What are £200 loans?
A £200 loan is a small loan which is borrowed to cover the cost of small cash flow problems. They are usually short-term loans that can be secured or unsecured against an asset. They are similar to payday loans and can be repaid by the next payday.
What can I use a £200 loan for?
A £200 loan can be used for any purpose you want, when you receive your money you are entitled to spend it how you wish. Typically they are used for covering small cash flow problems. A cash-flow problem can simply be borrowing a bit of extra money just to see you through until payday.
As these loans are for a smaller amount of money than most, you can use them to cover the costs of things such as:
- Groceries
- Travel and commuting expenses
- Other living costs
£200 loans can also be useful in emergency situations, such as if your car breaks down and needs to be repaired. A £200 loan can help pay for the repair if you’re short on money, which can give you peace of mind.
The limitation of a £200 loan is that it only covers expenses that are below £200. However, there are other loan amounts available and you can apply to Apply for £5000. So if you’re looking to pay a more expensive cost, you can apply to borrow more.
What type of loan is a £200 loan?
A £200 is an unsecured short-term cash loan. As it is a small loan amount, a £200 loan is typically repaid in less than 12 months. A £200 loan is also small enough to be a payday loan, which allows the borrower to repay the loan by the next payday if they would prefer.
Depending on what you agree with the lender, a £200 loan could be signed with or without a guarantor. A £200 guarantor loan means that a family member or friend will agree to act as a safety net if you can’t afford a monthly repayment. So if you miss a payment, the guarantor will pay the monthly instalment for you. A no guarantor £200 loan means that the borrower is solely responsible for repaying the loan on time, otherwise they could face penalties.
Can I borrow more than £200?
At Flexy Finance, we have the ability to offer a variety of different cash loan amounts to help you to cover the costs of your expenses. Some of the loan amounts we provide include: £100, £500 and £1000 loans.
How do I apply for a £200 loan with Flexy Finance?
To apply for a loan with us, you’ll need to start by filling out an application form with some of your details. After you’ve submitted your application form, we’ll run a soft search credit check to confirm your details and your affordability.
We’ll then run your application through our panel of over 30 direct UK lenders to provide you with a match that can meet your requirements for credit. Once your application is approved, your cash will be sent in as little as 24 hours* depending on your bank’s policies and procedures around the speed of payments.
Can I get a £200 cash loan with bad credit?
Yes, even with bad credit you can get a £200 loan. Bad credit isn’t the only thing assessed by us or a lender in an application.
Many applicants worry about their credit rating affecting their ability to take out consumer credit. However, most lenders or other brokers may put less emphasis on a perfect credit score and will instead focus on your income and affordability to access your ability to repay the loan.
Can I get a £200 loan with no credit check?
Even though a £200 loan is a small amount, it still requires a credit check. In fact, all lenders and credit brokers are required to provide a credit check to ensure responsible lending. If you see a lender that is offering no credit check loans, it is not true and you should be cautious.
We have actually put together a guide for no credit check loans, such as what to look out for and alternatives if you’re suffering from bad credit.
If you’re concerned that your credit score may affect your application, the lenders we work with assess several other factors than just your credit score. Your affordability to afford the repayments of the loan is usually more important, so that they can trust that you can actually pay back the loan you’re applying for.
How much will a £200 loan cost
The cost of the loan may vary depending on what interest rate you receive on your loan and if there are any fees applied by the lender. Therefore, make sure to check the rates of interest so that you are able to afford the total amount payable and the monthly repayments.
Should I borrow money if I’m already in longstanding debt?
It is not advisable that you borrow money to cover long-standing debts. Borrowing money to cover long-standing debts or borrowing more than you can afford, can lead to financial difficulties.
If you are having problems with debt you can contact the following organisations who are able to provide free advice to people struggling with debt:
Why choose Flexy Finance?
| Why choose us? | Flexy Finance |
|---|---|
| How do I apply? | Our online application form |
| How much can I borrow? | We offer loan applications of £100 – £5,000 |
| For how long can I borrow? | For periods of 1 to 60 months |
| How long will it take to receive my loan? | From 24 hours* |
| Are there any hidden fees? | No, we charge no fees for the service we provide |
| What’s the Representative APR? | 46.19% |
How does representative APR work?
APR stands for ‘annual percentage rate’. Representative APR is the total cost of borrowing money over a year, which includes the interest and standard fees you will have to pay.
It is ‘representative’ as 51% of applicants will receive the same rate of interest, or lower, that is advertised by the lender. Therefore, it is not guaranteed that customers will receive the same APR that is advertised.
Instead, a customer will likely be offered a personal rate on a loan, which can be lower, higher, or the same as the advertised APR. Personal rates are generally influenced by factors such as credit score, personal finances and how much you want to borrow.
What are the advantages and disadvantages of a £200 loan?
If you’re still undecided about whether a £200 loan is right for you, it is probably a good idea to weigh up the benefits and drawbacks of taking out a loan. Below we have put together some benefits and drawbacks for you to review.
Advantages of a £200 loan
For many applicants who apply for these types of loans, there are many advantages to this type of credit which can help them in their circumstances, these include;
- Small amount: this loan amount is small, helping you only to borrow what you need, safeguarding against affordability and money problems in the future.
- Apply for a loan online: apply on the go or from the comfort of your home, there’s no need to visit a lender in person to be approved.
- No paperwork: no need for heaps of paperwork, all you’ll need to do is fill out an online application form, and you’ll receive your approval decision in under 15 minutes.
What are the disadvantages?
Although these are great options for some, they won’t be suitable for all circumstances, here are some of the drawbacks of this time of finance:
- Not suitable for large purchases: However, there is always the option to borrow a larger amount of money if you require more.
- Interest rates may be high, making them unsuitable for long periods
- Late repayment can cause money problems
FAQs:
Can Flexy Finance help me get a £200 loan?
Yes, we can, we help applicants find short term loan deals from 1 to 60 months on a range of different loans from £100 to £5,000.
Am I eligible for a cash loan?
In order to be eligible and get accepted for a £200 loan with us you will need to ensure that you are;
- At least 18 years of age
- A resident of the UK
- Have a regular income
- In possession of a valid UK bank account and debit card
When can I receive my loan?
After you have been approved, it can take as little as 24 hours for you to receive your loan. However, it must be noted that these times can vary depending on the lender, whether you are an existing customer and if your bank account supports fast payments.
What can I use my £200 loan for?
There are all manner of things you can use your £200 loan for; however, generally, these loans are used to cover the costs that arise when you’re having money problems and are struggling to make ends meet until payday.
How can I apply for £200 loans?
You can apply for a loan by completing the online application. The online application can be filled out using your phone, tablet or computer, so you can complete the application when and where you want. The online application is easy and quick to complete and requires you to provide some personal information and how much money you want to borrow.
