There is never a good time to need money. You need to know your options for $200 loans if you have poor credit. It is not the end of the world and the good news is that a $200 personal loan or payday loan is not that hard to get approved for.
Reasons People With Poor Credit Need $200 Loans
Small loans are actually much more popular than you might think. Some people borrow $200 because they are short the money and other people borrow money just because they do not want to touch the money in their savings accounts. Every one has different reasons for a short term loan. Here are a few of the most common.
- School Shopping - Many parents get $200 payday loans or $200 installment loans when their kids start school. Seems like school supplies seem to cost a couple hundred dollars.
- Weekend Trip - Whether you are taking your sweetheart out of town or your kids are playing sports on the other side of the state. A couple hundred bucks can come in really handy.
- Veterinarian Bill - Your dog ate some meat off your dinner plate, unfortunately the fork was still in the meat. A quick trip to the vet and there goes 200 bucks.
- Holidays - Whether you are buying gifts for Christmas or filling the fridge for all your relatives, 200 dollar loans can be helpful.
What Are The Best Options for a $200 Loan with Bad Credit?
When people think about borrowing a small amount of money they usually always turn to short term loans. It just isn't worth the hassle to go to a bank and deal with their loan officer, especially if you have poor credit. Short term loans are almost always most expensive but they are also easier to qualify for and more convenient. Here are a few options you should know about in no particular order.
- Personal Loans - Also called signature loans. Many online lenders offer these loans and you usually make the payments with installments that are due each month. Most personal loan companies do not check your credit score. You should expect higher interest rates, again because of the higher risk associated with these loans. View Online Lenders
- Payday Advance Loans - You can also find these loans online or at a local store depending which state you live in. This is probably your most expensive option and will be due the soonest, on your next payday.
- Credit Card Advance - You may be able to use your credit card to get a cash advance. Expect to pay a higher fee for this service than your normal credit card APR.
- Pawnbrokers - Always a quick and easy way to put a couple hundred bucks in your pocket. If you need to borrow $200 asap just take an item into the store and borrow against the items value. No credit checks and no waiting around for a decision.
What Is a Poor Credit Score
A poor credit is anything under a 600 credit score. The good news is that most companies offering small loans in the two hundred range are not that concerned with your actual credit score and it likely will not be part of their decision to loan to you. However, a poor credit score will, at some point, be a problem and cost you some money. You should take steps to start improving your credit so it doesn't hurt you in the future.
Which Lender Should I Choose?
When looking for $200 short term loans first you want to look at the reputation of the company you are dealing with. Some lenders work well with consumer and others seem to be more interested in your money. In most cases the fees or interest are not going to be that different from lender to lender. So choose the one that makes your life easier and the experience better. You can choose an online lender or a local brick and mortar. Online lenders are making a big move as the most popular option. Mainly just because it's easier and required less run around and human interaction.
Regulations on short term loans are governed at the state level. Some states have very strict regulations that make if very difficult to find a lender and other states put very few regulations in place. Your state should have a website where you can research the regulations and also where you can submit complaints if you feel a lender has not treated you correctly. Remember to read all terms and conditions on any documents lenders ask you to sign. Loan applications should not be taken lightly or the loan payment schedules.
Do your homework before borrowing money and the whole experience should be positive. Remember you will likely pay a higher APR for a $200 loan if you have poor credit than compared to a loans that have collateral like a car title loan or a home equity loan. Good luck and we wish you a happy financial life.
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