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Get a payday loan on a prepaid debit card

Borrow money and have it loaded into a prepaid debit card instead of your bank account.

If you’re looking to take out a payday loan but don’t have a valid bank account or don’t want to use it, you have options. Nowadays, some payday lenders offer fast cash by loading funds into a prepaid debit card. These debit cards are typically branded with Visa or Mastercard, giving you flexibility to pay bills or swipe for necessities in-store 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 payday loan alternatives:
  • Visit A free and confidential service that connects you to organizations that can help with finances, food, housing and more.
  • 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.

Prepaid debit card payday loans

Payday loanPrepaid debit cardProvinces where payday loan is availableMaximum loan amount
Picture not described
  • Titanium+ Prepaid Mastercard.
  • Load funds into this card at 1 of 500+ Money Mart locations.
  • If you apply online, you can get the prepaid Visa card.
Online: AB, BC, MB, NS, ON, SK

In-store: AB, BC, MB, NS, NT, ON, SK, YK

cash money
  • 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.

Online: BC, NL, NS, ON, SK

In-store: BC, SK, MB, ON, NS, NL


What are prepaid debit cards?

A prepaid debit card essentially works like a reloadable gift card. After money is loaded into a prepaid card, you can use your card like you would any debit or credit card. Once you spend the money in your prepaid card, you can reload it or throw it away.

How do payday loans with prepaid debit cards work?

You can apply either online or in-store to get a payday loan with a prepaid debit card. Once you’ve been approved, the lender will transfer your funds into a prepaid card and either hand it to you in person or mail it to you.

You’ll need to register the card in your name either in person, by phone or online. Once you’ve registered your card, you can use it anywhere Visa or Mastercard is accepted. You can use the card in-store, online, at ATMs to withdraw cash or to pay bills.

How do I repay my debit card payday loan?

If you have a chequing account, the lender will withdraw from it on the due date. If you don’t have a chequing account, you can visit one of the stores to repay your debit card loan in person.

What do I need to get a payday loan with a prepaid card?

While requirements can vary among lenders, you would generally need to meet the following criteria:

  • Be the age of majority in your province or territory.
  • Be a Canadian citizen or resident.
  • Provide government-issued ID, such as your driver’s licence
  • Provide proof of recurring income, such as employment income or government benefits

Benefits of debit card payday loans

Prepaid debit cards offer the flexibility to discreetly spend your payday loan funds anywhere your card is accepted. Here are the benefits to consider:

  • Widely accepted. You can use a prepaid card wherever Visa or Mastercard is accepted.
  • Quick and easy access to funds. If you apply in person, you can walk in and walk out with your prepaid card.
  • Reloadable. After paying off your first loan, you can reload your prepaid card with a new loan.
  • No bank account required. The lender deposits your funds into your prepaid debit card rather than your bank account.
  • Direct deposits. Prepaid cards can receive direct deposits, offering a quick way to access your paycheque, tax refunds and government benefits.
  • Potential rewards. Some prepaid card providers allow you to earn cash rewards with your spending.
  • Bad credit below 560 is OK. As long as you can demonstrate your ability to repay your loan, your credit score isn’t the biggest factor for approval.

What to watch out for

  • High borrowing fees. Payday loans charge considerably higher fees than other types of loans. The fees are regulated by the provincial governments, and rates vary.
  • Fee to activate or use. You may be charged a fee to use or activate the prepaid debit card.
  • 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.
  • Cycle of debt. Make sure you’ll have enough income left over to pay for other debts once you repay your payday loan. If not, you may be inclined to take out another payday 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 debit card vs. cash vs. direct deposit vs. e-transfer payday loans

Four ways to get your payday loan are through a prepaid card, cold hard cash, direct deposit and e-transfer. Keep in mind that not all lenders offer all options.

Funding optionWhere you can applyTypical turnaround timeWhen is this option best?
Prepaid cardOnline or in-storeInstant if you get the card in-store, instant if you use an existing prepaid card, a few business days if a new card is being mailed to you
  • If you don’t have a valid bank account
Cash at a storeOnline or in-storeInstant
  • If you prefer cash
Direct depositOnline1 business day
  • If you don’t have e-transfer and you can wait for 1 business day
E-transferOnline or in-storeAs little as a few minutes after approval with Interac
  • If you want to apply online and need funds as soon as possible
  • If you want to apply in-store but have the money emailed to you

Compare online payday loans

If you prefer to apply online and get your funds via e-transfer or direct deposit, compare payday lenders below that offer this.

1 - 2 of 2
Name Product Loan Amount Loan Term Interest Rate Turnaround Time Serviced Provinces Offer Table description
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).
Instant decision and e-Transfer funding. Income of at least $1,000/month required.
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.
24/7 instant approval and e-Transfer funding. Income of at least $800/month required.

What to consider before applying for debit card loans

Before you apply for a debit card payday loan, consider how you’ll repay it. Payday loans are notorious because of their high borrowing cost. Late or missed payments can lead to fees and penalties, and defaulting on your loan could result in long-term damage to your overall credit.

Payday loans are regulated by the provincial or federal government to help protect you against predatory lending. Before applying for a payday loan, confirm that the lender is licensed and follows all government regulations. Before signing a contract, review the terms and conditions of your loan, and ask questions about anything you don’t understand.

Finally, explore alternatives to payday loans first.

Bottom line

Even though your payday loan options are more limited when you don’t have a bank account, some lenders can work with you. To learn more about payday loans, check out our comprehensive guide to payday loans.

Frequently asked questions

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