Borrowing $200: payments and total cost
A $200 loan repaid over 12 months at 35.99% APR, the highest rate Northlight works with, costs $20.09 a month and $241.08 in total. A shorter term or a lower rate brings the cost down.
A $200 loan, priced
- Monthly payment
- $20.09
- Total repaid
- $241.08
- Cost of credit
- $41.08
12 monthly payments at 35.99% APR, the highest rate Northlight works with. Your lender sets the rate you are offered.
Open the full calculatorKey points
- At 35.99% APR over 12 months: $20.09 a month and $41.08 in cost of credit.
- Over 3 months the cost falls to $12.10, with a payment of $70.70.
- For this amount a cash advance app or a credit union loan is often cheaper.
On this page
What a $200 loan costs
The table shows a $200 loan at 35.99% APR, the highest rate a loan may carry to meet the Northlight standard. Payments are equal every month.
| Term | Monthly payment | Total repaid | Cost of credit |
|---|---|---|---|
| 3 months | $70.70 | $212.10 | $12.10 |
| 6 months | $36.92 | $221.52 | $21.52 |
| 9 months | $25.69 | $231.21 | $31.21 |
| 12 months | $20.09 | $241.08 | $41.08 |
A shorter term means a higher payment and a lower total: $12.10 in cost over 3 months against $41.08 over 12.
The same $200 at a lower rate
Your rate depends on the lender, your state and your credit. Over 12 months:
| APR | Monthly payment | Total repaid | Cost of credit |
|---|---|---|---|
| 9.99% | $17.58 | $210.96 | $10.96 |
| 19.99% | $18.53 | $222.36 | $22.36 |
| 28.00% | $19.30 | $231.60 | $31.60 |
| 35.99% | $20.09 | $241.08 | $41.08 |
Ways to borrow $200
- Cash advance apps: advances usually run from $20 to $500, with optional tips or express fees and no interest.
- Credit union payday alternative loan: $200 to $2,000 for up to 12 months, capped at 28% APR.
- Installment loan from a licensed lender: equal monthly payments; within our standard the APR is 35.99% or less.
- A payment plan with the company you owe: often free, and worth one phone call before any loan.
Compare the total you would repay, not only the speed. Our guide to borrowing money fast ranks the options from cheapest to most expensive.
Before you borrow $200
- Ask for the APR and the total of payments in writing.
- Check that the lender is licensed in your state.
- Make sure the payment fits after rent and bills: at 35.99% that is $20.09 a month for 12 months.
- If it does not fit, look at payday loan alternatives before you borrow.
Common questions
How much does it cost to borrow $200?
At 35.99% APR, the highest rate we work with, $200 over 12 months costs $41.08: 12 payments of $20.09. A lower rate or a shorter term costs less.
What is the monthly payment on a $200 loan?
It depends on the term and the rate. At 35.99% APR it is $70.70 over 3 months and $20.09 over 12 months.
Can I borrow $200 with bad credit?
Possibly. Lenders look at your income, your existing debts and your bank account as well as your score. A lower score usually means a higher rate, and no lender can tell you the outcome before reviewing an application.
How fast can I get $200?
Many lenders fund the next business day. Faster funding depends on the lender and on your bank’s cut-off times, so do not count on a specific hour.
Is Northlight a lender?
No. Northlight shows what a loan costs and what the law allows. We do not make loans or credit decisions.
See the payment before you apply
Pick an amount and a term. The calculator shows the monthly payment, the total and the cost of credit at the highest APR we allow.
Sources
Keep reading
- $2,000 loanWhat a $2,000 loan costs at up to 35.99% APR: monthly payments for 6 to 36 months, the total you repay and cheaper ways to borrow $2,000.
- $1,500 loanWhat a $1,500 loan costs at up to 35.99% APR: monthly payments for 6 to 36 months, the total you repay and cheaper ways to borrow $1,500.
- $255 loanWhat a $255 loan costs at up to 35.99% APR: monthly payments for 3 to 12 months, the total you repay and cheaper ways to borrow $255.
- $1,000 loanWhat a $1,000 loan costs at up to 35.99% APR: monthly payments for 3 to 24 months, the total you repay and cheaper ways to borrow $1,000.
- $300 loanWhat a $300 loan costs at up to 35.99% APR: monthly payments for 3 to 12 months, the total you repay and cheaper ways to borrow $300.
- $100 loanWhat a $100 loan costs at up to 35.99% APR: monthly payments for 3 to 12 months, the total you repay and cheaper ways to borrow $100.