Editor's choice: Check Into Cash Payday Loan
- Safe, secure application
- Use the money for any purpose
- Receive funds as soon as next business day
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|Lender||Loan amount||How it works||Requirements|
|Check into Cash||$50 – $1,000||Receive government benefits and your paycheck up to 2 days in advance after connecting your accounts.||Bank account, email address, phone number, US citizen or permanent resident, ages 21+|
|Speedy Cash||$50 to $26,000 (varies by state)||Have your payday loan deposited directly onto a prepaid debit card.||Must be 18+ years old (19+ in AL) and have valid ID, proof of steady income, an open checking account and working phone number.|
|Ace Cash Express||Varies by state||Connect your accounts to access your paycheck or government benefits up to 2 days in advance.||Steady source of income, checking or savings account, not currently in bankruptcy, ages 18+|
Unfortunately, most lenders that offer prepaid debit card loans still require you to have a bank account. Instead, check out our guide to lenders that don’t require a bank account to compare your other options.
The application process works just like any other short-term loan: Compare lenders before applying online, at a branch or over the phone. If you’re approved, your lender will transfer your funds into an eligible loan account and give you your debit card either in person or send it in the mail. From there, you may need to register the card in your name.
Because most prepaid cards are either Visa or Mastercard, you can then use it at retailers or to pay bills. You may even be able to withdraw cash from an ATM, although this might come with extra fees.
Yes. If you need a loan in the future, you’re often able to transfer your funds onto the same prepaid debit card for a fee. And you’re not limited to just loans. You may be able to receive direct deposits on your card — providing quick access to your paycheck, government benefits or tax refund.
It depends on the lender. Some may allow you to make payments with a prepaid debit card, but it could mean you pay an extra fee. Other lenders may only accept bank account transfers — which means you won’t be able to make a payment with a debit card.
Here are four ways you might benefit from this type of loan:
Before you borrow any short-term loan — no matter how you receive your funds — be aware of these drawbacks:
Before you apply for a prepaid debit card payday loan, consider how you’ll repay it. Among the most notorious types of lending, payday loans often come with high fees. Late or missed payments can lead to additional fees and stiff penalties. And defaulting can result in a lower credit score and long-term damage to your overall credit.
Prepaid debit card payday loans are governed by state regulations that limit how much you can borrow and for how long. These laws are designed to protect you against predatory lending. Carefully review the terms and conditions of your specific loan, and ask questions about anything you don’t understand before signing any contract.
To protect yourself against an illegitimate lender, confirm that yours is licensed and allowed to lend in your state.
Depending on the lender, you’re often able to apply for a prepaid debit card loan online or in person.
You’ll need to meet the following criteria at a minimum to qualify:
Most lenders ask for the following details during the application process:
A lender could deny your application for several reasons, including:
If your application is denied, applying through a loan connection service could also increase your chances of approval, as these providers have a large network of lenders that offer loans with varying eligibility criteria.
A prepaid debit card can be a convenient way to receive your payday loan, but it comes with the same risks and costs as any other short-term loan. Before you commit to a lender, learn more about how payday loans work to ensure they’re the right fit for you.
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