$200 Payday Loan, Borrow Online

Sarah Sharkey

Written by

Sarah Sharkey
Katherine Fan

Edited by

Katherine Fan
Paul Sisolak

Reviewed by

Paul Sisolak

Sometimes, life throws unexpected costs your way. If you are feeling the pinch on your budget and need quick money in a bind, a short-term loan might make all the difference.

Depending on your situation, a $200 loan might be exactly what you need to make ends meet.

In this article, we will explore when a $200 loan might come in handy, how to apply for a loan like this, and evaluate whether or not seeking a $200 loan would be a good move for you.

Do Lenders Offer $200 Loans?

In some situations, a $200 loan can make a big difference in your budget. In fact, it might make the difference between making your money stretch until the next payday, or falling behind on your obligations. While not all lenders offer $200 loans, many lenders do offer loans for this relatively small amount of money.

In general, you can expect to find $200 loan options available through payday loan lenders. Many payday loan options come with loan amounts ranging from $50 to $500. If you need some cash to make it through until your next paycheck, a $200 loan might fit the bill.

How Do $200 Loans Work?

The vast majority of $200 loan opportunities are available as payday loans. This type of loan provides a cash advance with a short term for repayment. In most cases, you’ll receive the funds quickly — sometimes as quickly as the same day if you receive immediate approval. However, you will be expected to repay the loan within a few weeks — with very high interest rates and accompanying fees.

Advantages of $200 Loans

Every financial product has advantages and disadvantages to consider. Here are some advantages to keep in mind about $200 loans:

  • Fast funding: Most payday loans come with very fast funding times. Some borrowers might even receive their funds within a day.
  • Bad credit accepted: Every lender can set their own credit requirements. But in general, bad credit borrowers can find $200 loan options.
  • Cash crunch resolution: When you get your hands on the funds you need, you can resolve the pressing financial situation.

Disadvantages of $200 Loans

Of course, $200 loans also have disadvantages. Here’s what to keep in mind when considering your loan application:

  • High interest rates: Most payday loans come with extremely high interest rates. Before signing up for a payday loan, confirm you are able to afford the high repayment cost.
  • Temporary solution: In many cases, a $200 loan will not permanently change your financial situation. Try to look at the big picture of your finances before taking out a $200 loan.
  • Short loan terms: If you take out a payday loan, you’ll likely be expected to repay the funds within a matter of weeks. The high interest rates can make this difficult.
  • Easy to fall into a cycle of debt: High interest rates and short terms set up a slippery slope for debt repayment. Unfortunately, it’s easy to get caught in a cycle of debt with payday loans.

How To Get a $200 Loan

You might need a $200 loan for any number of reasons. A few common reasons for taking out a payday loan include covering medical bills, fixing your vehicle, and covering unexpected expenses.

Before taking out a payday loan, take the time to explore all of your funding options. If you decide that a payday loan is the right move to resolve your cash crunch, here’s how to apply:

  • Research lenders: Take the time to compare rates across multiple lenders. A lower interest rate or more lenient repayment terms could lead to significant savings and a higher chance that you can avoid falling into even deeper debt.
  • Gather information: When you apply for a $200 loan, the lender will ask for many details about your financial situation. Be prepared to provide proof of your identity, recent pay stubs, your email, your phone number, and your checking account details to be considered for the loan you need.
  • Fill out an application: With your information in hand, it shouldn’t take more than a few minutes to fill out your loan application.
  • Wait for approval: The timeline for approval varies based on the lender. In some cases, you may be approved and receive the funds within a single day.
  • Repay the loan: Remember, these are short-term loans. Keep an eye on the repayment obligations. You’ll likely be expected to repay the loan amount, with interest, within a few weeks.

Alternatives to a $200 Loan

A $200 loan offers one way to get your hands on the cash you need quickly. But it’s not the only way to come up with funds quickly. Below are some alternative ways to cover an unexpected expense:

  • Ask family or friends: If you have friends or family members willing to lend you money, taking them up on their offer can help you avoid the drain of interest costs and other fees.
  • Sell something: Take a look around your house. In some cases, you might find enough items to sell to raise the funds you need. Even one high-value item, such as a valuable baseball card, could help you get your hands on $200 without resorting to a payday loan.
  • Pick up extra work: An active side hustle, like delivering food or walking dogs, could help you pull in the funds you need quickly.
  • Wait until payday: If the purchase is not an absolute emergency, consider waiting until payday to cover the cost. For example, you might be able to work out a payment arrangement with your medical provider that extends the due date with enough time to find a more affordable funding solution.

The Bottom Line

A $200 loan can help you make ends meet. But the reality is that these loans often come with extensive fees and high interest costs that you’ll need to pay within weeks of receiving your loan.

Before applying for a $200 loan, explore all of your alternatives to help you avoid taking on high-interest debt.