You can take out a quick loan of 200 USD in different ways. It serves to bridge a short-term financial bottleneck or to finance smaller purchases. Both an installment loan with a short term and an overdraft facility are possible. Even if the loan amount is very small, it is recommended to compare different offers, paying particular attention to interest rates. Similar to any other loan, you can have considerable differences with a quick loan of 200 USD. You should never skip this comparison, even if time is short and the quick loan of 200 USD is needed immediately.
Installment loan or overdraft facility
If you only need 200 USD, both an installment loan and an overdraft facility are possible. Both types of credit have their advantages and disadvantages, which is why it is not possible to make a general assessment of which type of credit should be preferred. The use of an overdraft facility of course always presupposes that an overdraft facility has already been set up or that the house bank is ready to set up such an overdraft facility. This will only be the case if your current account has a regular monthly income and if you do not have any negative Schufa entries. In addition, you may not yet have fully exhausted any existing credit limit.
A major advantage of a overdraft facility is that it can be used without prior notice. You can simply withdraw the required amount of money from your account. This can be done by paying cash at the counter or by withdrawing it from the machine. The repayment of the overdraft facility is very flexible and is often possible with the next receipt of money, which can be recorded on your checking account.
There is no specific installment payment plan, as is customary for an installment loan. In many cases, the interest rate on a credit line is slightly higher, which may have a negative impact. However, they are only payable if the loan is actually used and then only for specific amounts of money with which the account is in the red. If your account is in the plus again, you no longer have to pay debit interest.
Even if the overdraft facility has many advantages, it is not advisable to use it too often or even permanently. One reason for this is the interest. However, it can be much more important that the account-holding bank can check at any time whether the overdraft facility in the relevant amount can continue to exist or whether it needs to be reduced or even canceled. This can happen very quickly if your monthly earnings decrease or disappear completely or if it turns out that you are too careless with your overdraft facility.
The credit terms for an installment loan differ from the credit terms for an overdraft facility. Interest rates are lower here in many cases. A quick loan of 200 USD is often paid out within a few hours. In some cases, this process is even faster. Among other things, this is the case when you apply for a loan in a branch. There you can often wait for a loan decision that is made within a few minutes.
If this decision is positive, it is usually not a problem to pay you the money in cash directly at the checkout. An alternative is to transfer the money to your checking account. This also only takes a few hours, as bank terms are very short today. This also applies if you take out the loan from a bank other than the bank where you hold your account. The standardized IBAN procedure now applies to the whole of Europe, which enables fast transfer from account to account from anywhere.
Application for a loan and approval
If you want to get a quick loan of 200 USD, you have to give the bank a guarantee that you will be able to repay the money in the short or medium term. You can provide proof of this by submitting proof of income or a copy of your employment contract. You can also leave other movable valuables worth USD 200 as security. Since the credit value of a quick loan of 200 USD is very low, you are much more likely to get the loan than is the case with larger or significantly larger loan amounts.
For this reason, a quick loan of 200 USD can be approved by a Cream bank or savings bank even if there are minor negative Schufa entries. However, the bank in question always decides what this will look like. It is therefore not possible to make general statements here.
Depending on which lender you choose, you have different options to apply for a quick loan of 200 USD. You can go directly to a branch of a Cream bank, savings bank or Infrabank or apply for a quick loan online. In any case, the application is preferred and processed very quickly. You can expect a binding decision in just a few minutes. If the decision is positive, you will receive the money in the manner intended.
This can be a cash payment or a bank transfer. After you have received the money, you can use it as intended. Most quick loans in the amount of 200 USD are freely usable installment loans. But there are also some loans that are available from a dealer, for example to finance consumer electronics or other purchases.
Individual agreements are made for the repayment of a quick loan of 200 USD. These agreements are recorded in writing in a loan agreement. Since the 200 USD are a very small loan amount, a short-term repayment of the entire amount is often possible within a few days or weeks. You should discuss all the details with your lender. Long terms are not common with a quick loan of 200 USD and make little sense.