How to Borrow $200 Instantly

Emergency expenses can derail even the most carefully planned budgets. Sometimes, you need a couple hundred dollars until your next paycheck.

Several apps offer cash advances and small loans, allowing you to access $200 the same day you need it. Speedy funding, however, often comes with an extra fee.

Company	Product	Instant access fee
EarnIn	Cash advance	$1.99 – $4.99
Empower	Cash advance	$1 – $16*
Brigit	Cash advance	$10.98*
Current	Cash advance	Not disclosed
MoneyLion	Cash advance	$1.99 – $8.99

5 places where you can borrow $200 instantly

There are several ways to borrow $200, including apps that let you borrow money instantly, loans, and cash advances on your credit card. 

Here’s a quick look at these options, ordered from most recommended to least recommended based on factors like fees, speed, and potential impact on your credit.

Option	Fastest funding	APR	Credit check?
Paycheck advance	Instant	0%	❌
Loan app	Instant	0%	❌
Buy now, pay later	Instant	0%+	🤔
Credit card advance	Instant	29%+	❌
Payday loan	Same day	400%+	❌

1) Cash advance on your paycheck

You could request a cash advance from a paycheck advance app or certain banks if you earn paychecks regularly. With a cash advance, you can get $200 and pay it back the next time you get paid.

You usually don’t have to pay interest on a cash advance, but you may have to pay a fee between $1 and $10 if you want instant funding. You also may be subject to fees if you don’t pay the cash advance back on your next paycheck.

• Funding time: Many apps, such as EarnIn and Brigit, offer instant paycheck advances for a fee. You can get funded in one to three business days if you prefer not to pay a fee. 
• Credit check? No 
• Best for: People who earn paychecks on a predictable schedule and who need to cover a one-time emergency expense. 

Pros

• Advances can be available in minutes

• Your credit score is not affected

• Repayment is handled automatically the next time your pay check is deposited

Cons

• Instant advances come with a small fee of less than $10

• Monthly membership fees are required for some apps

2) Loan app

Various $200 instant loan apps can deposit money directly into your bank account. These loans typically have shorter term lengths and charge interest. This could be a good option if you need to cover multiple expenses and need more than a cash advance allows.

• Funding time: Most funds can be available as soon as the same day.
• Credit check? Yes
• Best for: People who need to cover a short-term cash flow issue and can repay the loan quickly. 

Pros

• Large funding than other options

• Funds can be available as soon as the same day

Cons

• Charges interest and an origination fee in some cases

• Requires weekly or monthly payments until paid off

• A credit check is typically required

3) Buy now, pay later (BNPL) loan

A BNPL loan can be used at select merchants to spread out the cost of your purchase over time. If the merchant accepts this form of payment, you can do this in person or online through some checkout platforms.

Depending on the length of your term, a credit check may be needed. If you make on-time payments, these loans are typically interest-free, but late payments and extended terms can result in significant interest charges.

• Funding time: Immediate as checkout.
• Credit check? Usually a soft credit check, but occasionally a hard credit check is necessary
• Best for: Financing appliances or other large-ticket items

Pros

• Convenient way to make a purchase at checkout

• Interest-free periods are offered

• Simpler approval process than for personal loans

Cons

• It can lead to overspending

• Late payment fees and interest can greatly increase the cost of the loan

• This form of payment is not universally accepted

4) Credit card advance

Many credit card companies let you borrow against your credit limit with a cash advance. You can use your credit card to take out cash at an ATM like a debit card (except you’ll have to pay interest and fees). 

Cash advances typically have a fee of around 3% to 5% and a higher APR than your credit card’s purchase APR.

You’ll have to pay back the borrowed amount, interest, and a fee. Cash advances usually don’t come with a grace period. That means the amount you borrow starts accruing interest immediately, usually at a high rate. 

• Funding time: Instant 
• Credit check? No, if you already have a credit card that offers cash advances
• Best for: People who have exhausted other, more affordable options and can pay back the high-interest charges. 

Pros

• Quick access to cash through an ATM

• There’s no application for utilizing a credit card advance

Cons

• High interest rates and fees that accrue immediately

• Your credit utilization will increase, which can negatively affect your credit score

• ATM and transaction fees may apply to your advance

5) Payday loan

A payday loan provides fast cash, usually with no credit check required. You’ll generally pay it back on your next paycheck and may have to give the lender your bank account information so they can automatically withdraw your payment on the due date.

However, payday loans are often considered predatory because they can have astronomical interest charges. According to the Consumer Financial Protection Bureau (CFPB), payday loans can have APRs of 400% or more. Financial experts recommend against borrowing a loan with an APR higher than 36%.

• Funding time: Same or next day after you apply
• Credit check? Usually no

Pros

• Immediate access to cash

Cons

• Astronomical interest rates and fees

• Repayment is due in a short period of time, which can result in a cycle of debt that borrowers can’t exit

• Aggressive collection tactics may be used if payments aren’t made on time

• If missed payments lead to collections, your credit score could be negatively affected

Can you get $200 now for free? 

It’s possible to access $200 instantly with a cash advance app, instant loan app, or another method, but you probably won’t get that cash for free. If avoiding fees is a priority, you may have to wait one to three days to receive the $200. 

• Paycheck advance app Earnin, for example, lets you borrow up to $100 per day and $750 per pay period. You can opt for free delivery, or get fast funding for a fee between $1.99 and $4.99. Earnin also gives you the option of leaving a tip for each cash advance. 
• Brigit is another app that lets you borrow between $50 and $250. Using Brigit requires a monthly subscription fee of $9.99 to $14.99. You can also pay an additional fee for fast funding. If you don’t pay the express fee, you can get your $200 in two to three business days. 

Despite the fees, these paycheck advance and instant loan apps are likely a more affordable option than a credit card cash advance or payday loan, both of which can come with expensive interest charges and fees. 

Risks and responsibilities

Having an urgent need for $200 can be a stressful situation, but it’s important to proceed with caution. While there are legitimate apps and institutions that can offer fast loans, there are also a number of predatory lenders in this space that take advantage of vulnerable borrowers. 

As mentioned, payday lenders often charge exorbitant interest rates and fees on loans that can trap borrowers in a cycle of debt. Borrowers may not be able to pay the loan back on their next paycheck, so they borrow another payday loan to pay off the first, and so on. 

Before you take out any money, make sure to do the following:

• Read the fine print about any associated interest and fees, including penalties for not paying the loan back on time.
• Consider upfront how you’ll pay back the loan, so you know what to expect and have a solid plan for repayment in place. 
• Make sure that the lender is trustworthy before sharing any sensitive personal information, such as your bank account details or Social Security number. Review customer feedback on a site like TrustPilot or the Better Business Bureau, and check out the CFPB’s consumer complaint database to make this assessment.

If you feel you have been taken advantage of by a predatory lender, the Commodity Futures Trade Commission offers several steps to take.

Erin Kinkade

CFP®

Alternative ways to borrow $200 

If none of the methods described above are a good fit for your finances, there are alternative ways to access the financing you need. Here are some additional options worth exploring. 

• Payday Alternative Loan (PAL): Offered by credit unions, PALs range from $200 to $1,000 with repayment terms up to six months or a year, depending on the loan. The APR on a payday alternative loan maxes out at 28%. However, you may need to be a member of the credit union to borrow a loan. 
• Buy now, pay later (BNPL) service: If you’re looking for $200 to cover a purchase, consider using a BNPL service at checkout. BNPL providers like Affirm and Afterpay let you spread out the cost of a purchase over time. You may be able to avoid interest and fees if you pay back the amount over four to six weeks. Longer repayment terms, however, may come with interest charges. 
• 0% APR credit card: Creditworthy borrowers may consider opening a credit card with a 0% APR promotional period, which could span a year or longer. During this time, your purchase balance won’t accrue interest. However, you’ll be responsible for interest charges when the introductory period comes to an end, so this approach is best if you can pay off your balance in full before that date. 
• Family or friend loan: If you’re in need of $200 fast, consider asking a friend or family member to front you the cash. You could draw up an agreement so that you’re both on the same page about when and how you’ll pay the loan back. 

Ask the expert

Erin Kinkade

CFP®

Of these alternatives, a family or friend loan will be least expensive and will not impact credit, reliable—but pay them back as soon as you can! After that, consider a BNPL as long as payment is made within the terms, no interest or fees, or a 0% credit card, as long as payment is made within the terms of no interest.

FAQ

Is there a “cooling-off” period for any of these options?

Loans that use your home as collateral, such as mortgages and home equity loans, come with a three-day “cooling-off” period, during which you can cancel the loan for any reason. 

This three-day cancellation rule doesn’t necessarily apply to other types of loans, but you may be able to contact the lender and cancel the loan if you’ve changed your mind. Reach out to the lender as soon as possible to find out about your options. 

What are the consequences of not repaying on time?

Not paying back a loan on time can lead to late fees, which can add to your costs of borrowing. The lender may also report late payments to the credit bureaus, which can damage your credit score. 

Which of these options can affect my credit score?

All of the options described above have the potential to hurt your credit score if you don’t make on-time payments. If you miss payments for a long time, the lender could report this activity to the credit bureaus, resulting in a decreased score. 

What’s more, a cash advance on a credit card could potentially harm your credit score, as it would increase your credit utilization ratio. 

That said, making on-time payments on a personal loan could help your credit score over time, since “payment history” makes up 35% of your FICO credit score.