A $200 loan comes in handy when you’re caught off guard by bills or emergencies. Like many short-term loans, you expect quick approval. Most companies will release funds in under 24 hours, allowing you to address any needs you face. To get the loan, prepare a few documents, including proof of income, which helps the lender know if you’re eligible for the deal.
Through a straightforward online process, you can fill out a loan application form provided by the company on their website. It takes about 8 minutes. Once you submit the information, you’ll get feedback in less than 20 minutes. Thus, you’ll know whether they approved your application.
Typically, lenders release funds in about 24 hours. Your credit score does not impact your chances, as lenders only require a regular source of income to approve your request. So, borrowers with bad credit are still eligible if they meet all other basic requirements.
Most companies advertise $200 payday loans as the easiest way to get fast cash to meet short-term needs. People use these offers to address all kinds of problems. Some of the common uses of $200 payday loans include:
Companies that provide $200 loans don’t oblige you to disclose how you plan to use the money. This means you can spend it on whatever needs you have. Also, their review process does not subject you to a credit check.
Like any other credit, you need to pay interest on a $200 loan. The amount of interest on small-dollar loans depends on the lender’s terms and the laws in your state. On average, a $200 loan from direct lender charges 15% to 25%.
It means when you receive the $200 loan, you must repay from $230 to $250. This translates to an annual percentage rate (APR) of up to 521% for the most expensive deals. Before you apply, check the terms to ensure you’re getting a rate you can comfortably handle. In case you’re late on your repayment, the debt attracts a penalty, which might pile up, making it more difficult to pay off.
If you cannot repay on the agreed date, you can opt for a rollover. You must pay the loan’s original amount, the finance charge, plus an additional finance charge for the new total. Taking the example above, you’ll pay $230 to $250 plus $30 to $50. In total, you’ll owe $260 to $300, incredibly swelling the debt.
The procedure on how to get a 200 dollar loan includes submitting the basic information required to prove your source of income and citizenship. These loans offer a straightforward procedure that allows all borrowers to meet the eligibility criteria, which include:
Keep in mind different states offer different requirements, and these could also vary with lenders. You may be asked to send additional information (depending on the laws in your state). Before you apply for a $200 loan today, ensure to read the terms provided by the lender on their website.
You may think that you need excellent credit to get approved for a loan. Some providers will offer you a $200 loan with bad credit. When reviewing applications, they don’t use your credit score to decide but a verifiable source of income plus other basic requirements. The proof of income helps the provider know if you can afford to repay the debt.
If you don’t have a job, you could still apply for a quick $200 loan. Some people are accepted based on child support, social security funds, inheritance, savings accounts, pensions, and freelancer’s salaries. If you can prove you’ll honor the repayment agreement, the lender will quickly approve your application.
Lending organizations provide websites where you can find information about their services and an application form. FasterLoans is one of the best places you can get quick cash. They have a network of direct lenders spread across different states. FasterLoans helps you get the best rates, they ensure quick approval, and their platform is secure.
Here’s the simple process you should follow online: