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Choosing the best 200 dollar loan

If you're looking for a $200 loan for bad credit, you may be wondering what your options are. In this article, we'll outline the 3 best loan options for bad credit: installment loans, payday loans, and title loans.

Features $200 Installment Loan $200 Payday Loan $200 Title Loan
Interest rate 175% 450% 300%
Credit check Yes No No
Bad credit accepted Yes Yes Yes
Unemployed accepted Yes Yes Yes
Instant approval Yes Yes No
Same-day funding Yes Yes Yes
Completely online Yes Yes No
Need collateral No No Yes

Best for low interest rates

#1. Installment loans

The average interest rate on an installment loan is 175%, which would cost you $113.56 in finance charges on a $200 loan paid back in 6 months.

Installment loans have the lowest average interest rate compared to all other personal loans for bad credit.

These loans are also customizable, allowing you the flexibility to choose the loan amount and length of repayment that best suits your needs and budget.

With an installment loan, you can expect to see the same monthly payment throughout the life of your 200 dollar loan — no surprises.

#2. Title loans

The average interest rate on a title loan is 300%, which would cost you $206.56 in finance charges on a $200 loan paid back in 6 months.

Title loans come in second for lowest average interest rate. Because title loans are a secured loan, rates are traditionally lower than payday loans.

However, when compared to installment loans, repayment terms are not as flexible.

Title loans are usually required to be repaid in one lump-sum at the end of the loan period (usually 30 days).

Best for no credit checks

#1. Title loans

If you're looking for a $200 loan with no credit check, a title loan is for you.

Lenders do not check credit because title loans are a type of secured loan that uses your car’s title as collateral. Therefore, loan decisions are based on your vehicle and its condition — not your credit.

#2. Installment loans

Installment loans also score high in this category. While credit checks are often required, lenders only look for major blemishes on your report; this means bankruptcies and collections.

Your actual score is not as important, so a less than satisfactory score won’t hurt your odds for approval.

Best for bad credit

#1. Installment loans

Worried about your credit score? Don't. With an installment loan, you can still qualify for a $200 loan with bad credit.

Lenders look at factors beyond your credit score — your bank data, your ability to repay, and other information provided by credit bureaus are considered during the loan decision process.

#2. Title loans

Title loans score high in this category because title lenders accept all credit scores.

In fact, credit is not a factor in your approval decision because you are using your car’s title as collateral.

Title loans take the edge over payday loans because the interest rates for title loans are lower.

Best for the unemployed

#1. Installment loans

For unemployed applicants, installment loans can be a lifesaver.

With some form of regular benefit payment, like social security or unemployment, your loan application stands a good chance of approval even if you are unemployed.

This is an ideal loan type for many people who are on full-time disability.

#2. Title loans

Title loans are a solid option for unemployed borrowers.

Like installment loans, you can be approved for a $200 title loan with proof of benefit payments or other form of recurring income; but you will need the addition of a working vehicle to offer as collateral – making this a close second for best $200 loan for unemployed borrowers.

Best for instant approvals

#1. Installment loans

When you need a $200 loan with instant approval, installment loans can’t be beat.

This loan type is known for its flexibility, speedy approval, and fast funding — making it ideal for financial emergencies.

Approval times are fast for installment loans because everything can be completed online.

#2. Payday Loans

Payday loans can also be approved quickly.

While there are some verifications required (i.e., making sure you have an active checking account and proof of income), they can usually be completed within the same day.

This puts payday loans a step above title loans and their lengthier inspection processes.

Best for same-day funding

#1. Installment loans

Installment loans are the best option for quick cash.

If you need a $200 loan today, an installment loan will offer you the fastest funding with the most minimal requirements of all loan types in this category.

#2. Title loans

Title loans are a decent option for same-day cash.

Depending on the distance to a local title loan lender, an application and a vehicle inspection can all be done quick enough to get you cash in your hands today.

Best for a completely online experience

#1. Installment loans

When it comes to getting a $200 loan completely online, installment loans win hands-down.

Installment loans are tailored specifically for online lending.

So, everything from the application and approval to communications can be conveniently handled from the comfort of your home.

#2. Payday loans

Payday loans are another strong online-only option.

While — in some cases — you may be asked to come into a physical store to provide a check for holding, many payday loan lenders are modernizing their process and moving to strictly online applications.

Best for no collateral

#1. Installment loans

Installment loans don’t require collateral and have the best interest rates.

Installment loans require a credit check along with some proof of income, but you will never have to forfeit or surrender anything to a lender to secure an installment loan.

#2. Payday loans

Payday loans also require no collateral.

Though, while some payday loan lenders offer a completely online process, others require an in-person visit where you must provide a post-dated $200 check, plus any fees.

This loan type takes second place for its sometimes lesser convenience and higher interest rates.

Frequently asked questions

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Are you a $200 loan direct lender?

Sound Financial is not a direct lender but serves as a marketplace to match you with the best direct lenders within our network based on your needs. We do not make loan or credit decisions.

Do you offer $200 tribal loans?

No, Sound Financial does not offer tribal loans. Though, we do offer many other loan types to fit a variety of financial needs. Visit our personal loans page to explore the many small-dollar loan options available to you.

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