How Can I Get a $200 Loan Today?

If you need $200 today, you have quite a few options:

• Income-based advances

• Credit cards

• Payday loans

Keep in mind that it costs money to borrow money. Make sure you understand the interest rates and fees for every loan option you consider.

MoneyLion offers a service to help you find personal loan offers. Based on the information you provide, you can get matched with offers for up to $100,000 from our top providers. You can compare rates, terms, and fees from different lenders and choose the best offer for you.

3 Options For a $200 Loan Today

These are some of the way you can gain access to $200 in funds sooner rather than later.

1. Income-Based Advance

An income-based advance — also known as earned wage access — gives you money upfront according to how much you earn or expect to earn. Based on your income, you can receive your hard-earned money early — bear in mind, though, there are usually fees or interest when you pay it back. Don't confuse it with a loan.

The benefit to you is that your money is more accessible. This isn't a loan, but an advance on your current or future income. This means it doesn't require collateral, so you don’t risk losing your personal assets.

2. Credit Card

You can put a $200 expense on a credit card. Some credit cards offer 0% APR promotional periods. That means you could borrow the $200 interest free, as long as you pay back what you've borrowed before the promotional period ends.

3. Payday Loans

Payday loans are another popular option. Unlike a personal loan, a payday loan is a short-term, high-interest loan typically taken out by people who need immediate cash and plan to repay the loan with their next paycheck.

However, payday loans have interest rates that can trap consumers in a cycle of debt. The high rate (APR) can quickly put you in a situation of borrowing more to pay off the loan (or its fees). For many people, these high rates — 400% to 600% is not uncommon — can become a debt trap, making their financial situation even worse. 

3 Alternatives To a $200 loan

Not interested in any of the highlighted options above? Not to worry. These alternatives to a $200 loan can still be a worthwhile way to get extra cash.

1. Instacash^® by MoneyLion

One of the most popular alternatives to payday loans are cash advances with no interest, like InstacashSM advances by MoneyLion.

Instacash is a 0% APR cash advance, and there's no interest, no monthly fee and no credit check. Once you're qualified, you can get cash in minutes in a few simple steps. You can access Instacash through the app and get up to $500 deposited into your bank account within minutes. 

You’ll pay the money back when you receive your next paycheck, so you won't have to worry about falling behind on your loan. The best part? No credit check is required to sign up for or use Instacash. 

To start using Instacash, download the MoneyLion app and use your email address to create an account. From there, link your checking account to your account and request Instacash directly. 

If you have direct deposits set up in your bank account, you could get up to $50 or more right away. Your eligibility for Instacash will be based on the details of your checking account, primarily whether or not there is a presence of recurring direct deposits.

2. Ask a Friend or Family Member

If you're struggling to come up with fast cash, consider friends and family who can help spot you with a $200 loan. But be sure to communicate clearly on the terms and when you expect to pay them back. When everyone has different expectations, things can get complicated. Be sure to follow through on your promise to repay.

3. Sell Things

From unused kitchen appliances to sports equipment and clothing, selling unused items reduces clutter and brings in fast cash. You can hold a yard sale, advertise on social media or use websites like Poshmark or eBay. 

Selling your items can be time-consuming. It can take effort to find buyers, and some things may not sell for weeks or even months. To sell items faster, hold a yard sale or price items online under their value. While selling items is not the best option for instant cash, it's a safe way to earn some money and save it for a moment of need.

FAQs

Where can I get a $200 loan?

You can get a $200 loan from a friend or family member. You can also consider a payday loan. You can access funds with MoneyLion Instacash as well — though keep in mind that this isn't a loan.

Is it possible to get a $200 loan with bad credit?

Yes, you can get a $200 loan with bad credit. Payday loans and MoneyLion Instacash both don't require a credit check, though remember that the latter isn't a loan.

Check out credit-building offers with our partners here.

What’s the average interest rate on a $200 cash advance?

The average interest rate for a $200 cash advance is around ​​24.80% but can be as high as 600%.