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These days, most lenders deposit your loan funds directly into your checking account. But a few lenders can load a payday loan (or similar) onto an existing debit card. Or, as one alternative, some cash advance providers may be able to deposit advances onto your debit card or offer their own cards to fund.
However, like other short-term loans, debit card loans are best used as a last resort, as they can come with rates of 400% or more. Plus, some lenders may require you to visit a physical location, not all debit cards are eligible and you typically need an open and active checking account to qualify.
5 lenders that offer debit card loans
These lenders will load a payday loan onto your personal debit card or prepaid card that you can swipe at stores or use online.
Cash advance apps can be a good alternative to payday loans, with lower fees, more favorable terms and features and the ability to use a debit card for quick access to funds.
We currently don't have that product, but here are others to consider:
How we picked these
What is the Finder Score?
The Finder Score crunches 3+ types of short-term loans across 65+ lenders. It takes into account the product's interest rate, fees and features, as well as the type of loan eg investor, variable, fixed rate - this gives you a simple score out of 10.
To provide a Score, we compare like-for-like loans. So if you're comparing the best short-term loans for all credit types, you can see how each short-term loan stacks up against other short-term loans with the same borrower type, rate type and repayment type.
A debit card loan is any type of loan where the funds are deposited onto a debit card instead of into your bank account (or disbursed as cash or a check). The debit card could come from your regular bank, an online bank or it could be a prepaid debit card.
In general, payday lenders are the only ones who offer debit card loans, but they may also deposit funds from other loan types, too, like installment loans or title loans. Payday debit card loans are typically due on your next pay date, but some loan options offer longer loan terms.
Pros and cons of a prepaid debit card payday loan
Payday loans come with their own set of benefits and drawbacks.
Pros
Easy access to funds. Once your lender transfers your money to your card, you can use it to shop at stores or online, pay your bills or withdraw cash at an ATM.
Can set up your card for other deposits. Most prepaid cards can receive direct deposits, offering fast access to your paycheck, tax refund advances and government benefits.
Earn rewards with the right card. Some debit card providers allow you to earn cash back or other rewards with your spending.
Multiple lenders to choose from. If you live in a state where payday loans are legal, you’ll find several lenders that offer this type of loan. Compare the ease of applying and turnaround to find the best option for your needs.
Cons
High fees. Payday lenders charge considerably higher fees than other types of lenders, which could get you caught in a cycle of debt.
Short repayment terms. As the name implies, your loan is typically due on your next payday, although some extend up to 30 days. 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.
How to apply for a debit card loan
Applying for a prepaid debit card payday loan is similar to other types of loans, except it may not require a hard credit check.
Check requirements. You’ll likely need a steady source of income, be a US citizen or permanent resident, have an active bank account and be the age of majority in your state. Most payday lenders don’t check your credit score, although they might if you opt for a larger loan.
Gather documents. You’ll likely need your SSN, valid identification, pay stubs, employer information and proof of address.
Apply. If you apply online, you could receive a lending decision within minutes. Payday lenders often have fast turnaround times, and some may even fund your debit card within 30 minutes.
What to watch out for
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 there is a very real risk of falling into a cycle of debt if you borrow money between paychecks often.
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.
Alternatives to debit card loans
With high fees associated with debit card loans, you may want to consider other options.
Personal loan. You can borrow as little as $1,000 with a personal loan, and you’ll have longer to pay it back at a lower rate than a payday loan. However, you may need good credit to qualify.
Installment loan. Payday lenders often provide installment loans, too, but these lenders may have better rates and more favorable loan terms.
Cash advance apps. It’s typically easy to qualify for a cash advance app. They’re cheaper than debit card payday loans, and funding is practically instant for a small fee.
Buy now, pay later (BNPL) apps. If you don’t need cash, a BNPL app is an easy way to make larger purchases and pay over time. And you may not even be charged interest.
Bottom line
A 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.
Frequently asked questions
Unfortunately, most lenders that offer debit card loans require a bank account. Check out our guide of no bank account lenders to see potential lending options.
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. But you may be able to withdraw money from your prepaid debit card and pay the lender directly.
Lacey Stark is a freelance personal finance writer for Finder, specializing
in banking, loans, investing, estate planning, and more. She has 20
years of experience writing and editing for magazines, newspapers, and
online publications. A word nerd from childhood, Lacey officially got her
start reporting on live sporting events and moved on to cover topics
such as construction, technology, and travel before finding her niche in
personal finance. Originally from New England, she received her
bachelor’s degree from the University of Denver and completed a
postgraduate journalism program at Metropolitan State University also
in Denver. She currently lives in Chicagoland with her dog Chunk and
likes to read and play golf.
See full bio
If I have a prepaid card but do not have a bank account can it be deposited into it?
Finder
HaroldJuly 13, 2017Finder
Hi Cecil,
Thank you for your inquiry.
You could get a payday loan from a lender and have the funds deposited onto a prepaid debit card.
I hope this information has helped.
Cheers,
Harold
AyubaMarch 19, 2017
Please how do i get $500 loan in to my bank account?
Finder
HaroldJuly 13, 2017Finder
Hi Ayuba,
Thank you for your inquiry.
While we do not represent any company that we feature on our pages, we can offer you a general advice. In general, you can get your payday loan from a lender and have the funds deposited onto a prepaid debit card.
I hope this information has helped.
Cheers,
Harold
JenniferMarch 16, 2017
How can i use my debt card to get a pay loan
Finder
HaroldJuly 13, 2017Finder
Hi Jennifer,
Thank you for your inquiry.
If you’re approved the lender will transfer the funds into your loan account, which you can then access using the debit card.
I hope this information has helped.
Cheers,
Harold
BobbyMarch 9, 2017
I want to let you know that these loans were quoted different rates and interest rates. Also they do not accept prepaid debit cards because they claim the banks are called IE meta bank or other names, and these cards are send by them on which they only accept physical bank branch issued visa debit ATM cards like Wells Fargo or bank of America or any banks. No prepaid cards are being accepted and they will just deny applications and and say oh here are some offers just to push prepaid card holders away and avoid them. That’s what they are doing so bad news for prepaid users, they cannot get loans at all, nowhere in the US.
JonathanJuly 31, 2017
Hello Bobby,
Thank you for your inquiry.
Most of the lenders featured require an active checking account under your name for the loan proceeds to be electronically deposited for faster processing. However, there may be other merchants who can accommodate store pick-up or cheque in the mail if you’re unable to open a bank account. The options will vary per merchant and per state regulations.
Hope this clarifies.
Cheers,
Jonathan
SteveFebruary 24, 2017
I direct Exspress for my SSI it is pending until 3/1/17 can I get money on green dot card
Finder
HaroldJuly 19, 2017Finder
Hi Steve,
Thank you for your inquiry.
Regarding this matter, you may need to contact customer service for Green dot directly or compare other debit card loan options above.
Check City offers payday loans and installment loans to people looking for money quickly regardless of credit score. Read about other similar providers.
Spotloan provides next day funding when you need money fast, but it is a tribal lender with sky-high APRs. Find other providers with similar services but much better rates and terms.
OpenCashAdvance.com specializes in what is known as cash advance loans, which are payday cash loans. Learn more about them here.
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We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
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If I have a prepaid card but do not have a bank account can it be deposited into it?
Hi Cecil,
Thank you for your inquiry.
You could get a payday loan from a lender and have the funds deposited onto a prepaid debit card.
I hope this information has helped.
Cheers,
Harold
Please how do i get $500 loan in to my bank account?
Hi Ayuba,
Thank you for your inquiry.
While we do not represent any company that we feature on our pages, we can offer you a general advice. In general, you can get your payday loan from a lender and have the funds deposited onto a prepaid debit card.
I hope this information has helped.
Cheers,
Harold
How can i use my debt card to get a pay loan
Hi Jennifer,
Thank you for your inquiry.
If you’re approved the lender will transfer the funds into your loan account, which you can then access using the debit card.
I hope this information has helped.
Cheers,
Harold
I want to let you know that these loans were quoted different rates and interest rates. Also they do not accept prepaid debit cards because they claim the banks are called IE meta bank or other names, and these cards are send by them on which they only accept physical bank branch issued visa debit ATM cards like Wells Fargo or bank of America or any banks. No prepaid cards are being accepted and they will just deny applications and and say oh here are some offers just to push prepaid card holders away and avoid them. That’s what they are doing so bad news for prepaid users, they cannot get loans at all, nowhere in the US.
Hello Bobby,
Thank you for your inquiry.
Most of the lenders featured require an active checking account under your name for the loan proceeds to be electronically deposited for faster processing. However, there may be other merchants who can accommodate store pick-up or cheque in the mail if you’re unable to open a bank account. The options will vary per merchant and per state regulations.
Hope this clarifies.
Cheers,
Jonathan
I direct Exspress for my SSI it is pending until 3/1/17 can I get money on green dot card
Hi Steve,
Thank you for your inquiry.
Regarding this matter, you may need to contact customer service for Green dot directly or compare other debit card loan options above.
I hope this information has helped.
Cheers,
Harold