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Get a $200 loan

Where to borrow a $200 loan even with bad credit.


GoDay Payday Loan

GoDay Payday Loan logo
  • Borrow from $100-$1,500
  • Approval decision in minutes
  • APR & loan term vary by province
Go to site

Emergencies happen. If you need a $200 loan in a hurry, payday loans are one option. But beware: they’re a very expensive type of loan.

(If you’re searching for a £200 loan, head over to our £200 loan page. Otherwise, keep reading for $200 loans in Canada.)

⚠️ Warning: Be cautious with payday loans
Payday loans are expensive. If you're experiencing financial hardship call Credit Counselling Canada for free financial counselling (Monday-Friday 8:00am-5:00pm at +1 866-398-5999). Consider alternatives instead of a payday loan:
  • Local resources. Government programs and nonprofits offer free financial services and help with food, utilities and rent.
  • Debt relief companies. There are services to help you reduce your debt payments.
  • Payment extensions. Talk with bill providers about longer payment plans or due-date extensions.
  • Side jobs. Sell unwanted items online, sign up for food delivery and more.

Compare online lenders that offer $200 loans

1 - 4 of 4
Name Product Loan Amount Loan Term Interest Rate Turnaround Time Serviced Provinces Offer
Money Mart Payday Loan
$120 - $1,500
1 - 62 days
Varies by province
As little as 1 hour after getting approved
To be eligible, you’ll need to be at least 18 years of age with a steady source of income and a chequing account. No credit check required.
Cash Money Payday Loan
$100 - $1,500
5 - 40 days
Varies by province
As little as 15 minutes with INTERAC e-Transfer
Apply for your first $300 payday loan at a $20 cost (excludes SK applicants).
Have your banking details ready to get a loan in 2 hours. You'll need to be 18 years of age or older and have a net income of at least $1,000/month. Residents of MB and NB must apply in-store for a loan.
iCASH Payday Loan
$100 - $1,500
7 - 62 days
Varies by province
As little as 2 minutes with INTERAC e-Transfer
Get up to 20% in cash back once your payday loan is fully repaid. Conditions apply.
To be eligible, you'll need to be at least 19 years of age and have a net income of at least $800/month deposited into your bank account.
GoDay Payday Loan
$100 - $1,500
Up to 62 days
Varies by province
As little as 2 minutes with INTERAC e-Transfer
To apply, you'll need to be a Canadian resident over the age of 18 with a valid email address, phone number and an open bank account with a Canadian bank or credit union.

Compare up to 4 providers

Maximum borrowing costs per province
Always refer to your contract for exact repayment amounts and costs as they may vary from our results.
Province Maximum allowable cost of borrowing
Alberta, British Columbia, New Brunswick, Ontario & Prince Edward Island $15 per $100 borrowed
Manitoba & Saskatchewan $17 per $100 borrowed
Nova Scotia $19 per $100 borrowed
Newfoundland and Labrador $21 per $100 borrowed
Northwest Territories, Nunavut & the Yukon $60 per $100 borrowed
Quebec Limit of 35% annual interest rate (AIR)

How to get a $200 payday loan in 6 steps

Ready to apply for a $200 loan? Follow these steps:

  1. Compare legitimate lenders. Get started by using the table to find a lender you could qualify for and compare turnaround times.
  2. 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.
  3. Wait for a response. Many payday lenders can tell you if you’ve been approved in a matter of seconds.
  4. Submit documents. Lenders typically ask to see a government-issued ID and proof of income when you apply for a payday loan. Some payday and most title lenders require you to go to one of their locations for this step.
  5. Review and sign your documents. Make sure you understand what you’re getting into before you sign up for a payday loan.
  6. Get your $200 loan. If you apply online, you can typically have your money deposited into your bank account as soon as the next business day. If you have to visit a store, you can often get your money the same day.

What are the eligibility requirements for $200 loans?

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

  • Age. You must be the age of majority in your province or territory, which is at least 18 or 19 years old.
  • Employment. Most lenders require you to be employed, but you may find a lender that will consider you if you’re unemployed. However, you’ll usually have to prove you have some sort of income whether it’s from government benefits or investments. Casual, part-time and self-employed workers can also be eligible for loans.
  • Income. You need to be earning some sort of income to be eligible for a loan. Some lenders may have a minimum of how much you need to earn.
  • Welfare. If you receive welfare payments, you can still get a loan with some lenders. Keep in mind there may be restrictions you need to meet, such as your loan repayments not exceeding more than 50% of your monthly welfare income.
  • Credit history. You can still get a loan with bad credit, even if you’ve filed for bankruptcy.

Where can I get a $200 loan fast?

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

  • Your employer. Some employers are willing to give you a portion of your pay prior to payday. It often doesn’t hurt to ask.
  • 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.
  • Paycheque advance apps. A 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. For example, the Koho Early Payroll program lends Koho customers $100 for free within the 3 days leading up to payday. You can borrow earlier than 3 days for a $5 fee.
  • 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%.
  • Title loan providers. You can get $200 in as fast as 30 minutes with this payday 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 lenders, some installment loan providers offer financing as low as $200, which you pay back — plus interest and fees — over a few months.
  • Payday lenders. Apply online or at a storefront for a $200 payday loan due in full — plus a fee — the next time you get paid. But go to payday loans as a last resort, since they’re the most expensive option on this list. The fee on a $200 payday loan could run around $30 to $50.

How much will a $200 loan cost?

It depends on what type of financing you get, but it’s often expensive. Payday loans often start at 300% APR, and installment loans can range from 18% to 47% APR. Title loans have APRs as high as 60%.

But APR isn’t the only factor that affects cost. The longer you take to pay back a loan, the more time there is for interest to add up. That’s why an installment loan might look much less expensive than a payday loan, even though you may end up spending nearly as much on both. However, you’ll have lower monthly payments with an installment loan.

Here’s an example of how much a $200 payday loan and a $200 installment loan could end up costing you:

Payday loanInstallment loan
Loan amount$200$200
Loan term14 days4 months
Cost per month$230$60.64
Total cost$230$218.32

Compare $200 loans

The pros and cons of $200 loans

  • They offer a quick turnaround time.
    These types of loans can be processed within a couple of hours and can be in your bank account in as little as an hour or one business day. If you apply in person, you can have the loan even quicker.
  • The documentation required is minimal.
    You don’t have to upload various documents to support your application. For instance, you can usually supply your online banking details rather than upload 3 months of your bank statements.
  • These loans have higher interest fees.
    As a high-risk loan on the part of the lender, $200 loans tend to come with very high fees compared to other more traditional loans.
  • Not all lenders are reputable.
    There are lenders who may try to take advantage of people who need cash quickly. Always do your research on the lender before submitting a loan application and choose one who is trustworthy and reputable. A legit lender should comply with provincial or territorial government regulations.

Can I get a $200 loan with bad credit?

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.

5 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. For a loan of this size, some lenders may not even require a credit check, so you may not have to worry about your credit score factoring in.
  • How much does it cost? Most $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.
  • How long do I have to repay? Breaking your loan into installments can give you more forgiving repayments, but it often costs more if you’re paying interest.
  • When do I need the money? Faster $200 loan options tend to be more expensive. If you have some time, a paycheque advance app might offer the best deal.
  • 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 shopping around 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 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 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, installment and auto title loans may be able to help — especially if you have bad credit.

Make sure you’re working with a lender you trust before you apply. You can learn more about payday loans by reading our guide.

Frequently asked questions about $200 loans

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