Get a $200 loan

Emergencies happen. If you need a $200 loan in a hurry, you can apply for a payday loan and get your money within the hour. However, watch out for high interest rates.

Compare online lenders that offer fast $200 loans

Sort by:

Name	Product	Loan Amount	Loan Term	Interest Rate	Turnaround Time	Serviced Provinces	Offer	Table description
Cash Money Payday Loan Cash Money Payday Loan		$100 - $1,500	5 - 40 days	Varies by province	As little as 15 minutes with INTERAC e-Transfer	BC, NL, NS, ON, SK	Apply for your first $300 payday loan at a $20 cost (excludes SK applicants).	Instant decision and e-Transfer funding. Income of at least $1,000/month required.	Go to site View details	Compare	loading Fetching your data...
iCASH Payday Loan iCASH Payday Loan		$100 - $1,500	7 - 62 days	Varies by province	As little as 2 minutes with INTERAC e-Transfer	AB, BC, MB, NB, NS, ON, PEI	Get up to 20% in cash back once your payday loan is fully repaid. Conditions apply.	24/7 instant approval and e-Transfer funding. Income of at least $800/month required.	Go to site View details	Compare	loading Fetching your data...

loading

CompareClear

How to get a quick $200 payday loan in 6 steps

1. Compare legitimate lenders. Compare eligibility requirements and turnaround times of payday lenders in your province. You can use the table above to compare.
2. Apply. Fill out the online application, which takes less than 10 minutes.
3. Wait for a response. Many payday lenders can tell you if you’ve been approved (or denied) in a matter of seconds.
4. Submit documents if required. If required, submit documents to verify your income and identity.
5. Review and sign your contract. Be aware of the repayment schedule, loan cost and any extra charges you may encounter.
6. Get your $200 loan. You can get your money via direct deposit or e-transfer. If you opt for e-transfer, you can get your $200 within minutes after submitting the contract.

What are the eligibility requirements for $200 loans?

There are certain eligibility requirements that apply for $200 payday loans no matter who you apply to, like:

• Age. You must be the age of majority in your province or territory, which is 18 or 19 years old.
• Income. You need recurring income, whether that’s from employment, benefits or pension.
• Residency. You need to be a Canadian citizen or resident.
• Bank account. You need an active bank account.

Can I get a $200 loan with bad credit?

You can. As long as you have regular income, whether that’s from employment, government benefits or private pension, you can get approved for a $200 payday loan with bad credit. You’ll need to show proof of your income by providing bank statements and/or pay stubs.

Can I get a $200 loan with instant approval in Canada?

Yes, there are payday loan lenders in Canada that offer instant approval decisions within seconds or minutes of submitting your application. These lenders use an algorithm to quickly assess your application to determine whether or not it should be approved. Some example $200 payday loan lenders who offer instant decisions include iCASH and Cash Money.

Compare $200 payday loans

How else can I get a $200 loan fast?

When you need a small amount of cash in a hurry, you have some options:

• Bank account overdraft. Overdraft fees are typically fixed at $5, so it’s a pretty inexpensive option. But you might have to pay an additional $5 per day, week, month or item charged until you recover your balance.
• Credit card cash advance. If you have a credit card, you might be eligible to withdraw $200 as fast as you can get to an ATM, often at lower rates than a payday loan. The interest rate on a credit card cash advance typically ranges at around 24%.
• Your employer. Some employers are willing to give you a portion of your pay prior to payday. It often doesn’t hurt to ask.
• Short-term installment loan. Short-term installment loans have loan terms less than 1 year, usually between 2 and 7 months. You’ll pay as much interest or more than payday loans, but your payments will be broken up into smaller amounts over a longer period of time, which could give your finances more time to recover.
• Paycheque advance apps. A much less common option is a pay advance app, which will advance you a portion of your paycheque within a certain amount of time before you get payed.

How much will a $200 loan cost?

It depends on what type of financing you get, but it’s often expensive. Payday loans are between $14 to $17 for every $100 borrowed and often start at 300% APRmore info button.

Here’s an example of how much a $200 payday loan would cost if you live in Ontario and you need to repay in 14 days:

Pros and cons of $200 loans

4 questions to ask yourself before getting a $200 loan

Before taking out a $200 loan or payday advance, ask yourself a few questions first:

• Can I ask friends or family instead? Even though it can be awkward, but it’s typically cheaper and more forgiving than any other $200 loan option. You can learn more about how to ask, what to look out for and more by reading our guide to family lending.
• Do I qualify? Make sure you meet all of the lender’s eligibility criteria, such as employment and bank account requirements.
• How much does it cost? $200 payday loans come with a flat fee. Make sure to budget for that, as well as additional costs that you might have to pay just in case, like late fees.
• Is the payday loan lender legit? Check out customer reviews on sites like Trustpilot and the Better Business Bureau to make sure you’re working with a reputable loan company. You can also read our reviews of payday loan companies in Canada to help you decide between lenders.

Watch out for these red flags with $200 loan lenders

When you’re searching for a $200 loan, it can be hard to tell if you’re looking at a legit lender. You might want to stay away from a lender if…

• It’s not transparent about costs. If you can’t get an idea of the rates and terms on the $200 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.
• It’s too good to be true. Loans that sound too good to be true often come with hidden fees and other costs that might make it more expensive than the alternative.
• It’s asking for money upfront. A legitimate lender will not ask you to pay anything before you borrow.

Bottom line

When you need $200 fast, short-term financing like payday loans may be able to help — especially if you have bad credit. However, they’re extremely expensive and are only suitable as a last resort. Make sure you’re working with a lender you trust before you apply. You can also learn more about payday loans by reading our guide.

Compare $200 loan options

Frequently asked questions about $200 loans

• Can I get a $200 loan if I'm unemployed?

  You often can. Some lenders don't care if you're unemployed as long as you receive some other source of steady income. However, others might require you to be employed or have limits on what percentage of your income can come from government assistance.

• I don't have a bank account. Can I get a $200 loan?

  It's sometimes possible to get a $200 loan without a bank account, though your options are limited. You might have a better chance qualifying for a payday or title loan, since those lenders often 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.

• What app can I borrow $200 from?

  There are several payday loan providers in Canada who offer convenient apps where you can borrow $200 from, often with an instant decision. Some example lenders offering payday loan apps are iCASH and Cash Money, both of which are available for iOS and android.