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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.
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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
I have no bank account an in need of an emergency loan!?!?
joelmarceloSeptember 25, 2018
Hi Maylee,
Thanks for leaving a question on finder.
Without a checking or savings account, your loan options may come up short. But alternative services could be a way for you to bridge a financial gap without the need for your local bank. To compare from lenders who offers loan without a bank account.
Please send me a message if you need anything else. :)
Cheers,
Joel
AliceSeptember 14, 2018
Iam recieving SSI. Every month my money is direct deposit on my Direct Express Debit card can i get a payday loan
Finder
CharisseSeptember 15, 2018Finder
Hi Alice,
Thanks for reaching out to finder.
Yes, you can apply for a payday loan even if you are receiving SSI benefit. Generally, lenders offering payday loans require their applicants to have a steady source of income and most lenders consider SSI benefit as a form of income. These lenders do not always require the borrowers to have a bank account as well, so having a prepaid debit card will still suffice.
However, before applying, it’s always good to check the lender’s eligibility criteria and also read relevant documents with the loan term agreement to help you decide if it best suits your needs.
I hope this helps.
Cheers,
Charisse
AngelaJuly 31, 2018
How long does it take to get prove for a small loan
joelmarceloJuly 31, 2018
Hi Angela,
Thanks for leaving a question on finder.
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. Please send me a message if you need more help. :)
Cheers,
Joel
Ta-NaeJuly 24, 2018
Can I get A payday loan without a checking account?
joelmarceloJuly 25, 2018
Hi Ta-Nae,
Thanks for leaving a question on Finder.
You can check out our no-bank account loans guide to compare available options. The lenders on this page require you to have a bank account. Once you have decided on a suitable loan for your needs, you may click on the green ‘Go to site’ button to submit your application or know more about the loan offer.
Cheers,
Joel
RyanJuly 14, 2018
I draw disability $853 a month I need to loan $500 my credit isn’t good and my money comes on a Direct Express Card can I still get a loan even though I don’t have a bank account and just comes on the card
Finder
JoshuaJuly 24, 2018Finder
Hi Ryan,
Thanks for getting in touch with finder. I hope all is well with you. :)
The answer to your question is yes. It is still possible for you to obtain a loan by using your prepaid debit card. Since you mentioned you receive disability, then you may find our list of loans for people on pension helpful.
I hope this helps. Should you have further questions, please don’t hesitate to reach out again.
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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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 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 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.
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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I have no bank account an in need of an emergency loan!?!?
Hi Maylee,
Thanks for leaving a question on finder.
Without a checking or savings account, your loan options may come up short. But alternative services could be a way for you to bridge a financial gap without the need for your local bank. To compare from lenders who offers loan without a bank account.
Please send me a message if you need anything else. :)
Cheers,
Joel
Iam recieving SSI. Every month my money is direct deposit on my Direct Express Debit card can i get a payday loan
Hi Alice,
Thanks for reaching out to finder.
Yes, you can apply for a payday loan even if you are receiving SSI benefit. Generally, lenders offering payday loans require their applicants to have a steady source of income and most lenders consider SSI benefit as a form of income. These lenders do not always require the borrowers to have a bank account as well, so having a prepaid debit card will still suffice.
However, before applying, it’s always good to check the lender’s eligibility criteria and also read relevant documents with the loan term agreement to help you decide if it best suits your needs.
I hope this helps.
Cheers,
Charisse
How long does it take to get prove for a small loan
Hi Angela,
Thanks for leaving a question on finder.
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. Please send me a message if you need more help. :)
Cheers,
Joel
Can I get A payday loan without a checking account?
Hi Ta-Nae,
Thanks for leaving a question on Finder.
You can check out our no-bank account loans guide to compare available options. The lenders on this page require you to have a bank account. Once you have decided on a suitable loan for your needs, you may click on the green ‘Go to site’ button to submit your application or know more about the loan offer.
Cheers,
Joel
I draw disability $853 a month I need to loan $500 my credit isn’t good and my money comes on a Direct Express Card can I still get a loan even though I don’t have a bank account and just comes on the card
Hi Ryan,
Thanks for getting in touch with finder. I hope all is well with you. :)
The answer to your question is yes. It is still possible for you to obtain a loan by using your prepaid debit card. Since you mentioned you receive disability, then you may find our list of loans for people on pension helpful.
I hope this helps. Should you have further questions, please don’t hesitate to reach out again.
Have a wonderful day!
Cheers,
Joshua