Payday loans are often your only option when you need to borrow $200 fast — which can come rates over 700% APR. If you can wait a few days, consider cheaper alternatives from a local bank or credit union. We reviewed over 130 lenders and payday loan alternatives to help you find a loan that works for you.
Compare $200 loans for bad credit
These direct lenders and connection services offer $200 payday loans, installment loans and pay advances online or through an app.
|Provider||Type of loan||Cost||Requirements||Finder rating|
|Brigit||Pay advance app||$9.99 monthly membership fee||At least $1,500 monthly income from one employer, average paycheck over $400, eligible checking account more than 60 days old, paid with direct deposit|
|Possible||Installment loan||Rates vary by state, though you’ll likely be charged around $15 or $20 per $100 borrowed.||Checking account with 3+ months of banking history, $750+ monthly income, live in eligible state, ages 18+|
|Check Into Cash||Payday loan||Varies depending on the amount and your state of residency.||Active bank account, government-issued photo ID, proof of income, most recent bank statement, checking account and bank routing number and Social Security Number or ITIN (for Indiana residents only)||★★★★★|
|Ace Cash Express||Payday loan||Varies depending upon the state where you reside.||Steady source of income, checking or savings account, not currently in bankruptcy, ages 18+||★★★★★|
|CashAdvance.com||Payday loan||Determined by the lender based on the information you submit.||Employed, at least $1,000 in monthly take-home pay, valid checking account, US citizen, over 18, valid home and work phone number, valid email address, resident of eligible state.|
|Earnin||Pay advance app||Optional tip of up to $14 per withdrawal||Direct deposit sent to a checking account, a regular pay schedule, a fixed work location or an online timekeeping system at work|
|LendUp||Payday loan alternative||Depends on your state, loan product, loan amount and the term of the loan.||Checking account with ACH, proof of income, Social Security number, ages 18+|
|MoneyLion||Pay advance app||$29 monthly fee if you have a Plus membership||MoneyLion Member, active bank account open for at least two months, receive consistent deposits|
Can I get a $200 loan?
You can get a $200 loan as long as you meet your lender’s requirements. Payday loan providers and other lenders that offer $200 loans work with all credit types. In fact, some lenders don’t run a credit check at all.
A no credit check loan might sound tempting, since a bad credit score can’t hurt your application. But these lenders tend to assume the worst and often offer less favorable rates and terms than providers that check your credit score. Even if you have a credit score under 580.
How can I get a $200 loan?
You can get a $200 loan by following these steps.
- Compare providers. Use a connection service or compare direct lenders, look at features like interest rates, fees, turnaround time, terms and requirements.
- Apply. Often, you can apply online in a few minutes. If you find a lender on our table, click the Go to site button to begin the application process.
- Wait for a response. Many short-term loan providers can tell you if you’ve been approved seconds after processing your initial application.
- Submit documents. Lenders typically ask to see a government-issued ID and proof of income when you apply for a $200 payday loan. Some payday lenders and most title lenders require you to go to one of their locations for this step.
- Review and sign your documents. Make sure you understand what you’re getting into before you sign up for a payday loan.
Where can I borrow money fast?
When you need a small loan in a hurry — say, you need emergency cash — you have a few options:
- Payday lenders. These lenders offer loans online or in person for a $200 payday loan. You repay the loan — plus a fee — the next time you get paid.
- Pay advance apps. Hourly workers can use an app like Brigit or Even to access wages you’ve already earned, for a monthly fee or optional tip. And you won’t take a credit score hit.
- Title loan providers. You can get $200 in as fast as 30 minutes with this bad credit loan backed by your car’s title, often at a lower rate than a payday loan.
- Online installment lenders. Though not as common as payday loans, some short-term online loan providers offer financing as low as $200, which you pay back — plus interest and fees — over a few months.
- Credit card cash advance. If you have a credit card, you may be eligible to withdraw $200 as fast as you can get to an ATM, often at lower rates than a $200 payday loan.
Compare faster with a connection service
A connection service like CashAdvance.com allows you to see offers from multiple providers after filling out one form — usually without a credit check. After you pick a lender, you’ll be directed to its site for the full application.
Got some time? Consider a payday alternative loan
Some federal credit unions offer payday alternative loans (PALs) as a cheaper option than a $200 payday loan. PALs range from $200 to $1,000 with a maximum APR of 18% and terms from one to six months.
They’re more affordable than payday loans, but they’re not as fast. And you need to be a member of the credit union for at least a month to qualify. Plus, finding a federal credit union that offers them can be tricky. Still, the price difference may make up for those drawbacks.
How much will a $200 loan cost?
It depends on what type of financing you get, but a $200 loan is usually expensive, especially if you have bad credit. According to the Federal Reserve, payday loans often start at 300% APR, and installment loans can range from 40% to 300% APR. Title loans also typically run from 100% to over 350% APR.
But APR isn’t the only factor that affects price. The longer you take to pay back a loan, the more time there is for interest to add up. That’s why some installment loans may look much less expensive than payday loans, even though the total cost is the same. However, you’ll have lower monthly payments with an installment loan.
Here’s an example of how a $200 payday loan and installment loan could end up costing you the same amount in the long run:
|Payday loan||Installment loan|
|Loan term||30 days||90 days|
|Cost per month||$260||$86.75|
Watch out for these red flags
With regulations that change often and vary by state, it can be hard to tell if you’re working with a legit lender. But you may want to stay away from a lender if …
- It’s not up front about costs. If you can’t get an idea of the rates and terms on a loan before you apply, you won’t be able to tell if it’s something you can afford.
- It’s pushy. Steer clear of lenders that pressure you into borrowing more than you can afford or adding on credit insurance when you’d rather not.
- It’s too good to be true. Loans that sound too good to be true often come with hidden fees and other costs that may make it more expensive than the alternative.
Compare $200 loans
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
Frequently asked questions
Get answers to popular questions about borrowing $200.
Where can I borrow up to $500 with bad credit?
That depends on the exact amount you want to borrow. Payday loans, which are available to people with bad credit, often run as high as $500. But not all of the options on this page offer that loan amount. Read our guide to getting a $500 loan to learn about lenders that offer larger amounts.
Can I get a $200 loan if I’m unemployed?
You can usually get approved for a $200 loan if you’re unemployed — as long as you have a steady source of income. However, some lenders might require you to be employed or have limits on what percentage of your income can come from government programs.
In most cases, you’ll have more options with a credit score over 670. But it may not make much of a difference for a $200 loan — loans of that size are usually designed for borrowers with poor credit.
I don’t have a bank account. Can I get a loan?
It’s sometimes possible to get a $200 loan without a bank account, though your options are limited — even if you have a high credit score. You may have a better chance qualifying for a payday or title loan, since those lenders usually allow you to repay your loan with cash or money order. Check out our guide to no-bank-account loans to learn more about your options.
Can you get a loan instantly?
It’s possible to get a loan with near-instant approval when you need emergency cash. Instant approval is available with online loans — but you won’t have access to the money until the next business day. But if you need a $200 payday loan today, visit a storefront. It might take a little more time to get approved, but you could receive your cash in as little as 30 minutes.
What apps let you borrow money?
Apps like Earnin, Brigit and Dave are among the few that allow you to borrow money. Read our guide to pay advance apps to learn about how these work and how to get approved.
Many payday loan providers also offer apps, which you can use to get $200 payday loan — though you won’t receive the loan in cash. Approval works similarly to regular payday loans.
More guides on Finder
Citibank business loans review
This international bank offers term loans as low as $5,000 to business banking customers. But it’s not upfront about costs.
Compare crypto credit cards 2021
Earn crypto on your purchases with these cards.
B9 pay advance app review
This pay advance app gives you access to your paycheck 15 days in advance. But with a $4.99 monthly fee, it may not be worth it for everyone.
Compare 20 banks that offer early direct deposit
Banks that offer early direct deposit can benefit your financial life in several ways.
Upgrade Card review
Looks like a credit card but acts like a loan. Plus, no fees all around.
Life insurance for people over 60
While it’s common for Americans in their 60’s to either be retired or approaching retirement, there still may be some beneficial value in investing in a life insurance policy. Compare your options and learn what type of policy will most fit your needs as someone over 60.
Bank accounts with early direct deposit
When you choose a transaction account that has modernized features, you are keeping your money secure yet still in the palm of your hand.
What is market capitalization?
Learn what market capitalization is and how to use it in your research.
Upgrade Bitcoin Rewards review
A new crypto card from the unique Upgrade bank.
Small business loan interest rates are low — but will it last?
Business loan interest rates dropped in 2020 and are likely to stay low. Here’s why.
Ask an Expert