Editor's choice: OppLoans Installment Loans
- Easy online application
- Quick approval
- Long repayment terms
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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.
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.||Bank account, email address, phone number, US citizen or permanent resident, ages 21+||★★★★★|
|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, $1,000+ monthly income after taxes, US citizen or permanent resident, ages 18+|
|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||Read more|
|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+||Read more|
|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||Read more|
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.
You can get a $200 loan by following these steps.
When you need a small loan in a hurry — say, you need emergency cash — you have a few options:
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.
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.
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|
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 …
Get answers to popular questions about borrowing $200.
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.
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.
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.
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.
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.
Don’t be fooled by false promises — here are red flags to watch out for and tips to find a legit company.
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