Perhaps you’re short for cash and hear yourself saying, “I need a loan today“. It happens to the best of us – an unexpected bill is due, or your car breaks down all of a sudden.
Sometimes, you simply don’t have the privilege to wait for your next payday, which may lead you to consider a $200 loan as a possible way out, so here’s what you need to know about $200 loans.
What Is a $200 Loan?
It’s a short-term loan (a loan whose term ranges between 16 days and 12 months) that you can access quickly. However, the exact loan term relies on your current pay cycle and application date, so your instalments may be weekly, fortnightly, or monthly.
A $200 loan is a viable option if you’re strapped for cash in hand loans between paydays, especially if you have no other means of accessing funds (such as credit cards and overdraft facilities).
Speaking of that, the law requires lenders who offer loans online instant approval with bad credit to inform clients of other Aussie cash loans borrowing options. After all, loan providers discuss alternatives with you, aiming to find what suits your financial situation best. That’s understandable because $200 loans can be expensive.
Furthermore, $200 loans are usually unsecured cash loans because they’re small and don’t require collateral. This, however, means there’s some risk on the lenders’ part, which they compromise for by charging higher interest rates than they would for unsecured loans.
Tip: Compare $200 cash til payday loans Australia to find the cheapest ones. You can achieve that by hiring a broker or using a comparison site to provide you with a quote that you get to compare against different lenders.
How Can I Use a $200 Loan?
Similar to best cash loans Australia, you have the freedom to use this money however you need. These loans can help cover:
- Car maintenance
- Car registration
- Medical bills or other unexpected bills
- Furniture finance
- Fixing home appliances
- Sudden purchases
Am I Eligible for a $200 Loan?
- Be an Australian citizen or permanent resident
- Be at least 18 years old
- Receive regular income
- Prove that no less than 50% of your income is from alternative sources if you’re receiving Centrelink benefits
- Provide read-only access to at least 90 days of banking statements
- Provide details on liabilities (such as outstanding debt and credit card repayments)
How Do I Apply for a $200 Loan?
Applying for $200, up to 2500 loan repayments is as simple as can be. All you need to do is follow the three following steps.
1. Submit an Online Application
These online applications are deliberately easy and quick. You only have to provide your personal information, personal email address, bank account details, and details about bank statements and credit card debts. Moreover, you get to specify your reason for application, expected $2000 dollar loan repayments, and preferred repayment time.
2. Await the Application’s Approval
Our urgent cash loan today providers at Perfect Payday verify your previously mentioned information and documents. Thus, they’re able to evaluate how suitable 4000 loan repayments is for your financial needs and how capable you are of paying it back.
If they find that the loan will put you under further financial pressure, they’re legally obliged to reject your 1000 dollar loan Australia application. Otherwise, you’ll receive a conditional approval within minutes of applying and a final verdict, afterwards.
3. Sign the Loan Contract
Make sure to review the terms of a loan contract before signing it, including fees, charges, and interest costs. Since this is a small loan, it wouldn’t be unreasonable to expect that APR (Annual Percentage Rate) won’t be applicable, meaning that the loan will be fee-based only, so look for that in the contract, as well.
After carefully reading the loan contract terms, simply sign and send it back to us if you accept. And you’ll receive your funds shortly.
How Can I Repay a $200 Loan?
There’s a variety of options to keep in mind, some of which are:
- A continuous payment authorities agreement (CPA), which allows your lender to withdraw the money they’re owed from your bank account
- Direct debit from your bank account
- A postdated check when applying
- A paycheck on your following payday
- Another form of credit
Tip: Although CPA might put your mind at ease, it can also mean withdrawing money you need for rent, mortgage, or other expenses and leaving you without sufficient cash. Therefore, it’s essential to factor in all your monthly fees along with your loan instalments beforehand to avoid putting yourself in a tight spot.
In short, you can resort to $200 short-term loans for cash in 1 hour in case of any financial emergencies that arise between paydays. Because a $200 loan is a small loan, it’s easy to be eligible for it and have your application approved, and you probably won’t need collateral. But high-interest rates do come with the territory, so be wary of that and compare offers.
Regarding the loans up to $10000 application process, you shouldn’t be intimidated by it, as it’s a simple three-step application. As soon as you sign your loan contract, you can access quick funds to cover your expenses. Lastly, you have several repayment options, so be sure to discuss them with your lender to ensure your utmost comfort in the long run.