How to Borrow $200 Instantly

Money — as the saying goes — doesn’t grow on trees. But in today’s world of fintech apps and digital banking, it is more accessible to get cash faster than ever. If you need to borrow $200 instantly, you have quite a few options.

While we can’t fully dismiss the old-fashioned route of asking family or friends for a small loan, there are a wide range of paycheck advance apps on the market that offer interest-free cash advances that could get you the money you need with minimal hassle or extra cost.

If it comes to it, many credit cards offer holders access to cash advances, too, but these typically come with fees and are subject to interest that begins accruing immediately.

Use a paycheck advance app

One of the best ways to get access to cash when you need it is through using paycheck advance apps. Paycheck advances aren’t personal loans. You’re not borrowing on interest from a lender. Instead, you’re borrowing against your own paycheck.

There are a range of apps out there that offer users access to cash advances between paydays, provided you either connect your bank account to the app or open an account offered by the app itself. Either way, you’ll have to demonstrate that you are indeed getting paid regularly to qualify for an advance because, with most apps, the cash you’re forwarded will be taken out of your paycheck deposit when you do eventually get paid.

Some apps charge monthly subscription fees, others charge fees for instant access to your cash, but the best paycheck advance apps won’t charge you interest on the cash you request, unlike a personal loan or credit card cash advance.

Here are a few apps to consider.

Chime®

Chime is a digital banking platform and app that offers checking and savings accounts alongside a variety of financial services including paycheck advances. ¹ <p class="">Chime is a financial technology company, not a bank. Banking services and debit card provided by The Bancorp Bank, N.A. or Stride Bank, N.A.; Members FDIC.&nbsp;<br></p>

Chime’s MyPay service allows users to borrow up to $500 ahead of payday with funds arriving within 24 hours fee-free.² <p>To be eligible for MyPay, you must receive Qualifying MyPay Direct Deposits to your Chime Checking Account as set forth in the MyPay Agreement. A Qualifying MyPay Direct Deposit is a deposit from an employer, payroll provider, gig economy payer, government benefits payer, or other permitted source of income by Automated Clearing House (“ACH”) or Original Credit Transaction (“OCT”). Your MyPay Credit Limit and Available Advance Amount may change at any time. MyPay is a line of credit and available limits are based on estimated income and risk-based criteria. Eligible members may be offered a $20 - $500 Credit Limit per pay period. Your Credit Limit and Maximum Available Advance will be displayed to you within the Chime app. MyPay is currently only available to eligible Chime members in certain states. Other restrictions may apply. See <a href="https://www.chime.com/policies/bancorp/mypay/">Bancorp MyPay Agreement</a> or <a href="https://www.chime.com/policies/stride/mypay/">Stride MyPay Agreement</a> for details.</p> For a flat fee of just $2, though, you can access those funds instantly. That’s notable, as some apps charge an instant transfer fee that’s a percentage of your advance.

To use MyPay, you’ll need to have a Chime Checking Account that’s received a minimum number of qualifying direct deposits (typically two, as well as some other requirements). Keep in mind that it’s not available in every state, so check to see if you have access, ideally before you need an advance.

Visit Chime® | Learn more in our Chime review

Current

Current is an online bank and mobile app offering individual banking and investing services in addition to paycheck advances.³ <p><b>Current is a financial technology company, not a bank. Banking services provided by Choice Financial Group, Member FDIC, and Cross River Bank, Member FDIC</b>. The Current Visa® Debit Card is issued by Choice Financial Group pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa debit cards are accepted. The Current Visa® secured charge card is issued by Cross River Bank pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa credit cards are accepted. Please see back of your Card for its issuing bank. Current Individual Account required to apply for the Current Visa® secured charge card. Independent approval required.</p> Current stands out for its significant cash advance limit. If you’re just looking to get your hands on $200 quickly, Current’s $750 limit should be more than sufficient, though your own advance limit may vary. ⁴ <p>Paycheck Advance is for eligible customers only. Your actual available Paycheck Advance amount will be displayed to you in the mobile app and may change from time to time. Conditions and eligibility may vary and are subject to change at any time, at the sole discretion of Finco Advance LLC, which offers this optional feature. Finco Advance LLC is a financial technology company, not a bank. For more information, please refer to <a href="https://cdn.current.com/agreements/paycheck_advance_terms_11_25_2024.pdf">Paycheck Advance Terms and Conditions</a>.</p>

Current doesn’t charge a subscription fee, and you don’t have to use Current’s account services to qualify for an advance. However, Current does charge a fee for expedited advances.⁵ <p>Expedited disbursement of your Paycheck Advance is an optional feature that is subject to an Instant Access Fee and may not be available to all users. Expedited disbursements may take up to an hour. For more information, please refer to <a href="https://cdn.current.com/agreements/paycheck_advance_terms_11_25_2024.pdf">Paycheck Advance Terms and Conditions</a>.</p> Free transfers can take up to three business days.

Visit Current | Learn more in our Current review

Empower

Empower is another fintech app that offers paycheck advances of up to $300 to qualifying users⁶ <p>Not everyone will qualify for a Cash Advance offer. Offer amounts range from $10 - $300. As of 3/31/2024, the average offer amount is $145. Instant delivery is optional, and fees may apply. See Empower’s Terms for instant delivery fee amounts.</p> , along with budgeting tools and checking and savings accounts.⁷ <p class="">Empower is a financial technology company, not a bank. Banking services provided by nbkc bank, Member FDIC.&nbsp;Empower offers a 14-day trial for new customers followed by an auto-recurring $8/month subscription fee. Cancel anytime.<br></p> If you’re looking for instant cash advance transfers, Empower could be a good choice, but there are some caveats.

Empower charges an $8 monthly subscription fee, so you’d be paying for the opportunity to get an advance even during times that you might not need one. There’s also a fee if you want to get instant transfers to an external bank account, which ranges from $1 to $8 or 3% if the advance is $300. If you want to avoid that fee, you’ll need to open an Empower checking account and an associated Empower debit card. Doing so will get you instant access to cash advances for no extra fee.⁸ <p>Free instant delivery is available for eligible Empower Card customers with an activated debit card.</p>

Visit Empower | Learn more in our Empower review

Borrow from friends and family

A timeless classic, borrowing cash from family or friends is always an option if you’ve got the kind of relationships that can weather all that comes with getting money involved.

Before you ask around your network, make sure you’re only approaching people you know can spare the extra cash. Lending a couple hundred bucks, even with the promise of prompt repayment, may not be doable for some of the people in your life, and you don’t want to strain any bonds by putting a friend in a tough position.

If you take this route, make sure you and the lending party both have a clear understanding of the terms of this loan, however informal it may be. Set expectations for when you’ll repay them and how, and do everything you can to keep those promises. Borrowing from a friend or family member might help you avoid the risks that come with other lenders, but it introduces a personal element that may be even more difficult to navigate.

Get a credit card cash advance

Many credit card issuers give cardholders the option of taking out a cash advance against their approved line of credit. Rather than spending on your card, your issuer lends you cash, which can be accessed via ATM, check, or in-person transaction at a bank branch. That cash amount is then added to your outstanding balance in the same way that typical spending would be.

We typically don’t recommend taking out cash advances as they often come with high fees. For example, the American Express^® Gold Card charges a cash advance fee of $10 or 5%, whichever is greater. Regardless of whether your card charges a flat fee or a percentage of the advance, you’ll end up paying more to access that cash than you would if you got the money in a way that doesn’t require paying a fee.

On top of that, many issuers start charging interest on cash advances immediately, often at a higher rate than what you’d be charged on regular spending. To keep with the Amex Gold example, the card has a regular APR of 20.24% - 28.24% (variable) and an APR of 29.49% (variable) for cash advances.

Resell items online

One quick and easy option is to sell household items and personal possessions that you no longer use on Facebook Marketplace.

Old toys that your kids have outgrown? That elliptical gathering dust in the corner? It’s pretty likely there’s someone in your area looking to take all kinds of stuff off your hands. Facebook Marketplace doesn’t require much (just an account), but there’s a wide range of online platforms you can use to resell your stuff, from clothes to electronics to books.

However, many resale sites will require you to ship an item to the user who bought it. In contrast, sites like Facebook and Craigslist narrow the pool of potential customers to your general geographic vicinity, which could put money in your pocket more quickly and with less effort.

Tap into local community resources

Depending on where you live, you might be able to find a mission-driven financial institution like a credit union or local microloan fund through which you can access small, low-rate loans. The U.S. Department of the Treasury even supports such organizations through the Community Development Financial Institutions (CDFI) Fund’s Small Dollar Loan Program, which aims to support local institutions that provide alternatives to high-cost payday loans.

One easy way to find institutions in your area that may be able to provide loan services is by searching the CDFI Fund’s awards database. It will show you which organizations in your area have received money from the CDFI Fund, which gives you some options to check out.

Bottom line

If you’re in a pinch and need immediate access to $200 or a comparable amount of money, your best bet is to look for the lowest-cost way to access those funds — any method that might put you further in the hole is one best avoided.

Credit card cash advances are easy to get but come with high interest rates — look at them as a last resort. You could try a paycheck advance app, but many of those will require that you’ve demonstrated regular income before they’ll lend against your paycheck.

If this is your first time in a tight spot with money, though, take this as your cue to set up an account with a cash advance app, ideally one that doesn’t charge subscription fees. And in the meantime, see if any friends or family can spot you a couple hundred dollars.