All people may face emergencies which usually happen at the worst moment. A car breakdown, a rent payment, medical bills, utilities, and other urgent expenses generally require fast payment. Mainly people do not have an opportunity to cover unforeseen costs.
In such situations, a $200 loan online can be the right solution! No matter your payment history, there are options with no credit check. At Magnolia Payday Loans, we connect you with direct lenders and help you get almost instant approval to pay your financial emergency!
What is a $200 Loan with No Credit Check?
A $200 loan with no credit check is a cash advance loan, allowing you to borrow a small money amount and repay it on your next payday. People usually apply for 200-dollar loans to cover unexpected expenses. This short-term loan doesn’t require a hard credit check. Therefore, even a borrower with a poor credit score can apply.
How to Get $200 Payday Loans?
The application process for $200 short-term loans at Magnolia Payday Loans is very quick. A borrower needs to take three simple steps.
Step 1. Fill out the loan request form on our website;
Step 2. Get approval from a direct lender and sign the agreement;
Step 3. Receive funds in your bank account the next working day.
A $200 Loan with Bad Credit – Eligibility Requirements
$200 payday loans with bad credit are easy to get for most Americans. To get emergency cash, you need to meet some basic criteria. The general requirements for borrowers are as follows:
- Be at least 18 years old;
- Be a U.S. citizen or permanent resident;
- Have an active checking account;
- Have a cell phone number and an e-mail;
- Have a stable source of income.
Advantages of a $200 Loan with Bad Credit
A $200 short-term loan can be an excellent option for borrowers with bad credit scores. Here, you can see the main advantages of small-dollar loans.
- Fast money. The $200 payday loan process is rapid. Borrowers get their funds in one business day. It is much quicker than in a conventional bank.
- No credit checks. Unlike traditional financial institutions, payday lenders make soft credit checks. Cash advances only require a stable source of income from borrowers.
Available with poor credit scores. Borrowers with a poor credit history or those who have failed to pay their previous debt can still get approved for a $200 loan. Lenders pay more attention to your income than credit history.
Disadvantages of a $200 Cash Loan
Taking a $200 payday loan is not always the right choice. This loan form relates to certain dangers, such as:
- Payday loan costs. Typically, payday loans require high fees from borrowers. It can make a loan very expensive. Therefore, review your loan agreement carefully before signing.
Short repayment period. Generally, you need to repay $200 loans by your next paycheck. It means that the repayment period is around two weeks. It is often too little time for borrowers. So they pay additional fees to postpone payment.
What Should I Know Before Applying for $200 Loans?
A $200 loan should not be your first option for emergency cash. It would be much cheaper to borrow money from your family and friends or consider using a credit card cash advance.
$200 payday loan fees are very high. You will need to repay significantly more than you have borrowed. Payday loans charge you $15-$30 per each borrowed $100. So, if you borrow 200 dollars, you will repay $230-$260. Learn your state’s regulations to know the exact fee amount.
You should also make sure that you will be able to pay back the debt on time. The rollover fees of bad credit loans are complicated to pay.
How to Repay a 200 Dollar Loan?
You need to repay a 200-dollar loan in one lump sum on your next payday. As a rule, a loan amount with fees will be automatically withdrawn from your checking account. Try to return your debt on time to avoid dealing with collection agencies.
Can You Get a $200 Loan with a Bad Credit Score?
A 200-dollar loan is available even for borrowers with bad credit. The most important for payday lenders is your stable income. They do not send your report to major credit bureaus. Instead, they perform soft credit checks. Thanks to this, you can get instant approval from a loan provider.
When Will I Get a $200 Loan Amount in My Bank Account?
The time of getting a loan differs depending on a specific lender and the time of application. As a rule, borrowers receive funds the next business day if the 200-dollar loan requests are approved in the afternoon. But if you need to get loan funds faster, you should apply by noon. Although some lenders allow same-day funding for payday loans online, count on getting a cash advance loan in a working day.
Also, if you apply for a loan on weekends or holidays, you will receive funds the next working day.
What Are Alternatives to the $200 Payday Loans?
You can consider other loan types if a $200 payday loan does not suit you. For example, it can be installment loans repaid in monthly payments over 2-24 months. Good alternatives are pawn shops and title loans. Note that these are secured loans that require collaterals. However, their interest rates are much lower than those of an unsecured $200 loan.
- I Need 200 Dollars Today. What Can I Do?
To urgently get a $200 online payday loan, submit a loan request form by noon. If you meet all the lender’s requirements, a loan provider will send money the same day. Therefore, you will receive the funds in your bank account within several hours.
- Do Lenders Require Collaterals for a 200-Dollar Loan?
No, they don’t. You need no collateral to get a 200-dollar loan. Unlike personal loans, payday loans are unsecured. You only need to have a steady source of income to show lenders that you can repay a debt.
- Can I Get a $200 Loan if I Have No Job?
Yes, unemployed people can borrow $200 loans. To get a loan, you need to show your stable income from any sources: pensions, social security, alimony, or others.
- How Can I Find a Reliable Direct Lender to Borrow a $200 Loan?
If you send a loan application to Magnolia Payday Loans, you do not need to look for a reliable loan provider. We will send your application to reputable direct lenders and help you to get a loan on good terms.
- Can I Cancel My $200 Payday Loan?
Sometimes, after the approval of your loan request, you receive your loan amount and decide you no longer need the funds. There, it is essential to read the loan agreement carefully. Some lenders allow loan cancellation without charges. In other cases, cancellation may be more difficult.
- How Much Do I Need to Pay for a 200-dollar Loan?
In addition to the payday loan principle, you need to pay additional charges. So, for a 200-dollar loan, you will pay an extra $30-$60, depending on the lender and the state.