Are you looking for a £200 loan?
Growing Power is a credit broker, and we could help you search for a suitable option.
Why choose Growing Power for your £200 loan?
- Growing Power works with a large panel of UK-based lenders. All the lenders on our panel are authorised and regulated by the Financial Conduct Authority (FCA).
- Searching for a loan is free; we don’t charge any fees for our service.
- Quotes are no-obligation.
- If approved, your money could be sent today.*
- Choose from a range of repayment terms.
*Payout timescales vary between lenders. The time it takes for the money to appear in your account will depend on your bank’s policies and procedures.
Who can search for a £200 loan with Growing Power?
To search for a £200 loan with Growing Power, you’ll need to:
- Be over the age of 18;
- Be a UK resident;
- Have a UK bank account and valid debit card; and
- Have a regular source of income paid into your bank account.
How long can I borrow a £200 loan for?
With Growing Power, you can search for a £200 personal loan with a repayment term of either 3, 6, or 12 months. Please be aware that Growing Power does not work with any payday loan providers.
Can I borrow more than £200?
The lenders on the Growing Power panel offer loans from £100 to £10,000, although you should never apply to borrow more money than you need. Before making a loan application, you should be sure that you’re able to afford your monthly repayments, which will include interest.
How can I get £200 today?
If you’re searching for ways to get £200 fast, there’s a chance that you might be facing a financial emergency. We understand how stressful this must feel, but in this situation, it’s important to take a step back. A loan is a serious financial commitment, and the decision to apply for one should only be done after lots of careful consideration.
Some of the lenders on our panel could send your money on the same day as your application is approved, although the time it takes for the money to become available in your account will vary, depending on your bank’s policies and procedures.
£200 bad credit loans
Having bad credit doesn’t automatically mean that your application to borrow money will be turned down.
Growing Power work with a number of lenders who specialise in loans for people with bad credit, although you should be aware that a bad credit loan could come with a higher rate of interest.
Can I apply for a £200 loan if I have no credit history?
It might be possible for you to apply for a £200 loan, even if you have no credit history.
No credit history, often referred to as having a ‘thin’ credit file, usually happens when somebody has never paid bills or borrowed credit before. This may be especially common in younger people who are just starting out on their credit journey.
Of course, a thin credit file isn’t a bad thing, although it could go against you should you need to apply for a loan or another type of credit.
When carrying out their affordability checks, lenders like to see that credit has been managed well in the past. If you have no credit history to show, you may find it more difficult to be approved for a loan.
Growing Power is proud to work with several lenders who could be willing to consider applications from people with thin credit files, although again, you should bear in mind that if you are matched with a loan, you may be offered a higher interest rate.
Ready for a quick loan?
Search for a £200 loan with Growing Power
- Fill out our online form. This should take around five minutes, and can be completed 24 hours a day, 7 days a week.
- It’ll take just 60 seconds for us to run a soft search on your credit file and scan our panel of lenders for a £200 loan to suit you. A soft search will not harm your credit score.
- If you’ve been matched with a loan, you’ll be redirected to the lender’s website. If you’d like to make a full application, the lender will carry out an affordability check.
- An affordability check will include either a hard search or Open Banking. A hard search will stay on your credit file for up to 12 months, and multiple hard searches within a short period of time will damage your credit score.
- If the lender is happy with the outcome of their affordability check, you’ll be sent a loan agreement, which you should read through carefully before deciding whether to sign and return. Your lender will let you know when you can expect your money to be sent.
Can you explain a bit more about Open Banking?
Of course. Open Banking is a safe and secure process used by some of the lenders on the Growing Power panel. Once you’ve given consent, your chosen third-party will be able to access your online banking account with a read-only view.
Open Banking provides lenders with the opportunity to view your recent financial transactions and helps them to make a decision.
Repaying your £200 loan
If approved for a £200 loan, you’ll make your repayments on a monthly basis.
If you find that you’re struggling to afford your repayments, you should contact your lender.
Talking openly about money worries isn’t something that comes naturally to many of us, but please know that your lender is there to help you and will not judge your situation.
It’s important to be open and honest with your lender; making a late repayment or missing one altogether could result in additional fees and charges, and your credit score will decline. If your lender is aware of the situation, they may be able to suggest things to help relieve some of the pressure.
I’m worried about money; where can I get help?
Reaching out and asking for help is the first step towards taking back control of your finances. Remember, money worries can happen to any of us; there’s absolutely nothing to feel ashamed of.
Free, confidential advice can be found on sites such as StepChange, MoneyHelper, Citizens Advice, and National Debtline.