200 Dollar Payday Loan: iIt is Possible to Get It Today
In you have bad credit or no savings and are in sudden need of a small amount of cash like $200, then taking out a 200 Dollar Payday Loan is the ideal choice for you.
There have been certain misgivings about payday loans and how they can result in debt traps. But it may be noted that payday loans is a heavily regulated industry and that there are many rules in place which prevent lenders from taking advantage of naive borrowers in their hour of dire need.
Some of the regulations on all payday loans (whether it be a 200 Dollar Payday loan or a $1500 payday loan) are mentioned below.
- There is a limitation on fees and interest on payday loans: Payday loan lenders in most states in the US have a cap on the different fees, charges, and interest rate levied on the payday loans that they lend. For example, most states have place a cap of around 47 percent on all payday loans availed by borrowers. Besides these state laws, there are federal laws as well that protect customers from paying steep rates in interest, penalties, and fees.
- Restrictions on the times that borrowers can choose for refinance: There are many borrowers who sometimes are unable to repay loans on the due date. The borrowers then rollover such 200 Dollar Payday loans along with associated higher interest and other additional charges. This is a really bad practice followed by borrowers as it carries the risk of driving them into a debt spiral; eventually borrowers may end up repaying nearly 7 times the amount that the initially owed as loan. Regulations in many states have placed restrictions on such refinancing and borrowers can only resort to it 3 or 4 times, while some permit it just one time. There are also a few states in the US that completely prohibit refinancing of payday loans.
- Restrictions on number of concurrent loans that can be availed: The regulators in some states have also placed restrictions on the total number of loans that borrowers can avail at one single time. For example, Virginia and California have placed the cap on the number of 200 Dollar Payday loans (or of other amounts) that can be taken by borrowers at one go to just one. Such restrictions are not in place in some states such as North Dakota which has no restrictions.
- Protection of borrowers against threats and coercion by collection agencies: The law prohibits intimidation or harassment of a borrower by a direct lender. An outstanding loan cannot lead to confiscation of your assets or your arrest. Dishonest lenders or their collection agents often try to test the legal knowledge of borrowers with regards to these laws; they may state that you can get arrested for not repaying the 200 Dollar Payday Loan. You should not fall for such tactics and instead tell them that they can be sued for the threats.
How to get a 200 Dollar Payday Loan?
Payday loans are available in almost all the states. One of the best aspects of payday loans is the fact that lenders do not perform a credit check before issuing the loan. Additionally, no collateral is required to be put up by borrowers before they can avail of a 200 Dollar Payday loan. Lenders offer payday loans starting from $150 to $2,500 and sometimes even more.
In order to get a payday loan, borrowers may visit the store or office of the lender or he/she can log on to the lender’s website. There, borrowers have to offer minimal documentation such as identity proof, valid bank account, and proof of regular income, etc.
The approval process is fast, especially online, and once lenders are satisfied with the paperwork, then they offer a contract which details the terms and conditions of the payday loan agreement. The contract is often the same for 200 Dollar Payday Loans as well as for higher amounts; some lenders may offer different fees, interest, etc for payday loans of varied amounts.
Borrowers need to carefully peruse the payday loan agreement, understand the rate of interest, the terms of repayment, the duration of the loan, penalty charges in case of late payment, and fees, etc., and only then sign it.
After you have taken out the loan, make sure that you use it only for the purpose that it was intended for. Also, take all steps to ensure that you repay the 200 Dollar Payday loan on time to avoid additional fees and steep interest charges, etc.
One important thing to remember for all borrowers is that they should take out payday loans only when they are in dire need of short-term loans. If you can afford to wait till your next paycheck then do so.