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Representative Example: £1,000 borrowed for 18 months. Repayment of 17 Months at £87.22 and final repayment of £87.70 The total amount repayable is £1570.44. Interest amounts to £570.44, an annual interest rate of 59.97% Representative APR: 79.5% (variable).
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£200 Short Term Loan
A £200 short term loan is a popular option when you want to borrow money for an emergency, it’s often just enough to cover any unexpected expenses. It can be very stressful to be short on cash, which is why short term loans have grown in popularity, offering short term loans from £100 to £1.500, sometimes even more.
What Can a £200 Short Term Loan Be Used For?
A cheap short term loan of £200 may not seem like a lot of money, but be sure you can manage the repayments before applying. There are numerous reasons why you may find yourself needing emergency cash, this can be a car repair, vet bill or another unexpected expense. Maybe you need to cover a birthday, book a holiday or put a deposit down for Christmas lunch at a fancy London hotel. There are no restrictions on how you use the money, as long as you can repay it and you feel that it is an emergency situation.
Can I Apply for a £200 Short Term Loan if I have Poor Credit?
Having some financial problems in the past that have left you with a poor credit rating can be stressful, especially when applying for a loan. Chances are your bank has already declined your application. It doesn’t matter if you have missed payments from a few years back and a bad credit rating, most online direct lenders will consider you, as long as you meet their eligibility requirements. Their main focus is to ensure you can repay the short term loan as per the loan agreement terms.
The Financial Conduct Authority (FCA) oversees and regulates online lenders, ensuring that they are committed to responsible lending. As a result, your credit rating will be important to lenders, but there are many more factors also taken into consideration, which can see you being approved for a £200 short term loan with poor credit. You need to prove you can repay the loan, you must be employed and you need to give your existing expenditure. Each will have their own eligibility and affordability criteria which must be met.
The Most Common Repayment Terms on a £200 Short Term Loan
The online lenders focus on providing affordable and flexible repayment terms. The £200 short term loan is not a pay day loan and the two should not be confused. Payday loans are payable on your next pay date, where a short term loan is spread over a period of three to six months, sometimes more, depending on how much you borrow. Spreading the repayments means you have smaller monthly repayment amounts. Remember you will have higher interest, but you can easily work the repayments into your budget.
You will need to have a UK bank account, complete with debit card. This ensures that the payment can be taken from your account each month. This saves you time of making the payment manually, reducing the risk of missing a payment. The payment is always taken on a set pre-agreed date, so you know how much the repayment is and when it is due to be taken.
How to Apply for a £200 Short Term Loan
If you have decided that the £200 short term loan is the right choice for you and you are confident you can pay it back in a timely manner, then you will need to complete an online application form. Most online application forms for short term loans take no more than five minutes and require your personal information. The information is then used for a soft search of your credit report, which helps the lender decide if they are going to provide you with a loan or not, it does not normally impact your credit score at this stage.
Once approved, affordability and eligibility checks are carried out. At this stage a hard credit check is carried out, but the chances of approval are already significantly increased. From here, you accept the terms and wait for the money to be paid into your bank account, it’s that simple.