A $200 payday loan can get you cash to cover unexpected expenses between paychecks. These short term loans are available to people with bad credit through direct lenders not traditional lenders. To apply borrowers fill out a simple online loan request form. Direct lenders may do soft credit checks so people with bad credit history can qualify.

Once approved loan funds are deposited into the borrowers account quickly to cover emergencies like medical bills or car repairs. Payday loan costs usually include a cash advance fee with terms to repay from the borrowers next paycheck. Make sure you understand the loan terms to avoid hidden fees or late payment charges.

Features

• Short-Term Loan. Repaid quickly from the borrowers next paycheck.

• Loan with Bad Credit. Available to people with bad credit who can’t get traditional loans.

• Instant Approval. Some lenders offer instant approval so borrowers can get funds quickly.

• Eligibility Criteria. Less stringent than traditional loans, focuses on steady income not credit history.

Pros and Cons

Pros

1. Accessibility. $200 payday loans including direct lenders and cash advance apps are available to people with bad or poor credit. So even with bad credit history you can still get loan approval for a cash loan.

2. Quick Processing. Online payday loans and cash advances are processed quickly to provide financial assistance in case of emergency. This will help you avoid late payment fees and financial stress.

3. Convenience. Most loan services including $200 loans operate online. So you can apply for loan and get a 200 loan from the comfort of your home. It’s a convenient way to borrow money.

Cons

1. High Fees. Most cash advance apps charge high fees for their services. This includes a cash advance limit and a monthly subscription fee. These fees will make a $200 payday loan more expensive than other way of borrowing money like personal loan.

2. Debt Cycle. Payday loans need to be repaid in full on your next payday. If you can’t repay the loan on time you’ll be in a debt cycle and need to take another cash advance or loan.

3. No Credit Improvement. Unlike other loans $200 payday loans don’t help improve your credit score. This is because most loan providers for these type of loans don’t report to credit bureaus and they don’t require credit check for loan approval.

How to Apply for a $200 Payday Loan?

1. Choose A Payday Lender. Select a reputable payday lender, online or in-store, that follows state and federal laws.

2. Prepare Required Documents. Gather your documents like pay stub, social security number, bank account information and proof of income.

3. Complete The Application. Fill out the payday loan application form with personal details, employment information and loan amount. Submit online or in-store.

4. Review The Payday Loan Agreement. Review the payday loan agreement carefully, interest rates, fees, repayment terms and due date.

5. Get Loan Proceeds. Once approved get the loan proceeds deposited into your bank account or prepaid card account, usually the same business day.

Requirements

According to the U.S. government’s Consumer Financial Protection Bureau (CFPB) to qualify for a loan most payday lenders require:

1. At Least 18 Years Old. You must be a legal adult to enter into a payday loan agreement.

2. Active Checking Account. A valid and active bank account for the loan proceeds and for the lender to withdraw repayments.

3. Proof Of Income. You need to show proof of regular income like pay stubs to prove you can repay the loan.

4. Valid ID. You must present valid ID which includes social security number to verify your identity.

How to Get the Money

1. Direct Deposit. The most common way is direct deposit into your bank account. Once your payday loan application is approved the payday lender will deposit the loan proceeds into your active checking account, usually the same business day.

2. Prepaid Debit Card. Some payday lenders offer to load the borrowed amount into a prepaid card account. This is convenient for those who don’t want to use their bank account.

3. Cash. In some cases especially with in-store payday lenders you may get the borrowed amount in cash. But this is less common than direct deposit or prepaid card.

4. Check. A few payday lenders may give you a check for the loan amount which you can then cash or deposit into your bank account.

Payday Loan Rates

Payday loan rates usually involve fees from $10 to $30 per $100 borrowed depending on state laws and borrowing limits. A typical fee is $15 per $100 borrowed which is an APR of around 400% for a 2 week loan. For example if you borrow $300 you would need to repay around $345 by next payday. These rates are much higher than other types of loans like personal loans or secured personal loans.

Payday lending is allowed in 37 states, 11 states have strict regulations or interest rate caps that limit or prohibit payday lending. Some states like Arkansas and North Carolina have repealed their payday lending laws and others like DC have banned it altogether.

18 states and DC have usury rate caps, often at 36% APR to curb high cost payday lending. States like Nebraska, Hawaii, Illinois and New Mexico have recently passed such caps, it’s a growing trend to regulate payday loan rates.

The highest payday loan rates are in states like Texas (662%), Missouri (652%) and Delaware (639%). On the other hand states like Oregon (140%), Maine (228%) and Iowa (247%) have lower rates. Some states like Washington and Virginia have additional regulations to limit the number of payday loans or extend the repayment period to reduce debt traps.

$200 Payday Loans. Apply Online

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