If you are looking for a 200 dollar payday loan, we may be able to help. Take a minute and get a fast quote for the money that you need today.
Getting A Payday Loan
A payday loan can be a useful tool to get out of a jam, but they should not be used lightly. Before you accept your 200 dollars, take a minute and learn about this type of cash loan.
What Is A Payday Loan?
By definition, a payday loan is simply a loan that is designed to get you by until your next payday. They are typically for a period of 2 weeks or less. Although many companies falsely claim to offer same day loans, most loans can be realistically funded as soon as the next day.
Most payday loans are for amounts of just a few hundred dollars. Because the loan plus fees must be paid back in just a few weeks, the amount is limited. Larger payday loans would be very difficult for the average borrower to pay back.
A typical fee for a payday loan might be around $20 to $25 per $100 borrowed. In this example, if you got a 200 dollar payday loan, you would need to pay back $240 to $250. That might not sound bad, but because the loan is for a short term, these loans usually have APR’s higher than 400 percent. An APR is the interest rate of a loan calculated out over a full year.
Because of the high effective APR, many stated have moved to ban payday loans. Those who allow them restrict their usage and laws vary greatly from state to state.
Getting A Quote
To get a quote for your payday loan, simply head up to the top of the page and fill in your quote form. Select how much you want, in this case 200 dollars, and then enter your contact and employment information. You will also need a checking account number because this is how your lender will send you your money. It is also usually how they will collect the payment when the loan is due.
Enter in all of your information, agree to the terms and then hit submit for your answer. If you are approved for a 200 dollar payday loan, one lender will make you an offer and you will need to visit their website to see the terms and complete the process. Take the time to read up on all of the terms, especially the fees and the due date.
If at the end of it all you like the offer, you can accept it and get your cash as soon as the next business day. Otherwise, you can just walk away and look for another way to get the money you desperately need.
Paying Back Your 200 Dollars
If you decided to accept a 200 dollar payday loan, your next thought should be how to pay it back. Remember, with a payday loan you must pay the entire loan back, with fees, on your next payday. That can leave you a bit short, so you need to be prepared. Those who are not prepared often have to renew their loan and that can cost you a whole new set of loan fees.
If you are unsure about your ability to pay back your loan, here are some things you should consider.
You may need to tighten up on expenses over the next week or so in order to have the money to pay back your loan. Cancel your cable service, put your gym membership on hold or simply start brown bagging it to work. There are dozens of ways to make cuts with even the tightest of budgets.
If you decide to make some cuts to your budget, pay off your loan and then do not go back. Keep the cuts in place to allow yourself to build an emergency savings. Everyone should have one but far too few people do.
Everyone says that they want to make more money but few people take action. Use the need to pay back your payday loan as the motivation to get a side gig going. This could be anything from picking up a shift at the local big box store to starting your own business cutting grass on the weekend. Be creative and most of all act.
As with cutting expenses, when the loan is paid back, keep the extra income. The additional money can allow you to save, pay off your credit cards and avoid these emergencies in the future.
Borrowing From A Cheaper Source
One final option, is to borrow from a cheaper lending source. You have used your $200 payday loan to handle the immediate emergency, now you have time to seek out cheaper financing. This could be a credit card that you can use to cover expenses or it could be a loan from a family member or friend.
Securing cheaper financing can help you make up for the immediate loss of money from your loan repayment. With a lower interest rate or even no interest at all, you would then be able to catch up a bit quicker. It beats the alternative of having to extend a payday loan and pay more fees.