£200 Loans for Bad Credit: Find Your Match in Minutes
A £200 loan can cover the kind of expenses that catch you off guard: a broken appliance, an overdue bill, or a car repair you weren’t expecting. Small amounts like this used to be hard to borrow, but lenders now offer a range of options for people looking for a 200 pound loan, including those with less-than-perfect credit histories.
New Horizons searches over 50 FCA-authorised lenders to help find your best £200 loan match, with no fees and no impact on your credit score. As a credit broker, we do the searching so you don’t have to. One quick application, multiple lender options, and you decide what works for you.
Whether you’re looking for a loan for bad credit or simply want to compare what’s available, our Soft Credit Match technology lets you check your eligibility without leaving any mark on your credit file. If approved by a lender, funds can be in your account within 15 minutes.*
How a £200 Loan Works at New Horizons
Applying for a £200 loan through New Horizons is straightforward. We’ve designed the process to be as quick and transparent as possible.
- Complete our short online form with your personal and financial details
- We run a Soft Credit Match across our panel of over 50 FCA-authorised lenders
- If matched, you see your loan options in minutes, with no impact on your credit score
- Choose the offer that works for you, or walk away with no obligation
- If you accept an offer, the lender completes a full affordability check
- If approved by the lender, funds can be in your account within 15 minutes*
The entire process takes just a few minutes, and our service is available 24 hours a day, 7 days a week. You can apply from any device, whether that’s your phone, tablet, or computer.
New Horizons is a credit broker, not a lender. We introduce you to FCA-authorised lenders at no cost to you. We never charge fees for using our service.
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Can I Get a £200 Loan with Bad Credit?
Yes. A low credit score doesn’t have to mean no options. Many lenders on our panel specialise in working with people who have past credit problems, whether that’s missed payments, defaults, CCJs, or simply a limited credit history.
We work with lenders who look at your current situation, not just your past. Factors like your regular income, employment status, and existing commitments all play a part in their decision. A poor credit score alone won’t automatically rule you out.
If you’ve been turned down elsewhere, a £200 loan for bad credit through New Horizons could still be an option. Our Soft Credit Match searches multiple lenders in one go, so you can see what’s available without affecting your credit file. If you’ve been refused a loan before, our guide on getting accepted offers practical steps you can take.
What Can You Use a £200 Loan For?
A 200 pound loan is designed for personal use. Most borrowers use small loans like this to cover short-term, unexpected costs rather than planned purchases. Common reasons include:
- Emergency car repairs or MOT costs
- Urgent household bills or utility payments
- Appliance replacements (washing machine, boiler repairs)
- Medical or dental expenses not covered by the NHS
- Essential travel costs
- Covering a temporary gap before payday
Only borrow what you need and can comfortably repay. If £200 is more than you require, consider a smaller amount. We also offer £100 loans through the same quick application process. If you need a little more, our £300 loans and £500 loans are available too.
Eligibility Requirements for a £200 Loan
To apply for a £200 loan through New Horizons, you’ll need to meet these basic requirements:
- Be at least 18 years old
- Be a UK resident
- Have a regular source of income
- Have a valid UK bank account
- Provide accurate personal information
Meeting these criteria doesn’t guarantee approval. That decision rests with the lender, and they’ll assess your affordability based on your individual circumstances. However, we search over 50 FCA-authorised lenders to help find your best possible match.
Your initial eligibility check uses a soft search only. This means other lenders can’t see it, and it won’t affect your credit score. A full credit check only happens if you choose to accept a specific loan offer.
Understanding the Costs of a £200 Loan
Borrowing money always comes at a cost, and it’s important to understand exactly what you’ll repay before accepting any offer. Being upfront about costs is part of how we do things at New Horizons.
New Horizons’ representative APR is 49.9%. This is the rate at least 51% of successful applicants receive. The actual rate you’re offered will depend on your individual circumstances, with rates across our lender panel ranging from 9.3% APR to a maximum of 1,721% APR.
Representative example: Amount of credit: £1,200 for 18 months at £95.44 per month. Total amount repayable: £1,717.83. Interest: £517.83. Interest rate: 49% pa (fixed). Representative 49.9% APR.
For a £200 loan specifically, the total amount you repay will depend on the interest rate offered and the repayment term you choose. Shorter terms mean less interest overall but higher monthly payments. Longer terms spread the cost but increase the total amount repaid.
New Horizons never charges any fees to customers. Our service is completely free to use. We’re paid by lenders, never by you.
Why Choose New Horizons for Your £200 Loan
The short-term lending market has a troubled history, and we understand why some people approach it with caution. New Horizons was established in 2017 specifically to do things differently.
Our representative APR of 49.9% is significantly lower than many competitors in this space. Some direct lenders charge representative rates of 835% or higher for similar loan amounts. As a broker searching over 50 lenders, we can help find a more competitive deal.
Here’s what sets us apart:
- Soft Credit Match technology that won’t affect your credit score
- Access to over 50 FCA-authorised lenders in one search
- No fees, ever. Our service is always free to you
- Feefo Gold Trusted Service rating from verified customer reviews
- 7,510+ loan applications processed daily
- Available 24/7, including weekends and bank holidays
We also have a formal Customer Promise built around three commitments: we never sell your data, we never contact you to sell other products, and we never give consent to other companies to contact you. In an industry where data selling and spam have been common problems, these aren’t just words on a page.
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At New Horizons, you can choose a repayment term from 3 to 36 months for your £200 loan. The right term depends on what you can comfortably afford each month without stretching your budget.
Choosing the shortest repayment term you can manage will reduce the total amount of interest you pay. A £200 loan repaid over three months will cost you less overall than the same amount repaid over 12 months.
That said, keeping repayments affordable is just as important. If you choose a term that’s too short and struggle to meet the payments, it could affect your credit score and create further financial stress. Every lender on our panel will clearly show you the total repayable amount, monthly payment, and interest rate before you commit to anything.
If you need to borrow for a longer period, our short term loans page explains how different repayment terms work across various loan amounts.
Alternatives to a £200 Loan
Before committing to any borrowing, it’s worth considering whether there are other options available to you. A loan should be a last resort, not a first choice.
- Check if you have savings or an emergency fund you can use
- Ask your employer about a salary advance
- Contact your bill provider to arrange a payment plan
- Look into local credit unions, which often offer affordable small loans
- Ask family or friends if they can help
- Check whether you’re entitled to any benefits or grants
If you’re struggling with multiple debts or finding it hard to keep up with payments, free debt advice is available. MoneyHelper offers impartial guidance, and charities like StepChange and Citizens Advice can help you work out a plan. National Debtline also provides free telephone advice.
If borrowing is the right option for you, we’re here to help you find the best deal.
What Happens After You Apply
Once you submit your application, our Soft Credit Match technology gets to work immediately. It searches across our panel of over 50 FCA-authorised lenders to help find the options that suit your profile.
If matched with one or more lenders, you’ll see your options straight away. Each offer will clearly show the interest rate, monthly repayment amount, total repayable, and loan term. You’re under no obligation to accept any offer. Take your time, compare what’s available, and only proceed if it’s right for you.
If you decide to accept an offer, the lender will then carry out a full credit check and affordability assessment. Once everything is confirmed and you’ve signed the loan agreement, funds can be sent to your account within 15 minutes.* The time it takes for money to arrive depends on your bank’s own processing times.
If you need funds urgently, our same day loans page explains how the process works for faster payouts. For genuinely urgent situations, our emergency loans page has more information.
Will Applying Affect My Credit Score?
No. Checking your eligibility with New Horizons will not affect your credit score. Our Soft Credit Match technology uses a soft search, which is invisible to other lenders. Only you can see it on your credit report.
A full credit check only happens if you accept a loan offer from a specific lender. This is called a “hard search” and will be visible on your credit file. This two-stage process means you can explore your options freely before making any commitment.
If you’re working on improving your credit rating, our guide on how to improve your credit score offers practical tips you can start using today.
Frequently Asked Questions About £200 Loans
Can I get a £200 loan with bad credit?
Yes, many lenders on our panel work with borrowers who have poor credit histories. Past credit problems like missed payments, defaults, or CCJs don’t automatically disqualify you. Lenders will assess your current affordability and circumstances. Our Soft Credit Match lets you check what’s available without any impact on your credit file.
How quickly can I get a £200 loan?
If matched, you see your options in minutes. The application form takes a few minutes to complete. If you accept a loan and the lender approves you, funds can be sent within 15 minutes.* Actual receipt depends on your bank’s processing times.
Does New Horizons charge any fees?
No. New Horizons does not charge customers a fee for using its services. Our service is completely free. We’re paid by lenders when a successful introduction leads to a loan agreement. There are no hidden costs or catches.
What repayment terms are available for a £200 loan?
You can repay a £200 loan over 3 to 36 months. The term you choose will affect both your monthly payment and the total interest you pay. Shorter terms cost less overall but have higher monthly payments. Choose a term that fits comfortably within your budget.
Is New Horizons a lender?
No, New Horizons is a credit broker, not a lender. We search over 50 FCA-authorised lenders and brokers to help find your best match. We never lend money directly. This means you could benefit from a wider range of options than you’d find with a single lender.
What’s the difference between a soft search and a hard search?
A soft search is invisible to other lenders and won’t affect your credit score. We use this for your initial eligibility check. A hard search is a full credit check carried out by the lender if you accept a loan offer. This will appear on your credit file and may be visible to other lenders.
Can I borrow more or less than £200?
Yes. Loans from £50 to £5,000 are available through our panel. If £200 is more than you need, you can apply for a smaller amount. If you need more, you could request up to £5,000 through the same application process. Always borrow only what you need and can afford to repay.
What if I’m not matched with a lender?
Not being matched doesn’t mean you can’t borrow elsewhere. Different lenders have different criteria. You might want to check your credit file for errors, consider a smaller loan amount, or improve your credit score before trying again. Free debt advice from MoneyHelper can help you understand your options.
Can I repay my £200 loan early?
Most lenders allow early repayment, and doing so can save you money on interest. Check the specific terms of your loan agreement for details. Some lenders may charge an early settlement fee, so it’s worth confirming before you commit.
What happens if I can’t make a repayment?
Contact your lender straight away if you’re worried about missing a payment. Most lenders would rather work with you to find a solution than escalate the situation. Missing payments can affect your credit score and may result in late payment fees. If you’re struggling with debt, free support is available from StepChange and Citizens Advice.
Is my personal data safe with New Horizons?
Yes. We never sell your personal data, and we never share your details with third parties for marketing purposes. Your information is encrypted and secure. We’re licensed by the Information Commissioner’s Office (registration number ZA496853) and take data protection seriously.
Can I apply for a £200 loan if I’m on benefits?
You may be able to, provided you have a regular income and can demonstrate affordability. Benefits can count as income for some lenders. Our loans for people on benefits page explains how it works in more detail.
Do I need a guarantor for a £200 loan?
No. None of the lenders on our panel require a guarantor for a £200 loan. You apply in your own name, and the decision is based on your personal circumstances. For more information, see our no guarantor loans page.
Can I apply outside of business hours?
Yes. New Horizons is available 24 hours a day, 7 days a week. You can apply at any time from any device. While most lenders can process applications outside of standard hours, funding times may vary depending on when your bank processes incoming payments.
Warning: Late repayment can cause you serious money problems. For help, go to moneyhelper.org.uk
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