How to Get $200 Loans in Australia?

Many Australians today rely on small loans when they have emergency expenses, like an upcoming bill that falls short of their regular payday schedule. 

Luckily, there are lots of lenders out there who can lend you $200 loans without a hitch. Moreover, they’re easy to apply online, and you only need a few documents.

In this article, we’ll discuss the best type of loan for you to get $200 and its eligibility criteria, requirements, and process. 

What this article covers:

Best Type of Loan to Get $200

The best type of loan you can easily get is a quick loan. With it, you can get a $200 loan today without submitting tons of documents. Plus, it doesn’t require collateral. 

You’ll have a high approval rate if you’re eligible and have the necessary documents. 

200 loans

Eligibility

It’s important to remember that the eligibility criteria for micro loans will vary per lender, but usually, they’ll look for the following:

  • Must be at least an 18-year-old Australian on the first day of application
  • Has a permanent address
  • Can submit proof of income 
  • Has a bank account

Once you find out you’re eligible for a $200 loan, it’s time that you prepare the requirements. 

Requirements

As mentioned, quick loans have fewer requirements compared to other loan types. Lenders will almost always require you to have the following:

  • 100-point of identification
  • Contact details
  • Employment details
  • Online banking details
  • myGov Account (only if applicable)

200 loan

Now, there are also $200 loans for bad credit. Instead of checking your credit history, lenders will look into other factors, such as your salary. Also, you may opt to look for secured loans. In this case, lenders will require your vehicle’s registration and other documents in this case.

Remember that it’s too risky to attach collateral for quick small cash loans, such as a $200 loan. If you don’t have another option since you have bad credit, just make sure you’ll repay on time. Otherwise, you’ll risk losing your precious car. 

Process

Applying for a quick loan or small loans for bad credit is simpler than traditional ones. Just make sure that you have access to the internet and follow these steps:

  1. Seek a reliable lender. There are lenders online who falsely promise to give you an instant 200 loan. ASIC targets those predatory lenders, but a few are still popping here and there. So, make sure you look for valid certifications.
  2. Check if you’re eligible. Make sure that there’s not a single eligibility criterion that you’ve missed to avoid hassle in the process and guarantee approval.
  3. Prepare the requirements. Ensure that you have all the requirements ready for a smooth application process.
  4. Fill out their online form. Before submitting your form, ensure you’ve read their terms carefully to know what you’re dealing with. 
  5. Wait for approval. Once you submit the application, it’ll mostly take five minutes only or 24 hours at most for lenders to approve your loan. 
  6. Wait for disbursement. Once you’re approved, your $200 short-term loan will be disbursed to your nominated bank account.

$200 loan

Conclusion

While getting $200 to $500 loan online via quick loans is easy, it’s important to understand what you’re dealing with first. After all, you don’t want to get caught by lenders who impose ridiculous fees and interest rates.

So to get a $200 quick loan, ensure your eligibility first. Only then can you prepare the lender’s loan requirements and process the online application. If you get approved, they will send the money to your bank account.

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