Where to Get a $200 Loan Fast

Sometimes, life throws curveballs your way. Whether it’s a medical emergency, an urgent home repair, or another unexpected expense, a $200 loan could make all the difference in helping you make it to your next payday. 

How to get a $200 loan quickly 

Securing a $200 - $250 loan can be critical when time-sensitive expenses arise. Unfortunately, traditional lenders like banks and credit unions may take days or even weeks to process your loan. 

I know what you’re thinking: “But I need $200 now. . .”

Unlike traditional lenders, online and direct lenders like Advance America handle loan requests in-house, meaning fewer hoops to jump through and no lengthy background or credit checks. This streamlined process allows you to get approved and funded much faster — sometimes the same day you’re approved! 

Here’s how you can get a $200 loan when you need it most: 

1. Compare lenders. Start by researching online to compare $200 loan options from reputable lenders. 
2. Complete your application. Once you’ve found the right lender, fill out their loan application. Many offer the convenience of applying online or in-store. 
3. Quick approval. After submitting your application, the lender will review it and make a quick decision. 
4. Receive your funds. If approved, you’ll typically receive your money via a same-day or next-day direct deposit to your checking account. 
5. Cover your expenses. Use your $200 loan to pay for whatever immediate expenses you need to manage. 

$200 loan options 

When you need a $200 loan, there are several options available to you, each with its own advantages and considerations: 

Payday Loans 

Payday Loans are a popular option for $200-$250 loans, especially when you need funds quickly. These loans are available in amounts ranging from $100 to $1,000 (although the actual amount you can borrow will depend on your income and state regulations), and you can apply for one either online or at a store location near you. 

At Advance America, we simplify the process by charging a flat fee — typically $15 (varies by state) — for every $100 borrowed. In this scenario, your $200 loan will cost $230 in total. 

Personal loans from online lenders 

Personal loans from online lenders are another convenient option. These loans offer fast approval and can be completed entirely online, making them ideal for those who need quick access to funds. 

However, it's important to be aware of the potential risks, such as predatory lending tactics and less accountability compared to direct lenders with physical locations. Always choose a reputable lender with transparent rates and terms so you can avoid any unpleasant surprises. 

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Credit-builder loans 

A credit-builder loan from a local credit union can be a great way to improve your credit score while accessing the $200 you need. By repaying the loan on time, you can boost your credit score, potentially qualifying for better loan terms in the future. 

Keep in mind that credit-builder loans may take a few days to process, and you must be a member of the credit union to apply. 

Cash advance on a credit card 

If you have a credit card, you can borrow $200 in the form of a credit card cash advance at an ATM. You’ll need to have enough available credit and a PIN, but you’ll walk away with cash in hand. 

Credit card companies, however, typically charge high interest rates for cash advances — and that interest starts accruing immediately. Compared to other options, this might be one of the more expensive ways to borrow $200. 

Title loan 

A title loan allows you to borrow money using your car or truck title as collateral. The lender holds onto your vehicle title in exchange for a loan amount, typically based on a percentage of your vehicle's value. You can continue driving your car, but if you’re unable to repay the loan, the lender may take ownership of your vehicle. 

Title loans can provide larger loan amounts but come with the risk of losing your vehicle if you default. 

Pawn shop loan 

Pawn shop loans are another collateral-based option where you can borrow money by offering a valuable item, such as jewelry, electronics, or antiques. The pawn shop will hold your item as collateral and lend you a portion of its value. If you repay the loan within the agreed-upon time, you get your item back. However, if you can’t repay, the pawn shop will keep your item. 

Pawn shop loans are a quick way to access funds without the need for a credit check, but they come with the risk of losing your belongings. 

Cash advance apps 

Cash advance apps provide a fast and convenient way to borrow $200, right from your smartphone. These apps typically link to your bank account and deposit the loan directly into your account, often within minutes. However, loans through cash advance apps often come with high fees and short repayment periods, which can make them an expensive option if not managed carefully. 

Unlike well-established direct lenders like Advance America, cash advance apps may not offer the same level of transparency or customer support. We’ve been providing clear, straightforward loan terms and dedicated customer service for over 25 years, so you know what you’re getting with us. 

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Alternatives to borrow $200 

If you’d rather not take out a $200 loan, there are several options you might consider: 

Sell unwanted items 

One of the quickest ways to raise $200 is by selling items you no longer need. Whether it’s unworn clothing, collectibles, tools, or electronics, you likely have valuables that could be turned into cash. 

Platforms like Craigslist, Facebook Marketplace, and eBay are great for fast sales. If you don’t need the money immediately, consider organizing a garage sale to maximize your earnings. 

Borrow from friends or family 

Asking friends or family for a small loan can be a cost-effective solution. They’re unlikely to charge you interest, and repayment terms are often more flexible. However, it’s important to approach this option with care — be clear about your repayment plan to avoid straining relationships. 

Find a side gig 

Earning the money through a side gig is another viable alternative. Look for quick jobs that pay immediately, such as pet sitting, babysitting, yard work, or offering your skills for odd jobs in your community. Not only will you get the money you need, but you might also discover a new ongoing income stream. 

Donate plasma 

Donating plasma is an unconventional yet effective way to earn extra money. The process typically takes one to two hours, and some centers pay up to $100 per donation. Since you can donate plasma twice a week, this could be a quick way to reach your $200 goal while helping others in need. 

Ask for an advance at work 

If you’re employed, consider asking your employer for a payroll advance. This option allows you to access part of your paycheck early, with the advance amount deducted from your next payday. This can be a great option if you’re in good standing at work and comfortable with a smaller paycheck later. 

What credit score is needed for a $200 loan? 

The credit score required to secure a $200 - $250 loan can vary significantly depending on the type of lender you choose. 

Online lenders, cash advance apps, and direct lenders typically do not require a high credit score, so you could still qualify for a small personal loan with bad or no credit. 

On the other hand, traditional lenders like banks and credit unions usually have stricter credit requirements. These institutions often require at least a fair credit score, which is around 580 on the FICO or Vantage scale. While this might make it more challenging to secure a loan, it could also mean lower interest rates and more favorable terms if you qualify. 

Regardless of your current credit score, it’s important to know that you have options. If you’re concerned about your credit, consider working on improving your score over time, as this can open up more financial opportunities and lead to better loan terms in the future. 

➢RELATED: How to Build Credit Without a Credit Card

5 tips to improve your financial situation 

Facing financial challenges over $200 can be stressful, but the good news is that there are steps you can take to strengthen your financial position. Here are five practical tips to help you get started: 

Create a budget 

The foundation of financial stability is a solid budget. By tracking your income and expenses, you’ll gain a clear understanding of where your money is going and where you can make adjustments. A well-planned budget helps you control your spending, prioritize savings, and avoid financial surprises. 

Download our Budget Tracker to get started. 

Save for emergencies 

Set aside money regularly to build an emergency fund that can cover unexpected expenses, like medical bills or car repairs. Even a small emergency fund can prevent you from needing to borrow money for unexpected costs, giving you peace of mind. 

Pay down debt 

Reducing debt is key to improving your financial health. Whether you focus your efforts on paying off high-interest debt first (debt avalanche) or you tackle your smallest balances first (debt snowball), the most important thing is to stay consistent. 

By sticking to your chosen strategy, you’ll gradually reduce your debt, freeing up more money to save, invest, and spend on what matters most to you. 

Start investing 

Once you’ve made progress on reducing debt, consider investing to build long-term wealth. Whether it’s stocks, bonds, real estate, or other assets, investing can help you grow your money over time. If you’re new to investing, consult a financial adviser to help you create a strategy that fits your goals. 

Increase your income 

If your budget reveals that you need more income to achieve your financial goals, consider ways to boost your earnings. This could involve taking on extra hours at work, asking for a raise, pursuing a promotion, or working from home in your spare time. Increasing your income can provide the extra funds needed to accelerate your path to financial freedom. 

➢RELATED: What to Do When You Need Cash Now

Apply for a $200 loan today 

When money is tight, a $200 loan could provide the financial relief you need to stay on track. Whether you choose a direct lender like Advance America or explore alternative options, the key is to make informed decisions that align with your financial goals and budget. 

If our clear loan terms, fast approval decisions, and trusted customer service sounds like the best option, we’re here to help.

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FAQs about borrowing $200 

Are there fees for a $200 loan? 

Yes, most $200 loans do come with fees or interest rates. While some lenders charge a percentage of the loan amount, others, like Advance America, offer a flat-fee structure that makes it easy to understand the total cost upfront. 

Either way, it’s important to compare your options and choose a lender with transparent terms that suit your financial needs. 

Is getting a $200 loan a good idea? 

Getting a small personal loan could be a good solution if you need to cover an unexpected expense quickly. 

While it’s important to consider the fees and interest rates, a $200 loan from a reputable lender like Advance America could provide the funds you need with clear, straightforward terms. If you don’t have other immediate options, this type of loan could help you manage your finances and avoid more costly consequences, like late fees or overdraft charges.

Can I get a $200 loan if I’m unemployed? 

It’s possible to get a $200 loan if you’re unemployed, but it will be more challenging. Some lenders might approve your application based on unemployment benefits or whether you have a co-signer. Direct lenders like Advance America often provide flexible options, but it’s crucial to consider how you’ll repay the loan before borrowing.