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
Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our content.
Updated . What changed?
These lenders will load a payday loan onto a prepaid debit card that you can swipe at stores or online.
|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+|
|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+|
|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.||Read review|
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:
Debit card cash advances are not the same as a prepaid debit card loan. With some bank accounts, you can use your debit card to overdraw your account to access cash for an overdraft fee of around $34 per withdrawal. Some banks might also charge an extended overdraft fee of around $25 per week your account is negative.
Since payday loans often cost around $15 per $100 borrowed, a debit card cash advance is generally more expensive. But once you top $300, it could cost you less — as long as you repay before the extension fees kick in.
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.
You can find a 5% interest savings account in 2020. But find out if it’s worth it here.
This lender is transparent about fees — but still a risky choice.
A new virtual debit card for kids that’s free to use when you make at least one purchase a month.
A new debit card that lets you spend crypto and earn crypto anywhere Visa is accepted.
Forthcoming XTM kiosks will convert your cash into a contactless prepaid card in less than 60 seconds.
You won’t be able to apply for a new loan unless you’re a returning customer.
Get near-instant access to LendFi loan funds, plus earn 4% cashback on all purchases with the LendFi Visa Card.
Find out which Chase credit cards have no foreign transaction fee.
A first-of-its-kind card that lets you use cryptocurrency without having to cash it out first.
Get connected with a merchant cash advance using a provider that specializes in medical and dental practice loans.
finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. While we are independent, the offers that appear on this site are from companies from which finder.com receives compensation. We may receive compensation from our partners for placement of their products or services. We may also receive compensation if you click on certain links posted on our site. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. finder.com compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Please appreciate that there may be other options available to you than the products, providers or services covered by our service.