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Compare £200 short term loans
Considering a £200 payday/short term loan to tide yourself over for a few weeks or months? Use our guide to compare rates from a range of lenders and to learn more about how short term loans work.
Short term or “payday” loans are designed to help cover occasional unexpected shortfalls in cash, perhaps fixing an essential home appliance or paying a vet’s bill. If you need to borrow £200 for a short period of time, a short term loan is one way to bridge the gap but there may be cheaper alternatives. And if you’re having debt problems, Money Helper is a good place to find support.
If your application for a short term loan is accepted, funds can usually be transferred to you within a day. The amounts on offer are generally smaller, and rates higher, than those provided by banks. The loans also generally come with much shorter repayment periods as they’re designed to be a short term helping hand, not a long term solution.
Warning: Late repayment can cause you serious money problems. For help, go to moneyhelper.org.uk.
Please note: High-cost short-term credit is unsuitable for sustained borrowing over long periods and would be expensive as a means of longer-term borrowing.
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Please note: You should always refer to your loan agreement for exact repayment amounts as they may vary from our results.
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Is high-cost, short-term borrowing a good idea?
Payday/short term loans are a very expensive method of borrowing and are not a good idea for borrowing over longer periods, or for sustained borrowing. They may not solve your money problems.
Before you apply for a payday or short term loan, make sure you’ve considered other options. Is the expenditure that you’re planning absolutely essential? If you can defer a purchase then you could save yourself money in the long run. If you’re struggling to pay a bill, then why not talk to your electricity, gas, phone or water provider to see if you can work out a payment plan? Read more about alternatives to payday loans at moneyadviceservice.org.uk.
What you need to know about a £200 short term loan
As you may have already guessed from the name, short term loans are really only a short term option. They’re designed for when unexpected costs arise that you’re unable to afford. They are not a solution for longer term financial issues and should be paid off as soon as possible.
Some key features of a £200 short term loan
- High interest rates. Interest rates on £200 payday loans are typically very high compared to other forms of borrowing. Rates are legally capped, but at an eye-watering 0.8% a day. On a £200 loan, that’s £11.20 a week.
- Short repayment periods. Payday/short term loans are typically used to help see people over for a few weeks or months. Some lenders will let you borrow for longer, which will reduce your monthly instalments but will increase the amount you pay in interest overall.
- Quick access to funds If you decide to go for a £200 loan and have your application approved, many lenders could get the money to you the same day.
- Early repayment. Most lenders will allow you to repay some or all of your loan early at any time, which could save you money on interest. Make sure you check early repayment terms before agreeing to a loan.
- Paid back by CPA. Short term and payday loans are typically paid back using a Continuous Payment Authority (CPA), but you can sometimes opt to pay by direct debit or manually.
Benefits and drawbacks of a £200 short term loan
- Quick turnaround time.
Many lenders are able to get you your loan the same day you apply. They typically give quick decisions on whether you’ll be accepted for your loan, and if accepted, many lenders are able transfer funds within the space of a few hours. - Easier approval.
Generally speaking, it is easier to have an application for a £200 short term loan approved than a larger and longer loan from a bank. By focusing on affordability rather than credit scores, some lenders have become specialists in providing loans to those with a poor credit history.
- High interest rates.
In general you can expect to pay higher interest rates with a £200 payday/short term loan than you would with other forms of credit. Although interest is now capped at a whopping 0.8% daily, and many lenders price their loans on or just below this cap. - Disreputable lenders.
Unfortunately not all lenders you’ll find online are reputable or approved by the Financial Conduct Authority (FCA). Before rushing into taking out a £200 payday loan, make sure you spend some time checking a lender’s legitimacy.
Eligibility requirements
Before applying for a £200 loan you need to be certain you can meet the repayments. You’ll also need to meet the following criteria:
- Aged 18 or over.
- UK resident.
- Hold a UK bank account.
- Have an email address and mobile number.
- Have a regular income.
Meeting these requirements doesn’t guarantee you’ll be able to take out a £200 loan – only that you will be considered.
What is a Continuous Payment Authority (CPA)?
A CPA is a recurring payment in which you give a company permission to withdraw money from your account on a regular basis.CPA differs from direct debit because they give the company being paid the ability to withdraw money from your account whenever they wish, and to take payments of different amounts without consulting you. Most payday loan companies will use CPA to collect your repayments, however you can cancel this at any point by either consulting with your provider or your bank.
Frequently Asked Questions
We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you.
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