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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.

⚠️ 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 lenders that offer fast $200 loans

Loan providerInterest rateLoan amountLoan termKey features

Early pay

0%$20 – $250Next pay cycle (61 days max.)No fees, no credit check


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 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 less common option is a pay advance app, which will advance you a very small loan before you get paid. An example of a pay advance app that offers a $200 cash advance is Bree, a cash advance app where you can borrow between $20 and $250 at 0% interest.

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% APR.

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:

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 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.

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

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