How to Get Payday Loans With Prepaid Debit Card
If you don’t have a checking or savings bank account, you can use a prepaid debit card to receive the loan amount. This type of card is an alternative to the banking card, and it allows you to get a loan despite poor credit and directly spend the cash loaded on the prepaid card.
Just like any debit card, an individual can use the prepaid debit card to make payments directly at any merchant outlet in a similar way as they use any Mastercard or Visa. Using your card is a much more convenient method than paying in cash.
Debit Card Loans
Some direct lending companies may also offer a debit card loan for which you do not require to have any bank account. If you have a card, that is enough for the loan provider to send money directly to the prepaid debit card.
There is no wire transfer of the loan amount. You need to mention the card during the application process to get the funds in your account. The APR rates for these loans may be too high, ranging from 200 to 700%. It can be applied both online and physically in-store.
Loans in Bitcoin
Loans in Bitcoins is a much-advanced method of taking cash loans, and not every payday lender offers this service. However, the loans in Bitcoin are fast gaining popularity in the world of digital currency. This type of cryptocurrency payday loan does not require any bank account.
This type of loan service is also relatively new for current borrowers. As a result, there is no average ount) associated with this https://paydayloansohio.net/cities/brookville/ option. Each direct lender has the rights reserved to establish their fees, commissions, and timeframes.
As mentioned above, getting a payday loan in a prepaid debit card is one of the quickest and most reliable methods of getting paid online. The online payday loan application process is almost the same when you request funds in your checking account.
Do a quick search on Google to find a list of service providers that offer a payday loan on prepaid debit cards and choose one that looks most authentic. You need to look at company information, contact details, interest rates, and hidden fees.
When you visit the website of a direct loan lender that accepts prepaid debit cards, for example, Massat Loan, you will find an online application form on the home page. Fill it up with essential information such as your full name, age, email address, and so on. In the place of bank account information, you will need to mention that you require your prepaid debit card funds.
If you are unsure about how to do it, call up the customer representative or talk on live chat to get concise answers to your queries. While many prepaid debit cards allow you to pay directly on merchant outlets, others may require you to withdraw cash from the ATMs.
If you don’t have a prepaid debit card account already, then you may get one quicker than a savings or checking account and use it to apply for a payday loan. Once the application for a loan with a prepaid debit card is approved, the money reaches your account in less than 24 hours, and you get spending ability in your hands.
The repayment is as agreed on the next paycheck, and many borrowers prefer to repay using their prepaid debit card only. When accepting the loan, you should read the terms and conditions clearly because the debit card loan lender has all rights reserved to establish any commission or APR rate. Here are a few salient features of a prepaid debit card loan: