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|Payday loan||Provinces where payday loan is available||Max. loan amount||Prepaid debit card|
|Cash Money Payday Loan||Online and in-store: BC, NS, ON, SK|
In-store only: Manitoba and New Brunswick
|Money Mart Payday Loan||AB, BC, NS, ON, SK||$1,500|
You can apply for prepaid debit card payday loans either online or in a store. Once you’ve completed the application and have been approved, the lender will transfer your approved funds into an eligible loan account. It will then register your payday loan with a prepaid debit card associated with that account, either handing the card to you in person or mailing it to your home.
You’ll need to register the card in your name either in person, by phone or online. Since most prepaid debit cards are either Visa or Mastercard, you can then begin using your card just like you would use any other type of credit card. You can use the card at retailers, online, ATMs to withdraw your cash or even at utility bill companies – wherever and whenever you need it.
A prepaid debit card essentially works like a reloadable gift card. Once money is loaded into a prepaid card, from your bank account or payday loan lender, you can use your card like you would any debit or credit card. Once you use up the full balance on your prepaid card, you can usually reload the card with more money.
Payday lenders that offer payday loans deposited on a prepaid debit card may be able to use an existing prepaid card if you already have one. Be sure to check with them for any restrictions.
A prepaid debit card offers the flexibility to discreetly spend your payday loan funds anywhere your card is accepted. Here’s what we consider the top reasons you might benefit from having your loan on a prepaid debit card:
There are generally 3 ways to get a payday loan: in-store pickup, online e-transfer and getting a prepaid debit card payday loan. Keep in mind that not all loan providers will offer all 3 options. Choosing the best option for you will depend on your financial needs and personal preferences.
|How to apply||Turnaround time||When is this option best?|
|Prepaid card||Online or in-store||1–3 business days|
|Online||Online||Sometimes within minutes after approval via Interac e-transfer|
|Store||In-store||As soon as the same day|
Depending on the lender, you’re often able to apply for a prepaid debit card loan online or in person.
Before you apply for a prepaid debit card payday loan, consider how you’ll repay it. Payday loans are among the most notorious types of lending products because they often come with a high borrowing cost. Late or missed payments can lead to stiff fees and penalties, and defaulting on your loan can result in long-term damage to your overall credit.
Prepaid debit card payday loans are regulated by the provincial or federal government in order to help protect you against predatory lending. Before signing any loan agreements, confirm that the lender is licensed and follows all government regulations. You should also review the terms and conditions of your specific loan, and ask questions about anything you don’t understand.
A lender could deny your application for a number of reasons. One common rejection reason is having insufficient income. If you’re denied because you don’t make enough money, consider looking at lenders that accept applicants who are unemployed or receive government benefits or welfare. You may also want to consider alternatives to a payday loan.
Even though your payday loan options are more limited when you don’t have a bank account, there are some lenders who are willing to work with you. Getting a prepaid debit card loan could be the right option for you.
To learn more about payday loans work, check out our comprehensive guide to payday loans.
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