Emergencies happen. If you need a $200 loan in a hurry, you can apply for a cash advance or payday loan and get your money in as little as 30 minutes. However, watch out for high interest rates.
Compare $200 loans from cash advance providers
One option to get a fast $200 loan is through a cash advance provider. You pay no interest on these cash loans, but you may pay a monthly subscription fee.
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Finder Score for cash advance apps
To make comparing even easier, we came up with the Finder Score. Interest rates, fees and features across 5+ cash advance apps are all weighted and scaled to produce a score out of 10. The higher the score the better the loan—simple.
High-cost payday loans are unsustainable for borrowing over a continued period of time and are expensive as a means of longer-term borrowing. If you're experiencing financial hardship call Credit Counselling Canada for free financial counselling (Monday-Friday 8:00am-5:00pm at +1 866-398-5999). You may also want to consider payday loan alternatives.Maximum borrowing costs will vary by province. Review the maximum borrowing cost for your province before entering into a loan agreement.
Compare fast $200 payday loans
Another $200 loan option is from payday lenders, which often offer fully online application and approval processes.
$35 per hour on average (depends on chosen tasks & engagement)
Sign-up in minutes
Instant cash-outs from $2
$5 sign-up bonus when you start your first task
6 steps to get a quick $200 loan
Compare lenders. Compare eligibility requirements and speed of $200 lenders in your province. You can use the tables above to compare options.
Apply. Fill out the online application, which takes less than 10 minutes.
Get a decision. Lenders of $200 loans can let you know instantly if you’ve been approved (or denied).
Submit documents. If required, submit documents to verify your income and identity.
Sign your contract. Be aware of the repayment schedule, loan cost and any extra charges you may encounter.
Get your $200 loan. You can get your money via direct deposit or e-Transfer. If you opt for e-Transfer, you can get your $200 within minutes after submitting the contract.
What are the eligibility requirements for $200 loans?
Age. You must be the age of majority in your province or territory, which is 18 or 19 years old.
Income. You need recurring income, whether that’s from employment, benefits or pension.
Residency. You need to be a Canadian citizen or resident.
Bank account. You need an active bank account.
Can I get a $200 loan with instant approval in Canada?
Yes, there are cash advance providers, like Bree and KOHO, and payday loan lenders, like iCash and GoDay, that offer instant approval $200 loans in Canada. You’ll get an approval decision within seconds or minutes of submitting your application. These lenders use software to quickly assess your application right after it’s submitted online.
Yes, it’s possible to get a $200 loan with no credit check from cash advance apps like Bree and KOHO. Although more expensive, some payday loan lenders, like Wagepay, also offer no credit check loans for $200. Just keep in mind that payday loans are very expensive, and should only be used as a last resort once you’ve exhausted other options, including cash advance apps, first.
You can. As long as you have regular income, whether that’s from employment, government benefits or private pension, you can get approved for a $200 payday loan with bad credit. You’ll need to show proof of your income by providing bank statements and/or pay stubs.
When you need a small amount of cash in a hurry, you have some options:
Bank account overdraft. If you sign up for your bank’s overdraft protection, you’ll usually be allowed to overdraw your bank account by at least $200, while avoiding NSF fees. Overdraft protection typically only costs $5 per month, but you’ll have to pay interest of around 21% each calendar day on the overdrawn amount.
Credit card cash advance. If you have a credit card, you might be eligible to withdraw $200 through a credit card cash advance instantly as long as you can get to an ATM, often at lower rates than a payday loan. The interest rate on a credit card cash advance typically falls at 22% with a flat fee of around $5 per withdrawal.
Your employer. Some employers are willing to give you a portion of your pay prior to payday. It often doesn’t hurt to ask.
Short-term installment loan. Short-term installment loans have loan terms less than 12 months, usually between 2 and 7 months. You’ll pay as much interest or more than payday loans, but your payments will be broken up into smaller amounts over a longer period of time, which could give your finances more time to recover.
How much will a $200 loan cost?
It depends on what type of financing you get. Getting a $200 loan from a cash advance app like Bree will be relatively affordable. You pay no interest on these cash loans, but you may pay a monthly subscription fee.
Alternatively, if you opt for a $200 payday loan, you’ll have to pay up to $14 for every $100 borrowed.
Here’s an example of how much a $200 payday loan would cost if you live in Ontario and you need to repay it in 14 days:
Payday loan
Loan amount
$200
Loan term
14 days
Borrowing fee
$14 for every $100 borrowed = $28
Repayment
1 full payment of $228 within 14 days
Total cost
$228 (365% APR)
Pros and cons of $200 loans
They’re quick. These types of loans can be completed in as little as 30 minutes.
The documentation required is minimal. You don’t have to upload various documents to support your application.
$200 payday loans have high interest fees. As a high-risk loan on the part of the lender, $200 loans tend to come with very high fees compared to other more traditional loans.
Not all lenders are reputable. There are lenders who may try to take advantage of people who need cash quickly. Always do your research on the lender before submitting a loan application and choose one who is trustworthy and reputable. A legit lender should comply with provincial or territorial government regulations.
4 questions to ask yourself before getting a $200 loan
Before taking out a $200 loan or payday advance, ask yourself a few questions first:
Can I ask friends or family instead? Even though it can be awkward, but it’s typically cheaper and more forgiving than any other $200 loan option. You can learn more about how to ask, what to look out for and more by reading our guide to family lending.
Do I qualify? Make sure you meet all of the lender’s eligibility criteria, such as employment and bank account requirements.
How much does it cost? $200 payday loans come with a high flat fee, while $200 cash advances may be interest free but could come with a small fee. Make sure to budget for that, as well as additional costs that you might have to pay just in case, like late fees.
Is the payday loan lender legit? Check out customer reviews on sites like Trustpilot and the Better Business Bureau to make sure you’re working with a reputable loan company. You can also read our guide to legitimate payday loan companies in Canada to help you decide between lenders.
Watch out for these red flags with $200 loan lenders
When you’re searching for a $200 loan, it can be hard to tell if you’re looking at a legit lender. You might want to stay away from a lender if…
It’s not transparent about costs. If you can’t get an idea of the rates and terms on the $200 loan before you apply, you won’t be able to tell if it’s something you can afford.
It’s pushy. Steer clear of lenders that pressure you into borrowing more than you can afford.
It’s too good to be true. Loans that sound too good to be true often come with hidden fees and other costs that might make it more expensive than the alternative.
It’s asking for money upfront. A legitimate lender will not ask you to pay anything before you borrow.
Bottom line
There are several $200 loan options in Canada, including those that offer instant approval. When you need $200 fast, short-term financing like payday loans may be able to help — especially if you have bad credit. However, they’re extremely expensive and are only suitable as a last resort. Instead, consider getting a $200 loan from a cash advance app, which is typically cheaper. Always make sure you’re working with a lender you trust before you apply.
You often can. Some lenders don't care if you're unemployed as long as you receive some other source of steady income. However, others might require you to be employed or have limits on what percentage of your income can come from government assistance. Learn more about unemployment loans.
It's sometimes possible to get a $200 loan without a bank account, though your options are limited. You might have a better chance qualifying for a payday or title loan, since those lenders often allow you to repay your loan with cash or money order. Check out our guide to no-bank-account loans to learn more about your options.
There are several payday loan providers in Canada who offer convenient apps where you can borrow $200 from, often with an instant decision. Some example lenders offering payday loan apps are iCash and Cash Money, both of which are available for iOS and android.
Leanne Escobal is a publisher for Finder. She has spent over 12 years working with financial products and services, specializing in content and marketing. Leanne has completed the Canadian securities course (CSC®) as well as the personal lending and mortgages course by the Canadian Securities Institute. She has a Bachelor of Arts (Honours) in English literature and creative writing from Western University. See full bio
Jaclyn Hurst was an associate publisher at Finder. She has a Bachelor’s degree in Business from Redeemer University and a University Certificate in Management Foundations from Athabasca University. She’s as passionate about business and finance as she is about the great Canadian outdoors, organic Sumatra coffee and music. See full bio
Borrowing $100 can be a quick and easy process. This guide covers how you can get a small loan in Canada, including benefits, drawbacks and eligibility requirements.
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