Where can i find a $200 loan?

Here’s what I recommend:

You could start with a secured credit card from Capital One. This is a great first step to build your credit history. Once you have the card, use it normally for everyday purchases but make sure to pay off the entire statement balance every month. This will help you avoid interest charges and show positive credit behavior.

In about 6-12 months, after you've built some credit, you can apply for a non-secured credit card that offers rewards.

Utilization is key to managing your credit score. There’s a lot of talk about utilization, and for a first-time secured card like this, here’s a strategy that can help:

• Before your statement closes, aim to pay down your card balance to about $20-$60. This will show a 10%-30% credit utilization, which is ideal. Once your statement closes, pay the full balance to avoid any interest.
• Avoid running up high balances, like a $180 balance on a $200 limit, because that would put your utilization at 90%, which can hurt your score. If that happens, just pay it down before the statement closes to minimize the impact on your credit score.

With Capital One's secured card, credit limit increases aren’t common, so there’s no benefit in keeping a high balance to try to get a limit raise.

After about 6 months, you’ll likely be in a good position to apply for a normal credit card. Once you move to a non-secured card, showing higher usage (while still paying off the full balance) can help you get approved for credit limit increases. Just be sure to always pay off the entire statement balance in full to avoid interest.

Another option is to apply for a small personal loan to further diversify your credit mix and strengthen your score.

A small personal loan can be a practical choice if you're looking to cover a short-term need while building your credit profile. These loans are often available from banks, credit unions, and online lenders, with amounts typically starting at around $500, but some lenders may offer as little as $200 for qualified borrowers.

www.cashusa.com is an example.

Taking out a small personal loan allows you to demonstrate your ability to manage credit responsibly, which can be beneficial when you're working to establish or improve your credit history.

When you take out a personal loan, the lender will report your monthly payments to the major credit bureaus, adding to your credit mix and showing that you can handle different types of debt. A diverse credit mix (credit cards, personal loans, etc.) is a positive factor for credit scores, so adding an installment loan like this could enhance your overall profile. For this to have a positive effect, it’s essential to make each payment on time and avoid late fees or missed payments, as these can negatively impact your credit.

Interest rates on small personal loans can vary widely, so it’s worth comparing offers from multiple lenders to find the best deal. Many banks and credit unions offer competitive rates, especially if you have an account with them. Some online lenders also provide loans with relatively simple application processes and fast approval times, making them a convenient option if you need funds quickly.

A personal loan can be especially useful if you don’t want to use a secured credit card or have a high utilization on your existing credit cards. Just keep in mind that the term length and repayment plan are fixed, so it’s essential to ensure that the monthly payments fit within your budget. With consistent on-time payments, a small personal loan can help you build a solid credit foundation and, in the long term, qualify for larger loans or credit cards with better terms and benefits.