Payday loans are often your only option when you need to borrow $200 fast – which can come rates over 700% APR. If you can wait a few days, consider cheaper alternatives from a local bank or credit union. We reviewed over 130 lenders and payday loan alternatives to help you find a loan that works for you.
Compare $200 loans for bad credit
These direct lenders and connection services offer $200 payday loans, installment loans and pay advances online or through an app.
The Consumer Financial Protection Bureau (CFPB) no longer requires lenders to consider your ability to repay a loan. This could put you at risk of getting caught in a cycle of debt. Carefully review your finances and the loan cost to make sure it fits your budget.
Payday loans, installment loans and auto title loans come with high rates and fees which can trap you in a cycle of debt. Borrowers may find themselves taking out a second or third loan because they couldn’t pay back the first one on time.
- Local resources. Government agencies, nonprofits and local charities often offer free financial services and help with food, utilities and rent for those in need.
- Payment extensions. Talk with your bill providers about a longer payment plan or extension on your due date if you’re behind on payments.
Can I get a $200 loan?
Get a $200 loan as long as you meet your lender’s requirements. Payday loan providers and other lenders that offer $200 loans work with all credit types. In fact, some lenders don’t run a credit check at all.
A no credit check loan might sound tempting, since a bad credit score can’t hurt your application. But these lenders tend to assume the worst and often offer less favorable rates and terms than providers that check your credit score. Even if you have a credit score under 580.
How can I get a $200 loan?
- Compare providers. Use a connection service or compare direct lenders, look at features like interest rates, fees, turnaround time, terms and requirements.
- 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.
- Wait for a response. Many short-term loan providers can tell you if you’ve been approved seconds after processing your initial application.
- Submit documents. Lenders typically ask to see a government-issued ID and proof of income when you apply for a $200 payday loan. Some payday lenders and most title lenders require you to go to one of their locations for this step.
- Review and sign your documents. Make sure you understand what you’re getting into before you sign up for a payday loan.
Where can I borrow money fast?
- Payday lenders. These lenders offer loans online or in person for a $200 payday loan. You repay the loan – plus a fee – the next time you get paid.
- Pay advance apps. Hourly workers can use an app like Brigit or Even to access wages you’ve already earned, for a monthly fee or optional tip. And you won’t take a credit score hit.
Compare faster with a connection service
A connection service like CashAdvance allows you to see offers from multiple providers after filling out one form – usually without a credit check. After you pick a lender, you’ll be directed to its site for the full application.
The main drawback to using a connection service is that it’s difficult to tell which payday loan providers have access to the information you provide – and you could receive lots of calls even after you got your $200 loan. With a direct lender, you can read the privacy policy before filling out the application.
Got some time? Consider a payday alternative loan
Some federal credit unions offer payday alternative loans (PALs) as a cheaper option than a $200 payday loan. PALs range from $200 to $1,000 with a maximum APR of 18% and terms from one to six months.
They’re more affordable than payday loans, but they’re not as fast. And you need to be a member of the credit union for at least a month to qualify. Plus, finding a federal credit union that offers them can be tricky. Still, the price difference may make up for those drawbacks.
It depends on what type of financing you get, but a $200 loan is usually expensive, especially if you have bad credit. According to the Federal Reserve, payday loans often start at 300% APR, and installment loans can range from 40% to 300% APR. Title loans also typically run from 100% to over 350% APR.
But APR isn’t the only factor that affects price. The longer you take to pay back a loan, the more time there is for interest to add up. 
That’s why some installment loans may look much less expensive than payday loans, even though the total cost is the same. However, you’ll have lower monthly payments with an installment loan.
Here’s an example of how a $200 payday loan and installment loan could end up costing you the same amount in the long run:
Watch out for these red flags
With regulations that change often and vary by state, it can be hard to tell if you’re working with a legit lender. But you may want to stay away from a lender if …
Compare $200 loans
We update our data regularly, but information can change between updates. Confirm details with the provider you’re interested in before making a decision.