In today’s world we can be hit with financial needs out of the blue and we look for quick fixes to bridge the gap. One of the most common situation we find ourselves in is the need for $200. Whether it’s to cover an unexpected expense, manage a small emergency or seize an opportunity that’s fleeting, the need for immediate financial help makes us look for various ways to get the money fast.

What Loan Options Are Available to Get Money Now?

1. Payday Loan. These short term loans give you fast cash for emergency needs but often come with high interest rates and fees. Good for those who need extra cash until their next paycheck.

2. Credit Card Cash Advance. You can borrow money now from your credit card. This is a fast and convenient way to get emergency cash now but usually has higher interest rates than regular credit card purchases.

3. Personal Loan. Personal loans from federally chartered credit unions or online lenders offer flexible repayment terms and competitive interest rates. Good for borrowing money now and covering unexpected expenses.

Pros and Cons

Pros

1. Instant Approval. Many lenders offer instant approval for a $200 loan which can get you funds fast during a financial emergency. Good for those who need money fast to cover unexpected expenses like medical bills or car repairs.

2. Bad Credit. People with poor or bad credit can still qualify for a 200-payday loan. Unlike traditional financial institutions, direct lenders do soft credit checks which do not affect your credit score. This makes payday loans online available for those with poor credit history.

3. Simple Application Process. The loan request form for a $200 payday loan is usually simple and easy to fill out. This online request process can be done fast and get you a $200 loan with minimal hassle and no paperwork required by traditional loans.

Cons

1. High Payday Loan Costs. Payday loans online have high interest rates and fees. Most loan fees can add up and the total repayment amount can be much higher than the initial $200 loan. Be aware of the payday loan costs before you commit to avoid late payment fees and additional charges.

2. Short-Term Loan. A $200 payday loan is a short term loan which needs to be repaid by your next paycheck. This short repayment period can be stressful if you can’t repay the loan on time and may result to late payment fees and debt cycle.

3. Credit Checks. Although some lenders do soft credit checks, many still do credit checks through credit reporting bureaus. A poor credit history or bad credit score may affect your eligibility criteria and approval percentage and limit your options to get loan funds from trusted direct lenders.

How to Apply for a $200 Loan?

1. Choose A Payday Lender. Select a reputable online lender that follows state laws and federal regulations.

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

3. Fill Out The Application. Fill out the loan application form with personal details, employment information and loan amount requested. Submit the application online or in person.

4. Review The Payday Loan Agreement. Review the loan agreement carefully and pay attention to 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 on 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 that borrowers:

1. Age. Applicants must be at least the age of majority which is 18 in most states, although some states require borrowers to be 19 or 21 years old.

2. Have An Active Checking Account. A valid and active bank account is required for the deposit of loan proceeds and for the lender to withdraw repayments.

3. Proof Of Income. Borrowers need to show proof of regular income like pay stubs to show they can repay the loan.

4. Valid ID. Borrowers must present valid ID which is usually a social security number to verify their 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 on 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 if you don’t want to use your bank account.

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

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

Payday Loan Rates

Payday loan rates usually involve fees ranging from $10 to $30 per $100 borrowed depending on state laws and borrowing limits. A typical fee is $15 per $100 borrowed which translates to an annual percentage rate (APR) of around 400% for a 2 week loan. For example if you borrow $300 you would need to repay around $345 by the 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 while 11 states including Connecticut, Maryland and New York 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 the District of Columbia have banned it altogether.

18 states and the District of Columbia have usury rate caps, usually at 36% APR, to curb high cost payday lending. States like Nebraska, Hawaii, Illinois and New Mexico have recently enacted such caps, it’s a trend that’s growing 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.

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