Frequently Asked Questions on Debit Card Payday Loan
When you use prepaid debit card payday loans, you will have to pay the extra fees associated with this type of service. The charge may be between 3 to 5 percent of the money you withdraw from an ATM using the prepaid debit card.
Secured Cards
These apply to those individuals who do not have any savings or checking account along with bad credit. In the case of a secured card, the lender reserves a safety balance by the credit giver, and the borrower is not allowed to exceed that limit.
Commission-Free Period:
The prepaid debit card typically comes with a commission-free period, which lasts from 30 days of the first time you use it. If you manage to repay the loan within that period, you also get additional benefits of low or zero commissions.
Despite its limitations and shortcomings, the Prepaid Debit Cards are a great solution that works when you are in a financially tough situation. As direct loan lenders do not perform any credit checks, more people are eligible for the cash advance.
The borrowers also have the advantage of using the flexible repayment schedules if they cannot pay back the loan on their next salary date. The biggest and perhaps the only downside of prepaid debit cards is that the APR rates and commissions are higher than any traditional lender.
Can I Get a Payday Loan With Only a Card?
Most direct lenders offering card payday loans prefer borrowers with bad credit scores to have a checking account. If the checking account does not exist, a savings account will work in its place. However, when a person does not have both, it becomes harder.
People without any valid or working bank accounts can still get money on their cards. They need to mention this to the client and request the funds to be loaded on a card instead. There might be a few limitations that may vary from lender to lender, but you can still get a loan.
Can You Get a Payday Loan With a Pay Card?
Pay cards or payroll cards are the same as a prepaid debit card, and employers use them to pay salaries to their employees. In case you do not have a bank account to get a quick cash loan from the direct lender, a pay-card might help.
When you have a working pay-card, it indicates that you are employed and have a regular income source. This pay-card works in your favor to assure the lender about your capability to repay the loan amount. However, you must mention this paydayloansohio.net/cities/chardon/ in your loan application.
Not all direct lenders offer payday loans on pay-cards, so this might require some searching on the Internet. However, make sure you have a good time looking for a suitable lender than hurrying into a bad deal.
Can I Get a Payday Loan With a Prepaid Checking Account?
Yes, these types of accounts are almost the same as the prepaid debit card. These cards have no connection with any account whatsoever. One of the most significant benefits of using these types of loans is that you don’t have to provide any collateral or security against the credit.
Just like any payday loan, you get the funds in your cards, and you have 30 days from the date of disbursement to return the loan amount.
What Apps Let You Borrow Money Until Payday?
The digital world has achieved a new height, and it’s now possible to do so much from just sitting at home. Some apps save you time as you don’t have to visit each website to seek information. You may use the apps instead that allows you to apply for payday loans quicker.