Can I get a £200 loan now?
If you’ve encountered an unexpected expense, you may be wondering how you’re going to make ends meet until payday. Life’s little emergencies, such as a broken-down vehicle, household appliance failure or damage to furniture, can mean that you need cash fast in order to keep things ticking over.
The good news is that modern lenders can offer a £200 loan in a matter of minutes. In many cases, it’s possible to receive funds within fifteen minutes of making an application for a loan. If you’re in need of rapid cash for any reason whatsoever, you can always rely on an emergency lender to provide you with the funds you need when you need them the most.
There are lots of lenders to choose from, and each offers their own set of terms and conditions. It makes sense to do some research to ensure you’re getting the best possible deal – and a broker can help match you with the right lender for your needs.
Repayment options available for a £200 loan
Before taking out a loan of any type – even a small one such as a £200 loan – you’ll need to think carefully about how you intend to repay it. It’s not always easy to take the time to be rational about your repayments when you need fast cash straight away. Instead, many of us tend to get into the mindset of sourcing the money first, while worrying about how to repay in full further down the line. However, it is incredibly important to have a realistic payment plan in place because it could save you a significant amount when you ensure payments are made on time. Lenders are not charities and will charge extra interest on your loan if you fail to repay on time, so it’s imperative that you get organised to avoid these additional costs.
There are ways to make repayments a lot easier. It’s a good idea to start by finding the cheapest, best-value £200 loan available to you. This means you’ll have less to repay overall, and each repayment will feel more manageable. The easiest way to do this is to compare all the different £200 loans out there to find which one is the cheapest. While this might sound time-consuming and confusing, a broker or comparison site can provide you with a quote that you can then compare against different lenders. This is ideal as it allows you to compare each loan company before settling on the cheapest one.
Most fast cash lenders will provide details of when they expect you to repay the loan. To ensure this is done on time, they will generally expect you to set up a direct debit to repay the balance when it is due. Once this direct debit has been set up, you will be aware of the funds you will be expected to pay, and when to pay them. From here, you can now plan where you intend to get the money from to cover the repayments.
It makes sense to think about how you will manage your repayments. Will you still be able to cover any other debts or utility bills, or will you struggle to make ends meet? In daily life, you’ll be aware of how much expendable income you have at the end of the month. Obviously, this might vary dependent on the expenses you encounter each month (for example, birthdays, holidays or social events can all drain funds), but having a general overall picture of the health of your money every month will help you to understand how you will make your repayments. If you think you may struggle during a particular month, it’s wise to sit down and have a think about how you can achieve what you need to achieve without going short.
For example, if there’s a way to bring extra money in during a lean month, this could help immensely. Whether you do a few hours’ overtime, take on a temporary/part-time job or sell some items that you no longer need, there are lots of ways to raise extra capital – although not all of them might be suitable for you. While some ideas might not be feasible or might otherwise clash with your current lifestyle, it’s worthwhile trying to come up with as many ideas as possible to raise extra funds.
Perhaps the easiest way to ensure repayments are made on time is to make some small cutbacks on your spending. Try not to spend a lot on “luxury” items if possible, and you could free up some serious cash. Of course, this can be difficult if you are tethered to mobile phone, television and broadband contracts, but cutting back on frivolous spends like new clothes, eating out or alcohol can be relatively easy.
Let’s imagine a loan of £200 borrowed for 90 days. The total amount repayable is £280.97 in three separate monthly instalments of £93.66. The total interest charged is £80.97, at an interest rate of 161.9% (variable), and a representative APR of 305.9%.
Please be aware that brokers do not charge fees. A broker offers a service that matches you to lenders. Your personal information is not sold and is kept safe.
While a broker may not perform a credit check, some lenders may determine your eligibility for a loan by using a “soft search”, which will not show up on your credit file. If you accept the conditions of a loan from a lender, a hard credit search may be undertaken.