit inquiries not to hamper your credit score. The APR ranges between 200 and 1300% for a cash advance, between 7% and 225% for installment solutions, and 4.99% – 350% for consumer loans.
Its services are available 24/7, 7 days a week. PDLoans247 has 4.0 points from 5 on Trustpilot and can be an excellent option for people who need 100-200 dollar loans as soon as possible. Bad credit and no credit check loans are also available.
Can I Get a 200-dollar Loan With No Credit Check?
Most people mistakenly think that payday loans require excellent credit. Most lenders offer payday loans without looking at your financial reputation. To get emergency cash find a company that provides no payment history check loans for borrowers with a poor credit score.
If you do it, be ready to pay high-interest rates and loan fees. That is why it is more financially beneficial for some borrowers to choose lenders that perform soft credit checks.
Unlike hard inquiry, which usually includes requests to 3 main credit reporting bureaus, it doesn’t influence your score and allows you to get payday loans with more appealing conditions. Anyway, in case of a financial emergency, almost everyone can make use of payday loans.
Can I Get a 200-dollar Loan With Bad Credit?
Many online lenders quickly approve a payday loan for borrowers with poor credit ratings. Instead of focusing on bad credit history and credit score, they check whether a person has a steady income.
More active lenders understand that if someone needs a 200 payday loan, this borrower has bad credit. That is why payday loan requests are available almost to everyone.
However, if you apply for a loan with bad credit you should be ready to face high-interest rates. Before filling in a loan request, consider whether you can pay off your debt. If not, you should consider borrowing money from friends to avoid late payment fees.
Some lending companies also offer loans with a cosigner. A person with an excellent credit rating is ready to bear equal responsibility for the money you owe. It is a perfect solution for spouses.
Types of 200-dollar Loans
Before sending a loan request and looking for a lending partner, decide which loan type is the most suitable for you. All credits fall into secured and unsecured ones. Secured loans are financial solutions that use the borrowers’ property as collateral.
A 200-dollar payday loan is a popular solution for people who seek instant approval. Since 200 is a small sum, you can make use only of unsecured short-term loans. This credit type is not a long-term financial solution.
A borrower has to repay the debt from the next paycheck. It means that the credit terms usually don’t exceed 30 days. You should also know that an online payday loan costs nearly $15 per each $100. It amounts to 400% APR.
You can also find lenders that approve 200-dollar installment loans. They are just like traditional loans. The loan terms vary from several months to 6-7 years. As you can guess, a 200-dollar installment loan is quite a rare offer.
A cash advance is another short-term loan for solving financial emergencies. The issuer of your credit card gives this loan. Cash advances come with a high APR but don’t have a request form. Just break the credit limit and make use of a cash loan. In most cases, a debtor has to pay off the owed amount from the next paycheck.
Basic 200 Dollar Loan Requirements
You don’t have to do loads of paperwork to get a payday loan. All lenders set different eligibility criteria to qualify for loan funds. To get a 200 loan, people around the USA must meet some basic requirements.
Before sending a loan request make sure:
- You are older than 18 years old;
- You are a citizen or a temporary resident of the USA;
- You have a stable income;
- You have an active bank account.
How to Apply for a $200 Payday Loan Online?
The process of applying for payday loans is quick and transparent. To get a 200 loan approval you need to choose a lender and open its official website or a loan application. There you will find a loan request form. You must specify your valid name, phone number, email, passport, and bank account data. It usually takes no more than 5 minutes.
In case loan requests are approved, the borrowers receive a push notification about it. Then they have to sign a loan agreement. They usually receive money the next business day. As you see, you need a mobile phone and a stable Internet connection to get a loan.
- Is it possible to get a $200 loan with bad credit?
Yes, many lenders offer no credit check payday loans for borrowers with poor credit. If you have a negative financial reputation, online loans can be a great option. Unlike traditional financial institutions, online lending companies pay more attention to the borrowers’ income.
- How can I get a 200-dollar personal loan?
To get a 200 loan you need to find indirect or direct lenders with appealing credit terms and conditions. Then you must fill in the loan request form and get money the next day. If you don’t want to wait for credit approval, opt for a cash advance option.
- What credit score is needed for a 200-dollar loan?
Most payday loans are available for all people with stable incomes. To get a 200 loan online, you don’t necessarily need excellent credit. To get emergency cash, look for a lender that issues no credit check loans.