Editor's choice: OppLoans Installment Loans
- Easy online application
- Quick approval
- Long repayment terms
Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our opinions or reviews. Learn how we make money.
Emergencies happen. When you need $200 right away, a short-term loan could be your best bet. But these loans can come with APRs of over 300%.
When you need a small amount of cash in a hurry, you have a few options:
You can. Most providers that offer $200 loans work with all credit types. In fact, some lenders don’t run a credit check at all. This might sound tempting, since your credit score can’t hurt your application. But these lenders tend to assume the worst and often offer less favorable rates and terms than lenders that check your credit.
It depends on what type of financing you get, but it’s often expensive. 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 might 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 payday 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|
Some federal credit unions offer payday alternative loans (PALs) as a cheaper option. PALs range from $200 to $1,000 with a maximum APR of 18% and terms from one to six months.
They’re much more affordable than payday and installment 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 might make up for those drawbacks.
Ready to apply for a $200 loan? Follow these steps:
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 might want to stay away from a lender if …
When you need $200 fast, short-term financing like payday, installment and auto title loans may be able to help — especially if you have bad credit. But if you have more time, you might want to look into cheaper alternatives like PALs.
Make sure you’re working with a lender you trust before you apply. You can learn more about short-term loans by reading our guide.
Equifax launched a new product that lets you volunteer your bank account information when you apply for a loan. Here’s how you could benefit.
This connection service is transparent about rates — but asks for lots of personal information before you know where it’s going.
Check out the top 50 American car models, and find out what makes them American.
You won’t be able to apply for a new loan unless you’re a returning customer.
Compare 6 lenders offering loans that you can qualify for with a credit score under 580.
While the SBA is now processing PPP loan forgiveness applications, many lenders have yet to start working through their backlog.
The Balance Assist loan, set to launch in January 2021, offers loans from $100 to $500 for a flat $5 fee.
Developing a long-term relationship with your local banker can be a great investment for your business.
A standard connection service without many details on its lenders.
If you need to remove a tree from your property, consider paying with plastic.
finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. While we are independent, the offers that appear on this site are from companies from which finder.com receives compensation. We may receive compensation from our partners for placement of their products or services. We may also receive compensation if you click on certain links posted on our site. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. finder.com compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Please appreciate that there may be other options available to you than the products, providers or services covered by our service.