Cash advance apps and payday and installment loans are often the best options for bad credit borrowers. You don’t need to have a minimum credit score to qualify – but you do need to have regular deposits to your bank account. We reviewed 16+ cash apps and 130+ payday and installment loan lenders to bring you some of the best options for $200 loans. Apply on mobile, online or at a store and get $200 as soon as the same day.
7 cash advance apps and loans that offer $200 payday loans
These seven apps let you borrow $200 as long as you have regular deposits. But apps need to verify your bank account activity before you can regularly access amounts up to $200.
Loan provider
Requirements
Fees
Turnaround
Smart Advances
Have a regular income, 18+ years old, be a U.S. citizen with a valid SSN, have an open bank account, meet any additional requirements your lender may have
Checking account 2+ months old receiving direct deposit, 2+ months working for the same employer, positive account balance, most recent paycheck was on-time, funds still available in bank account 24 hours after most recent payday.
Active bank account, verified source of income, over 50% of direct deposits sent to the account, a regular pay schedule, a fixed work location, a digital timekeeping system or a paper timesheet
No monthly fee
Same day Lightning Speed transfers cost up to $3.99
These payday loan lenders offer $200 payday loans online and at their stores. As long as you have regular income, you can likely get a loan within 24 hours online or same day at a store.
Loan provider
Requirements
Fees
Turnaround
Advance America
Government issued ID, source of income, checking account Social Security Number or ITIN (in store only), 18 years of age, personal check required in some states
$25 fee for a $200 loan
Online approvals by 10:30 a.m. ET are funded by 5 p.m. same day, approvals after 10:30 a.m. are funded next day
In-store approvals are same day for cash or to bank account
Government-issued photo ID, active bank account, proof of income, most recent bank statement, checking account and bank routing number, Social Security Number or ITIN (for Indiana residents only)
Varies by state, but typically around $35.30 for a $200 loan
As soon as the next business day after online approval, same day at a store
Cash apps are typically cheaper, but payday loans can be faster in some cases.
Cash apps
Payday loans
Cost
Cheaper than payday loans ($0 to $10 monthly fee, plus optional instant transfer fees of $2 to $8)
More expensive than cash apps ($30 to $50 for every $200 borrowed)
Funding times
First loan can take up to two weeks due to bank activity verification Afterwards it can take 1 to 3 business days or same-day for instant transfers
In-store loans are usually funded same day Online loans are typically funded in 24 hours
Eligibility
Requires verification of direct deposits, bank account activity and possibly work timesheets
Requires verification of income
Repayment terms
On your next payday
Typically two to four weeks
How much will it cost to get a $200 loan?
Cash apps and payday loans typically charge fees – not interest rates – which determine the actual interest rate, or APR, you’re paying. Here are some examples of typical APRs you can expect to pay on both types of loans.
Payday loan APR examples
With fees between $30 and $50, APRs can reach over 1,000% on a $200 payday loan, depending on how fast you have to pay it back.
Cash apps tend to be much cheaper than payday loans in terms of APRs. Depending on the app, how long you’re willing to wait for funds, and repayment terms, APRs can be as low as 6%.
Loan amount: $200 Monthly fee: $1 Instant transfer fee (optional): $6.99 Repayment term: 31 days APR: 47.03%
How long does it take to get a $200 loan funded?
A $200 loan can be funded pretty quickly.
Cash apps. While initial verification of your income can take a couple weeks, cash apps offer $200 loans in just a few days or same-day once you’re set up.
Payday lenders. You can typically get cash same-day at a store or within 24 hours if you apply online. Just make sure to have all your documents ready.
Eligibility requirements for $200 loan are minimal
Cash apps and payday lenders don’t require any minimum credit score to qualify. Rather, they require proof of employment and/or regular bank deposits. Eligibility requirements:
Payday lenders. You need to show you have a job and regular income coming in. For in-store loans, bring your phone and required documentation. For online loans, you’ll need to connect your bank account.
Cash apps. Requirements vary by the app. Some require regular income from the same employer. Others just require a minimum balance and regular activity in the account to show that you’re earning money.
How to increase your chances of approval
To increase your chances of approval for a $200 payday loan, you need to:
Show regular deposits into your checking account (payday lenders and cash apps).
Have the required documents before you apply (payday lenders).
Have funds left over in your account after payday (cash apps).
Questions to ask before selecting a $200 loan
When is the repayment due? These usually have a short term of two to four weeks, but state laws determine the actual repayment terms.
Am I eligible? MMost lenders require that you be over 18, have a state-issued ID and proof of income. And some cash advance apps are only available to hourly workers or require GPS tracking.
What’s the turnaround time? Most online loans are available the next day, while in-store payday loans can be approved and funded within a few hours. Cash apps can take up to one to three business days, or same-day for a fee.
Is the lender legit? If your state requires a license, look for the lender’s license on its website. And if you’re applying online, make sure the website or app is encrypted before you enter your information.
What to watch out for with a $200 loan
Payday lenders often engage in exploitative lending practices, charging super high interest rates on payday and installment loans. This can lead to a cycle of debt that’s hard to get out of. Here’s what to watch out for:
Lack of transparency around APRs and fees
Lenders who pressure you to borrow more than you want
Lender has a bad reputation with Trustpilot customers and the Better Business Bureau
How to pay off $200 in debt
Here are some tips for paying off $200 in debt:
Pay a lower rate. If you have a high interest payday loan, you may be able to pay it off with a 0% interest cash app advance. Compare the top 8 cash advance apps.
Payday loans and cash apps aren’t the only way to access cash for short-term needs. Here are more alternatives:
Your bank. Some banks have started to offer small-dollar payday loan alternatives to existing customers at much lower interest rates than a payday loan.
Pawn loans. If you have sports equipment, electronics or jewelry, you may be able to pawn it for $200, which you’ll repay plus a fee of $5 to $25 per month you take to pay it back.
Credit card advances. If you have enough extra credit available, you can withdraw $200 from an ATM. Be prepared to pay an advance fee of $10 plus an ATM withdrawal fee of around $3, on top of a high interest rate.
Bank account overdraft. If you have no other options, you may be able to withdraw $200 from your bank account even if you don’t have the funds. But with overdraft fees around $35, this can be even more costly than a payday loan.
Chime SpotMe. Current Chime users may find SpotMe helpful if they regularly overdraw their checking account when using their debit card or making a cash withdrawal. SpotMe offers up to $200 in fee-free overdraft to users who direct deposit at least $200 into their Chime account in a 34-day period. It also offers the option to receive your paycheck up to two days before your payday, if you sign up for direct deposit into a Chime checking account.
Anna Serio is a lead editor at Finder, specializing in consumer and business financing. A trusted lending expert and former certified commercial loan officer, Anna's written and edited more than 1,000 articles on Finder to help Americans strengthen their financial literacy. Her expertise and analysis on personal, student, business and car loans has been featured in publications like Business Insider, CNBC and Nasdaq, and has appeared on NBC and KADN. Anna holds an MA in Middle Eastern studies from the American University of Beirut and a BA in Creative Writing from Macaulay Honors College at Hunter College, CUNY.
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