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Top essentials to get a $200 loan with bad credit

Financial emergencies happen when you least expect them. Whenever you need $200 urgently, consider getting a short-term loan from the nearest lender and learn the essentials to get approved right away.

Where to get $200 loan with bad credit?

A $200 loan is a very small amount of money so there are several options you can select among:

  • Payday loans are beneficial because here lenders do not check your credit $200 loan once your next paycheck comes. And since this is an unsecured loan, expect the APR to be pretty high.
  • Pawnshops and title loans are offered in the pawnshops and at care retailers. In both cases, you use some valuable thing, such as your car, collateral (security) for your $200 loan with bad credit. The fact that the lender gets secured with something allows getting better rates than for payday loans.
  • Online lenders generally can offer installment loans. This means that you will repay your $200 loan in equal repayments over a set timeframe. Installment loans do not depend on your salary and the initial screening for the approval is easy, as for the payday loans, so it is easy to get approved for a loan online.
  • Credit card loans or so-called cash advances are available for people with credit cards. All you do is get $200 from your credit card and then you need to get the money back usually within a month.  Some banks would conduct a screening before approving such a loan while in most cases you can simply get the cash from the ATM. The most beneficial side of credit card loans is 0% interest rate; so you repay exactly what you got.

What bank will give me a $200 loan with bad credit?

Most bigger banks, and especially big chains would not consider lending such a small amount of money. However, with the tendency of offering “simple loans” for bad credit owners, it is possible that banks in your neighborhood would offer them to. In case you do not have time for much research, consider going to U.S. Bank, (a U.S. Bancorp division), Marcus (part of Goldman Sachs), SunTrust, TD Bank, and LightStream. All these banks offer $200 loans with bad credit and have a fair APR offer of 7% – 24%.

What do I need to borrow $200 dollars?

The most essential element of a successful application is your eligibility. To apply for most loans in the US you need to be a US citizen or a permanent residence of no less than 18 years of age and have a checking account and a steady income. You can expect lenders to require some proof of your steady income so consider bringing or copying your employment contract. Try to make a paper that would confirm your monthly earnings and prove that you are having your income regularly. These factors would increase the possibility to get approved for a $200 loan with bad credit.

How to get $200 loan with bad credit?

To get a $200 loan ensure that you are eligible to have one. And at this point do not forget to double check that the loan you are considering is legal in your area. For example, bad credit loans in Colorado are heavily regulated by the state while a bad credit loan in Oregon would not be a problem.

After that, collect everal options on the list and compare their offers. Try to look for the possiility to repay the loan faster and to extend the payments if needed. In this way, you will be able to get a flexible deal.

After you select a lender, collect your papers and get to the store or online website to apply for your $200 loan. Whenever applying, bring all the papers that would show you in a better light so that your bad credit score does not influence the approval. And keep in mind that you also need to follow individual lender’s requirement because very often they might need additional papers, such as your money contract, monthly income on paper, work permit if required, etc. 

What are the benefits of first time $200 loan bad credit?

For bad credit owners lending $200 and then repaying them on time means a simple improvement of the credit history and an easy levelling-up of the credit score. And this is the most common reason why people apply for $200 loans with bad credit. Besides that, refusal of a lender to approve your $200 loan application does not have any negative impact on the FICO score. 

In terms of process, $200 loan lenders conduct very shallow background checks hence these short-term loans are available for almost every applicant in need. The bottom line is that $200 loan for bad credit owners is an easy way to get additional funding and at the same time improve their credit history. However, it is still a loan that would have some interestand make an impact on your weekly budget. So before applying, carefully consider your needs and repaymment possibilities and calculate whether you can repay the $200 loan. If you belive that it is too much, consider applying for a $100 loan with bad credit to stay on the safe side. Should you see that another hundred won’t hurt your budget, you can go ahead and apply for a $300 loan without hesitations.

Explore other loan amounts:

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