How to Get $200 Payday Loan Approval in a Blink

Payday loans provide a quick solution for income earners to take out a cash advance against their future earnings. While they can be helpful for personal expenses, they can also help pay for other debts.

One good thing about payday loans is that they come in small amounts, which helps curtail excessive borrowing. You can take out at least $200 payday loans, unlike conventional personal loans that offer a minimum of $5,000.

In this article, we’ll walk you through getting payday loans approved faster. You’ll also learn about several things to consider before applying and what other alternatives are available to you. 

What this article covers:

How to Apply for $200 Payday Loans With Fast Approval in 3 Steps

Small payday loans have high approval possibilities. This is because payday lenders offering these amounts often don’t have many requirements. They also don’t consider credit checks and provide payday loans 7 days a week.

However, rates on payday loans are often on the high side and charged per $100 instead of percentage based. Depending on the lender, you can pay between $15 to $30 per $100.

So, following some planned steps during your application can ensure you get the best rates. 

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Step 1: Find a Reliable Lender

Several online lenders promise easy acceptance payday loans, yet only a few are reliable in terms of being customer-centric.

While some lenders delight in reeling in customers to take on more debts, reliable payday lenders are those interested in providing you with the best services, rates, and financial guidance — these are the kind of lenders you need.

To find a reliable lender, carefully search online. 

The internet is indeed filled with several bad eggs, but you can separate the sheep from the wolves. Here’s how:

  • Confirm that they have an Australian Securities and Investment Commission credit license. 
  • Read reviews by other customers about the service on trusted sites.
  • Check their site to see if they have any resources on excessive borrowing. If they don’t, that’s a red flag to consider. 
  • Take out a small short-term payday loan on the site to test the waters. If they try to cajole you into taking more debt, that’s another red flag. 

Step 2: Choose a Loan Amount

Payday lenders showcase their loan offers on their sites. You can choose from $200 to $5,000 payday loans and suitable repayment duration. However, borrowers often overlook a vital feature on loan sites — the loan calculators. 

A loan calculator helps you calculate repayment rates alongside other fees based on the lender’s policy. With this, you can easily estimate how much you’ll repay in a selected time frame. 

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Step 3: Apply for Your Loan 

To apply for a payday loan, you’ll need to sign up on the site. During sign-up, you’ll provide basic information like your name and address. After that, you can proceed to apply for your desired loan. 

While applying, payday lenders often request your bank statement, tax filing number, and income statement. As a result, make sure you have them ready before this date. 

Depending on the lender, loan approval can take 12 to 24 hours. 

Payday Loan Alternatives

There are other options besides high-approval payday loans in Australia to get at least $200. Below, we’ll highlight a few payday loan alternatives. 

Credit Cards

Instead of taking out an urgent payday loan from an online lender, you can use credit cards that offer similar loan amounts with variable interest rates (up to 24% APR). With your credit card, you can access up to $400 cash loans without hassle. 

Credit card debts also have daily, weekly, and monthly limits. This makes it possible for you to take out only small loan amounts at a time and prevent overborrowing. 

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Buy Now Pay Later (BNPL) 

If your intention for taking out a payday loan is to make online purchases, the BNPL option might be a good fit. 

Buy Now, Pay Later offers soft loans that help online shoppers pay for goods in instalments. The rates aren’t as high as payday loans, but you can expect to pay at least $8 per month, depending on your loan plan. 

The BNPL industry is still growing and is dominated by a few service providers. Hence, you might only find this option on some shopping sites. However, you can use them for purchases from $100 to $1,000 on available platforms.

Loan from Relatives 

When you need financial help, relatives and friends can provide some assistance. The best part is that this usually doesn’t require documentation, an application process, or an interest rate, as the case may be. And it doesn’t affect your credit score. 

However, try to repay the loan as agreed — you don’t want to ruin a good relationship over money. 

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Conclusion

You can take out at least $200 payday loans to settle your immediate needs. However, ensure you find a reliable lender and understand the loan terms. 

Also, you can try other alternatives if you’re uncomfortable paying high rates on payday loans. Some include BNPL and credit card loans. 

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