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Get a $200 loan

Apply online to get a $200 cash advance or payday loan in as little as 1 hour.

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 $200 loans from cash advance providers

One option to get a $200 loan is through a cash advance provider. You pay no interest on these cash loans, but you may pay either an optional or required monthly fee depending on the provider.

Loan providerInterest rateLoan amountLoan termKey features

Early pay

No interest or fees to access cash advance, fee for express funding (varies based on advance)$20 – $250Next pay cycle (61 days max.)Instant approval and funding 24/7 with a fee, no credit check, must have no NSF transactions in your bank account

Cash Advance

No interest but there’s a mandatory subscription fee starting at $2/month.$20–$250FlexibleEasy application, no credit check, instant access to funds
⚠️ Warning: Be cautious with payday loans
High-cost payday loans are unsustainable for borrowing over a continued period of time and are expensive as a means of longer-term borrowing. View payday costs and regulations by province here. 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). You may also want to consider payday loan alternatives.

Compare online payday loan lenders that offer fast $200 loans

Another $200 loan option is from a payday loan provider, which often offer fully online application and approval processes.

Loan providerInterest rateLoan amountLoan termKey features


Payday loan

Varies by province$100 – $1,5007 - 62 days24/7 approval and e-Transfer, accepts bad credit

Payday loan

Varies by province$100 – $1,500Up to 62 daysInstant approval, e-Transfer, accepts bad credit
Cash 4 You

Payday loan

Varies by Province$120 – $1,500Up to 62 daysFast approval, e-Transfer, accepts bad credit
Mr. Payday

Payday loan

Varies by province$100 – $1,500Up to 62 daysFast approval, no credit check
Maximum borrowing costs of payday loans per province
Always refer to your contract for exact repayment amounts and costs.
Province Max. cost of borrowing a $100 payday loan Cooling off period to cancel loan Max. penalty for returned cheque or pre-authorized debit
Alberta $15 2 business days $25
British Columbia $15 2 business days $20
Manitoba $17 48 hours excluding Sundays and holidays $20
New Brunswick $15 48 hours excluding Sundays and holidays $20
Newfoundland and Labrador $14 2 business days $20
Nova Scotia $15 Next business day (2 days for online loans) $40 (default penalty)
Ontario $15 2 business days $25
Prince Edward Island $15 2 business days N/A
Quebec Limit of 35% AIR N/A N/A
Saskatchewan $17 Next business day $25

How to get a quick $200 loan in 6 steps

  1. Compare legitimate lenders. Compare eligibility requirements and turnaround times of $200 lenders in your province. You can use the tables above to compare options.
  2. Apply. Fill out the online application, which takes less than 10 minutes.
  3. Wait for a response. Many $200 lenders let you know instantly 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 instant approval in Canada?

Yes, there are cash advance providers, like Bree and KOHO, and payday loan lenders, like iCASH and GoDay, that offer instant approval $200 loans in Canada. You’ll get an approval decision within seconds or minutes of submitting your application. These lenders use algorithms to quickly assess your application immediately after it’s submitted online to determine whether or not it should be approved.

Can I get a $200 loan with no credit check?

Yes, it’s possible to get a $200 loan with no credit check from cash advance apps like Bree and KOHO. Although more expensive, some payday loan lenders, like Mr. Payday, also offer no credit check loans for $200. Just keep in mind that payday loans are very expensive, and should only be used as a last resort once you’ve exhausted other options, including cash advance apps, first.

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.

Compare $200 loans in Canada

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.
    If you sign up for your bank’s overdraft protection, you’ll usually be allowed to overdraw your bank account by at least $200, while avoiding NSF fees. Overdraft protection typically only costs $5 per month, but you’ll have to pay interest of around 21% each calendar day on the overdrawn amount.
  • Credit card cash advance.
    If you have a credit card, you might be eligible to withdraw $200 through a credit card cash advance instantly as long 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 falls at 22% with a flat fee of around $5 per withdrawal.
  • 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.

How much will a $200 loan cost?

It depends on what type of financing you get. Getting a $200 loan from a cash advance app like Bree will be relatively affordable. You pay no interest on these cash loans, but you may pay either an optional or required monthly fee depending on the provider.

Alternatively, if you opt for a $200 payday loan, you’ll have to pay between $14 to $17 for every $100 borrowed and often start at 300% APR.

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

Payday loan
Loan amount$200
Loan term 14 days
Borrowing fee$15 for every $100 borrowed = $30 (391% APR)
Repayment1 full payment of $230 within 14 days
Total cost$230

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 have the option to apply in person, it’s possible to 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.
  • $200 payday loans have high 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.

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 high flat fee, while $200 cash advances may be interest free but could come with a small 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 guide to legitimate 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

There are several $200 loan options in Canada. including those that offer instant approval. 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. Instead, consider getting a $200 loan from a cash advance app, which is typically much cheaper. Always make sure you’re working with a lender you trust before you apply.

Compare $200 loan options

Frequently asked questions about $200 loans

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