Have you ever found yourself in the position where you need £200 to pay off an unexpected and unwelcome bill? Do you need a £200 loan just to tide things over right now?
We all plan our personal budgets so that we can get the best value out of every hard-earned penny we bring into our households. However, saving seems to have got a lot more difficult in the last ten years because the prices for things we buy have gone up faster than our wages (source). So much so that, for millions of Britons, finding £200, particularly at the end of the month when all the bills have gone out, can be a real challenge.
Times have changed though. In the past, you could go to your bank for the money but they’d be very reluctant to offer any of their customers a £200 loan. They’re just not set up to provide their customers with small cash loans.
However, recently, lots of new and innovative lenders have set up in business who are happy to help borrowers with £200 loans even if they have a bad credit rating if they can afford the repayments (subject to eligibility).
But where do you start when you’re looking for a £200 loan?
£200 loans – what you need to know before applying
- Q1 - Can Growing Power help me find a £200 loan?
- Q2 - If I borrow £200, can I pay it back over longer than a month?
- Q3 - If I apply to borrow £200, will I receive it today?
- Q4 - Is it hard to be approved for a £200 loan?
Can Growing Power help me find a £200 loan?
Yes. We’re a Financial Conduct Authority (FCA) authorised and regulated broker. What we do is we match up borrowers looking for a loan with lenders who are also FCA-authorised and regulated.
You should always make sure that you work with FCA-authorised and regulated lenders and brokers whenever you’re in the market for a loan. The FCA are the government’s watchdog and enforcer, ensuring that borrowers are treated fairly by lenders and brokers.
When you’ve filled out our easy-to-complete application form, we take the information you’ve told us and we then send those details only to the lenders who we know are most likely to say “yes” to you. How do we know which lenders are likely to say yes? We know this because, every time we allow a new lender onto our panel, we ask them what type of borrowers they’re best equipped to help.
The lenders we send your information to then do a soft credit search on you. Please remember that loans without a credit check are not regulated by the FCA.
Although you can see soft credit searches on your report, lenders who you apply to can’t. The number of soft credit searches on your report also has no effect on your credit score.
Each of the lenders we send your details to normally come back to us (usually within a few seconds) with their offers.
We then automatically transfer you to the website of a lender on our panel where your details seem to strongly match the profile of the borrowers they want to work with. They ask you to complete their application form and they’ll then run a full credit search on you if you decide to proceed with them.
Full credit searches are different to soft credit searches – they are visible on your credit report to any lenders who you make a complete finance application to. A full credit search on its own has little to no effect on your credit score however, if you make too many complete applications at once each of which require a full credit search, your credit score may be negatively affected.
Even though Growing Power may ask multiple lenders for a quote on your behalf, there will only ever be one full credit search visible on your credit report. And that’s only after you’ve given consent for it to happen by completing the extra questions on the lender’s website and then by pressing the submit button.
Your lender will then make a firm offer of a £200 loan to you, or they may decline your application. This whole process takes seconds – we won’t take up much of your time at all when you use us.
If you accept the lender’s final offer, the money will normally be transferred from the lender’s bank account to your bank account within 10 minutes*. It may take longer to arrive in your account however, depending on your bank’s policies and procedures.
Ready for a quick loan?
If I borrow £200, can I pay it back over longer than a month?
If you borrow £200, we offer repayment terms of 3 months, 6 months, and 12 months. You should be careful to select a length of time which means the monthly repayments you make are comfortable financially and which will not cause hardship to you and your family.
Please bear in mind that you will pay more in interest on your loan if you take it out for a longer period of time.
If I apply to borrow £200, will I receive it today?
Yes. All you need to do is fill out our online form and share some personal and financial information with us.
If we find a lender happy to work with you on your loan and if you choose to accept that lender’s offer, the money could be paid into your personal account within 10 minutes* depending on your bank.
To ensure that your application for a £200 loan is dealt with as quickly as possible, please take care to make sure that all the information on your application form is correct – you’d be surprised how many first-time applications are turned down because of a missing or a wrong letter or number.
Is it hard to be approved for a £200 loan?
Whether you’re successful in getting a £200 loan or not depends on the information you provide on your application form and what’s on your credit report.
Whilst what’s on your credit report is still very important, many of the lenders we work with really do consider who you are today based on your current financial and personal circumstances much more than they did in the past. If you missed one or two repayments over the last six years, they will see that on your report but, for many lenders, it’s not make or break anymore.
If you are in debt and you’re struggling with your debts at the moment, you shouldn’t take out any further finance if you can possibly avoid it. If you’re worried about your level of debt, please contact one or more of the six major UK debt help organisations - Stepchange, PayPlan, NationalDebtline, the Debt Advice Foundation, the Money Advice Service, and Citizens Advice. Their services are free of charge and completely confidential.
To apply for your £200 cash loan, please click here.