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.
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 theseThe 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.
Payday loans come with their own set of benefits and drawbacks.
Applying for a prepaid debit card payday loan is similar to other types of loans, except it may not require a hard credit check.
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.
With high fees associated with debit card loans, you may want to consider other options.
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.
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If you’re planning to apply for a payday loan in Maryland, make sure you go through this guide first.
A PTO cash advance allows certain workers to cash in on their unused paid time off.
Find out if you can afford to take out that short-term loan.
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