Borrow money and have it loaded onto a debit card, not your bank account.
Sometimes it’s the little things that prevent you from getting a leg up in a financial emergency. When you’re looking for a little cash to bridge the gap between paydays, not having a valid bank account for direct deposit could prevent you from getting a loan.
But that trend is changing. Today, you’ll find short-term lenders combining access to fast cash with the convenience of 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 retailers nationwide.
Here’s what to know about prepaid debit cards that can help you access your loan funds without a bank account or strong credit.
Looking for a loan that doesn't require a bank account?
Check out our no-bank-account loans guide to compare available options. The lenders on this page require you to have a bank account.
How does a prepaid debit card loan work?
With a prepaid debit card loan, you apply for your short-term loan either online or in a store. If you’re approved, your lender transfers your approved funds into an eligible loan account. It then registers a prepaid debit card with that account, either handing it to you in person or mailing it to your home.
You’ll typically need to register the card in your name, either in person, by phone or online. Because most prepaid cards are either Visa or Mastercard, you can then begin using your card as you would any other type of credit card. Use it at retailers, utilities or even ATMs to withdraw your cash — wherever and whenever you need it.
Can I reuse the prepaid card for another loan?
Yes. If you need a loan in the future, you’re often able to receive your funds on the same card for a fee, sometimes even with a different lender.
And you’re not limited to receiving only payday loans to your debit card. You can often set it up to receive direct deposits, providing quick access to your paycheck, government benefits or tax refunds.
Compare more short-term loan options
Top 6 reasons to consider a prepaid debit card payday loan
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 six reasons you might benefit from this type of loan:
- You don’t always need a bank account. With a prepaid debit card loan, your lender deposits your approved funds onto the card for immediate use.
- You can easily access your funds. Once your lender transfers your money to your card, you can use it to shop for groceries and more at stores, pay your bills online or over the phone, even withdraw cash at an ATM.
- You can set up your card for other deposits. Most prepaid cards can receive direct deposits, offering a way to quickly access to your paycheck, tax refunds and government benefits.
- You could earn rewards with the right card. Some prepaid card providers allow you to earn cash rewards with your spending.
- You can choose from multiple lenders. If you live in a state where payday loans are legal, you’ll find lenders to choose from. Compare the ease of applying and turnaround to find the best option for your needs.
- You can use your money however you’d like. What you do with the loan is up to you. Use it for car repairs, forgotten bills or to get by until payday.
What are the benefits and drawbacks to consider?
How a prepaid debit card can help
- No bank account required. You’ll find lenders that approve loans for borrowers who don’t have a bank account.
- 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.
- 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.
What to look out for
- High fees. Payday loans charge considerably higher fees than other types of loans, resulting in a costly form of credit.
- 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.
- Disreputable lenders. Plenty of shady lenders are out there trying to take advantage of people at their most vulnerable. Confirm that your lender is licensed and operates legally in your state before signing a contract.
Other considerations to keep in mind
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 and interest rates. Late or missed payments can lead to additional fees and stiff penalties. And default 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.
How to apply for a prepaid debit card loan
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 must be a US citizen or permanent resident.
- You must be at least 18 years old (or the age of majority in your state)
- You must be able to prove a steady source of income.
When applying, you typically must submit:
- Your name and personal contact information.
- Your Social Security number and date of birth.
- Government-issued ID, such as your driver’s license.
- Your employment status and income details.
Can’t I have my loan funds deposited into a friend’s account?
No. You need to have an active bank account in your name — not just any bank account. Lenders typically check this before approving your application. If you don’t have a bank account, one of your options is applying for a small-dollar loan loaded on to a prepaid debit card.
What do I do if my application is denied?
Applying through a loan connection service could increase your chances of approval, as these providers have a large network of lenders that offer loans with varying eligibility criteria.
A lender could deny your application for a number a reasons. Common rejection reasons include: living in an ineligible state and not having sufficient income. If you’re denied because of your state of residence, visit our payday loan state directory to find loan options available in your state. If you’re denied because of insufficient income, consider looking at lenders who accept applicants who are unemployed or receive welfare.
Bottom line
You don’t need to have a bank account to get a payday loan. Your options may be limited, but you can find lenders willing to work with you.
Whether you decide to get a prepaid debit card loan or cash from a storefront, it’s important to consider how you’ll be able to repay it. Missing payments or defaulting on the loan will lead to extra fees and charges on top of possibly damaging your credit. Be sure you’re able to repay whatever you borrow quickly before you sign a contract.
My question is can I use my pay xard thru my job
Hi Lynette,
Thank you for reaching out to finder.
Apart from using a prepaid card to have the funds transferred to you, you can also opt on using a bank account under your name like a personal bank account or a bank account for your salary for the funds to be transferred to. Hope this helps!
Cheers,
Reggie
How can I apply prepaid card and loan?
Hello Rose,
Thank you for your comment.
To apply for a prepaid card, please check first our guide that explains how prepaid cards work. On the same page, you’ll get to compare the cards’ fees and benefits. After comparing, please click the Go to Site button if you think that the card is right for you. Please make sure that you’ve read the relevant T&Cs or PDS of this account to help consider whether the product is right for you.
To apply for the loan, please compare the loans available in your state first, by entering your state above. Then compare the loans and click the Go to Site button to apply. Please make sure that you’ve read the relevant T&Cs or PDS of the loan products before making a decision and consider whether the product is right for you.
Regards,
Jhezelyn
I need to know if I can get a $500 loan and I do not have a checking account. I need this loan until I receive my income tax return. I filed my taxes on Jan 18th 2019.
Hi Tammy,
Thank you for your comment.
Yes, you may be considered for a loan even without a checking account, however, the process may not be as easy as those with bank accounts. Please refer to this page that will guide you for a no bank account loans. One of the things that the lenders will be checking is your credit score and financial ability to pay back the loan.
You will see a comparison table on site. Check on Loan type, How it works, Eligibility and the cost. Kindly review and compare your options in the table displaying the available providers. Once you have chosen a particular provider, you may then click on the “Go to site” button and you will be redirected to their website where you can proceed with the application or get in touch with their representatives for further inquiries you may have. Consider calling ahead to make sure you can qualify without a bank account.
Please make sure that you’ve read the relevant T&Cs or PDS of the loan products before making a decision and consider whether the product is right for you.
Regards,
Jhezelyn
How do I apply?
Hello Gaisha,
Thank you for your comment.
If you’re referring on how to apply for the payday loan, first, you’ll need to compare or shop around for a payday loan product. The lenders listed above offer payday loans, just enter your zip code and click show me my options and you’ll get personalized loan options in your location. After comparing the products, please click the Go to Site button to be redirected to your preferred lender.
Please be advised that Payday Loan Requirements may vary from lender to lender so it’s important to meet the requirements, as well as the eligibility criteria before submitting an application for the loan.
Please make sure that you’ve read the relevant T&Cs or PDS of the loan products before making a decision and consider whether the product is right for you.
Regards,
Jhezelyn
Can i use my prepaid card i already have
Hi Deanna,
Thanks for getting in touch! To find out if you can use your prepaid card to get a loan contact your lender as soon as possible. They would be able to assess you accordingly and guide you the best loan and monthly repayments for you!
Kindly review the eligibility criteria of the loan before applying to increase your chances of approval. Read up on the terms and conditions and product disclosure statement and contact the bank should you need any clarifications about the policy.
Hope this helps. Don’t hesitate to message us back if you have more questions.
Regards,
Val
Can I really get a loan today
Hi Terri,
Thanks for getting in touch! To find out if you can get a loan today, contact the lender you want to go for as soon as possible. They would be able to assess you accordingly and guide you the best loan and monthly repayments for you! As a friendly reminder, review the eligibility criteria of the loan before applying to increase your chances of approval. Read up on the terms and conditions and product disclosure statement and contact the bank should you need any clarifications about the policy.
Hope this was helpful. Don’t hesitate to message us back if you have more questions.
Best,
Nikki
Besides Ace and Speedy cash who else would possibly lend me $500 on my prepaid card?
Hi Steven,
Thank you for leaving a question.
First of all you need to check if Payday Loans are available in your state. There are different options and requirements per state.
On the page you are in. You can personalize loan options, enter your State and click on show me my options.
Kindly review and compare your options in the table displaying the available providers. Once you have chosen a particular provider, you may then click on the “Go to site” button and you will be redirected to their website where you can proceed with the application or get in touch with their representatives for further inquiries you may have.Before applying, please ensure that you meet all the eligibility criteria and read through the details of the needed requirements as well as the relevant Product Disclosure Statements/Terms and Conditions when comparing your options before making a decision on whether it is right for you.
Hope this helps!
Regards,
Val
I need a loan and I have a job and no bank account. Who would lend me $1,000 to my debit card
Hi Quentin,
Thanks for getting in touch with finder. I hope all is well with you. :)
If you don’t have a bank account, you can still apply for a loan. Please go to this page to know how to get a loan with no bank account and check a list of lenders who might be able the help you.
Moreover, if you want to get a payday loan on a prepaid debit card, you are on the right page. Please check the comparison table above to know more about your options. Click on the “Go to site” green button to be redirected to your chosen lender’s website.
Please make sure that you’ve read the relevant T&Cs or PDS of the loan products before making a decision. Moreover, check the eligibility requirements as well and consider whether the product is right for you.
I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.
Have a wonderful day!
Cheers,
Joshua
Is it possible to get a loan without a bank account
Hi Kathy,
Thanks for getting in touch with finder. I hope all is well with you. :)
Yes, it is possible. On this page, you’ll see a list of loans you can actually get without a bank account. Once you’re on the page, you’ll see a table that allows you to quickly compare your options. Click on the “Go to site” green button when you found the right lender for you.
Please make sure that you’ve read the relevant T&Cs or PDS of the loan products before making a decision. Moreover, check the eligibility requirements as well and consider whether the product is right for you.
I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.
Have a wonderful day!
Cheers,
Joshua
Can I get a cash loan with a check from my bank
Hi Kayla,
Thanks for getting in touch with finder. I hope all is well with you. :)
Yes, that’s possible especially if you have a checking account. On this page, you will a table that allows you to conveniently compare your options. Once you found the right lender, click on its “Go to site” green button.
Please make sure that you’ve read the relevant T&Cs or PDS of the loan products before making a decision. Moreover, check the eligibility requirements as well and consider whether the product is right for you.
I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.
Have a wonderful day!
Cheers,
Joshua