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Get a payday loan on a prepaid debit card

Need fast cash? Borrow money and have it loaded onto a prepaid debit card instead of into your bank account.

If you don’t have a valid bank account that allows direct deposits, it can be challenging to get cash quickly when an emergency comes up. Nowadays though, some payday lenders offer fast cash by loading funds into a prepaid debit card. These debit cards are typically branded with Visa or Mastercard, offering the flexibility to pay bills or swipe for necessities at stores and online.
⚠️ Warning: Be cautious with payday loans
Payday loans are expensive. If you're experiencing financial hardship call Credit Counselling Canada for free financial counselling (Monday-Friday 8:00am-5:00pm at +1 866-398-5999). Consider alternatives instead of a payday loan:
  • Local resources. Government programs and nonprofits offer free financial services and help with food, utilities and rent.
  • Debt relief companies. There are services to help you reduce your debt payments.
  • Payment extensions. Talk with bill providers about longer payment plans or due-date extensions.
  • Side jobs. Sell unwanted items online, sign up for food delivery and more.

Lenders that offer payday loans deposited on a prepaid debit card

Payday loanProvinces where payday loan is availableMax. loan amountPrepaid debit card
Cash Money Payday LoanOnline and in-store: BC, NS, ON, SK

In-store only: Manitoba and New Brunswick

  • Opt+ Prepaid Mastercard.
  • Buy the card, load and unload funds at a Cash Money store.
  • Manage your account using the Opt+ mobile app.
  • $7.00 monthly fee.
  • Use anywhere Mastercard is accepted.
Money Mart Payday LoanAB, BC, NS, ON, SK$1,500
  • Titanium+ Prepaid Mastercard.
  • Load funds into this card at 1 of 500+ Money Mart locations.
  • Use anywhere Mastercard is accepted.

How do debit card payday loans work?

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.

What is a prepaid debit card?

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.

8 reasons to consider debit card payday loans

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:

  1. They’re reloadable. If you’ve already had a payday loan on a prepaid card, you may be able to reload the card with a new loan.
  2. They’re reliable. Prepaid cards are often issued under Mastercard or Visa, 2 trusted and widely accepted brands.
  3. You don’t always need a bank account. With a prepaid debit card loan, the lender deposits your approved funds into the card, which you can then use immediately.
  4. You’ll have quick access to funds. Most lenders can transfer your money by the next business day. If you’re a repeat borrower, you may already have the prepaid card to load your funds.
  5. You can easily access your funds. Once the lender transfers the money to your card, you can use it to shop at stores, pay your bills online or over the phone, and even withdraw cash at an ATM (for a fee).
  6. You can set up your card for other deposits. Most prepaid cards can receive direct deposits, offering a way to quickly access your paycheque, tax refunds and government benefits.
  7. You could earn rewards with the right card. Some prepaid card providers allow you to earn cash rewards with your spending.
  8. Having poor credit is OK. As long as you can demonstrate your ability to repay your loan, your credit score isn’t the biggest factor for approval.

3 drawbacks of debit card payday loans

  • High fees. Payday loans charge considerably higher fees than other types of loans, resulting in a costly form of credit. Interest fees are regulated by the provincial/territorial governments, and rates vary.
  • Short repayment terms. As the name implies, your loan is typically due on your next payday. Make sure it won’t strain your budget too much before you apply. Set aside money from your next paycheque to pay off your loan.
  • Disreputable lenders. Plenty of shady lenders are out there trying to take advantage of people in urgent need of funds. A legitimate payday lender abides by provincial regulations and properly assesses your ability to repay a loan.

How to avoid a payday loan scam

Prepaid card vs. online vs. in-store payday loans

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.

Prepaid debit card vs. online vs. in-store

How to applyTurnaround timeWhen is this option best?
Prepaid cardOnline or in-store1–3 business days
  • When you don’t have a valid bank account that permits direct deposits
OnlineOnlineSometimes within minutes after approval via Interac e-transfer
  • When you need money as quickly and conveniently as possible
StoreIn-storeAs soon as the same day
  • When you want help with the application or want to discuss details with a representative

Debit card payday loans not for you? Compare online payday loans

Name Product Loan Amount Loan Term Interest Rate Turnaround Time Serviced Provinces
Cash Money Payday Loan
$100 - $1,500
5 - 40 days
Varies by province
As little as 15 minutes with INTERAC e-Transfer
Apply for your first $300 payday loan at a $20 cost (excludes SK applicants).

You'll need to be 18 years of age or older and have a net income of at least $1,000/month. Residents of MB and NB must apply in-store for a loan.
iCASH Payday Loan
$100 - $1,500
7 - 62 days
Varies by province
As little as 2 minutes with INTERAC e-Transfer
Get up to 20% in cash back once your payday loan is fully repaid. Conditions apply.

To be eligible, you'll need to be at least 19 years of age and have a net income of at least $800/month deposited into your bank account.
GoDay Payday Loan
$100 - $1,500
Up to 62 days
Varies by Province
As little as 2 minutes with INTERAC e-Transfer
To apply, you'll need to be a Canadian resident over the age of 18 with a valid email address, phone number and an open bank account with a Canadian bank or credit union.

Compare up to 4 providers

Looking for a loan that doesn’t require a bank account?

How to apply for debit card payday loans

Depending on the lender, you’re often able to apply for a prepaid debit card loan online or in person.

To apply for a payday loan:
  • You typically must be a Canadian citizen or permanent resident.
  • You must be at least 18 years old, or the age of majority in your province or territory.
  • You must be able to prove that you have a steady source of income.
When applying, you must usually submit:
  • Your name and personal contact information.
  • Your Social Insurance Number and date of birth.
  • Valid government-issued ID, such as your driver’s licence.
  • Your employment status and income details.

Other considerations to keep in mind

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.

How to know if a payday lender is legit

What if my payday loan application is denied?

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.

Bottom line

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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