Not every person can access credit as most lenders scrutinize one’s credit history to approve applications. All it takes is missing several payments to damage your credit score, thereby making it harder to qualify for funding when you need cash quickly. If you’re in a situation like this, payday loans are a solution you would want to explore. There are payday loans deposited on a prepaid debit card that gives you the convenience of accessing cash quickly.
Payday loans are short-term loans where you receive the money fast and are expected to repay it when you get the next paycheck. However, loans with a short duration like this come with higher interest rates, which means you should only borrow an amount you’re confident you can repay without defaulting. However, the faster turnaround of payday loans that accept prepaid debit cards is a plus because you can respond to a financial emergency.
A payday loan with a prepaid debit card is a type of credit available to people who have debit cards and want to borrow short-term loans with fast approval. These loans for people with prepaid debit cards carry the same terms as conventional payday loans, so you’re required to repay the debt on your next payday. While you can use a prepaid debit card to receive your income and pay for things, one disadvantage is that you don’t develop your financial history in case a creditor wants to check it before they approve your loan application.
Lack of clear credit history means you’re confined to a few lenders, particularly those offering short-term loans for people with bad credit. However, you must always ensure you repay your payday loans on time; otherwise, the loan goes into default, skyrocketing interest rates. Also, the servicing fee will be tacked on, which makes the loan more expensive. Applying for payday loans online should only be a way to address a financial emergency, like addressing a medical emergency, fixing your car, or paying for home renovations.
» COMPARE: Payday Loans With No Bank Account
Like you can get payday loans with no checking account, you can also get payday loans that accept prepaid cards. Depending on the lender, they might accept your card, but most companies approve applications for people with MasterCard and VISA debit cards. It depends on your bank and the lender. Some banks accepted widely are Capital One, Discover, Citi, and Chase.
Most prepaid debit card payday loans offer an annual percentage rate from 300% to 400%, so if you have a card, check which lenders accept cards from your bank and compare offers. The approval process is easy as the lender will review your request quickly and respond within an hour. From here, you will confirm your application and sign documents; then, you can expect the money by the next business day. Some lenders offer same-day cash transfers, so inquire if this is possible if you need the money immediately.
Getting a payday loan with a prepaid debit card is easy as you only need to first identify companies like YourLoans that approve loans for people with prepaid cards then follow this process.
On the lender’s website, navigate to the loan application page, where you will find a detailed loan request form. You need to fill out the form with all the information requested, including your bank details, proof of income, and other requirements. Once done, submit the information for review.
The second step is the review process. The lender will scrutinize your request to know if you qualify. If everything is good, you will receive feedback that your application was approved. The notification includes instructions for the next steps.
Once you receive feedback from the lender, you need to sign documents agreeing to the loan terms and conditions.
Finally, the lender will send you the money you need. This can take about 24 hours on weekdays.
Before you’re approved for a cash advance with a prepaid debit card, you must meet a few requirements. Lenders in this space don’t ask for many requirements, so you will need these at the very least to get started.
These are just the basic items you might want to avail to qualify for the loan. The lender may ask for an SSN number and references. Check what the lender requires to approve your application before you get started.
There are many loan companies that accept prepaid cards you can access on the internet to apply for the money you need. YourLoans approves applications for people looking for payday loans with a savings account. The company offers a smooth online loan application process, they have some of the best rates, and your information is always stored securely.
If you cannot get payday loans using a prepaid debit card, you can explore alternatives. Here are some of the common options you have on the market:
Applying does NOT affect your credit score!
No credit check to apply.