Payday loans with a prepaid debit card

Payday loans with a prepaid debit card

Payday loans with a prepaid debit card are fast approved short term loans. These are special loans wired to a prepaid debit card, which means that you can get a loan without a bank account.

This is how to get a loan on my prepaid debit card: first, try to call your local payday loan stores and ask if they give out payday loans with debit card. Here is a map with the payday loan shops near you: click here. If that does not work, select one of the few payday loan companies that do payday loans with a prepaid debit card online, such as PersonalLoans.com.

Payday loan companies that accept debit cards are hard to find because business is so profitable most don't care to offer the additional service to help people out with debit card loans with no bank account. However, those that do it will be pleased to have your as a customer and will give you payday loans with debit card online regardless of headaches.


payday loans with debit card

    Payday loans with debit card: a summary

    Payday loans deposited on prepaid debit card are just like regular payday loans you can get at your corner store, except they money is loaded into a card instead of being deposited into your checking account. Payday loan companies that accept debit cards are not hard to find, but you will have to do some of the hard work yourself: give companies a call to every company selling payday loans that accept debit cards in your area.

    A financial safety notice: A payday loan with a debit card is a cash emergency loan that should ONLY be used when you temporarily run out of funds. This is the key to a successful pay day loan with debit card transaction: you must only use it if you exhausted every other available option to you.

    A payday loans debit card direct deposit is available right from the store. If you have a working debit card that is suitable for use (according to the rules of the payday loan shop) you may be able to get your hands on a loan right away. Otherwise, you will get a payday loans with debit card only after 2 weeks


prepaid card loans

    Prepaid card loans: be careful, there are sharks in this waters!

    There are loans that accept prepaid accounts that will advertise rates that seem more reasonable than the competition. Therefore, If you are thinking of taking out loans that accept prepaid cards it is imperative that you read the fine print, know about the debit card service charge (and other debit card charges), consult on the availability of free debit cards with no fees (there are debit cards with no monthly fee out there), if there are fees for rechargeable debit card and if you will be charged debit card overdraft fees.

    Payday loans with a prepaid debit card: what to watch out for.

  • Debit card service charge. Debit card charges are rampant as you must know already, so make sure you ask for a "full disclosure of the fees" and read everything. You may be surprised with the masterfully crafted language hiding fees from people.
  • Rechargeable debit card: will I pay to recharge my payday loan prepaid card? Free debit cards with no fees simply do not exist in this arena. You will be paying to recharge your card with very few exceptions. The answer here is simple: do not rollover your card. Period.
  • Debit card cost: what will it actually cost me? Just as with any payday loan, interest reals can be totally over 1000% APR after all fees, depending on your state of residence. You may be even be hit with debit card overdraft fees!


where to find prepaid debit card loans

    Where to find prepaid debit card loans: the answer to the "debit card loans near me" question!

    As discussed in previous paragraphs, debit card payday loans direct lenders prefer to give you a debit card loan if you just go into their shop. So, you must be asking yourself "are there companies offering payday loans with debit card near me?" You don't even have to go back to google: Click here for a map for payday loans that accept prepaid accounts!

    Payday loans with a prepaid debit card: what companies give out loans for people with prepaid debit cards?

  • Visit your local payday loan shop. You will surely find someone that will be able to serve you and often you will get money the same day. Remember to read the fine print!
  • Visit specific online sellers. Companies such as Cash Central, Speedy Cash and TitleMax offer payday loans with debit card services in different ways.


online payday loans with prepaid debit cards

    Online payday loans with prepaid debit card: what documents do I need?

    Any and all online loans that accept prepaid cards will require that you present some documentation in order to comply with their "know your customer" requirements. It just means that you have to at least provide information about yourself, where you live, your work status (all with proof) if you want to get online payday loans using prepaid debit card. At a local store, it is the same story: you will have to provide some documents just as you would with prepaid card loans online.

    A list of documents you need to get debit card loans online

  • Proof of who you are:you are required to present with some form of national ID if you want to succeed at taking out online loans with prepaid debit card. Same for in-store applications.
  • Proof of where you live: You will need to provide proof of residence documentation such as a recent utility bill if you want to get online payday loans using prepaid debit card. In-store,
    again, the same story!
  • Proof you can repay the loan: Yes, you need a job, of course, if you want to be approved to payday loans online with debit card.

  • Are there any exceptions to this? No, all companies giving out online loans that accept prepaid debit cards will require at least the 3 types of proof above. Yes, even Walmart debit card loans!


cash loans on credit cards

    Cash loans on prepaid cards: can I do cash advances?

    Yes, you can take out money if you pay a fee. Again, you don't really have a normal credit card here: this is a normal (and ultra expensive) payday loan, with the only difference being that it is a cash loan wired to prepaid card instead of your checking account. In other words, these are normal cash loans and it does not matter what you use it for either.

    It is recommended that you are very careful with your loan and only use it for emergencies. What is an emergency? need to fix the car in order to get to work? Yes that is an emergency. Need to visit girlfriend you just met online in Omaha? Not advisable that you your a credit card cash loan on it.

    Where and how to get cash advance using debit card cash loans

  • Cash advance using debit card in any ATM machine. Debit card cash loans work just like normal visa debit card loans.
  • Places to get cash loans: will I have a pin number?Yes you will need a pin number which will be provided to you via mail when you go get your credit card cash loan.

  • These payday loans with debit card accounts are normal accounts, affecting your credit score if you don't repay and can become a financial nightmare if handled irresponsibly. PBS has done extensive research on the matter of payday loans with debit card and determined these to be a poor financial decision.



    Payday loans with a prepaid debit card: Am I ready to have this in my life?

  • Make sure you are emotionally stable. A lot of people make huge financial mistakes in life (getting into a gambling debt, for example) and go looking for payday loans that accept prepaid debit cards to solve the issue. Don't do it!
  • Exhaust all other options.Look everywhere first, ask every friend even if it is embarrassing. Just do it!


payday loans without debit card

    Payday loans without debit card: are there alternatives?

  • Pawnbrokers are great for fast loans without bank accounts. At a pawnshop your risk to become indebted is generally lower than with other type of loans that don't require a bank account. Just be careful they don't overcharge you with interests and extra fees. If this is the case, better stay out of it.
  • Bitcoin Loans are also a possibilities for people needing a loan without a bank account. Bitcoin loans are rather new in the market and there are 5 main bitcoin loan companies.
  • Consider taking a bank account so you can get a loan easier, we have a simply guide for you on how to get a free bank account without much hassle.

Payday loans with a prepaid debit card

    Payday loans with a prepaid debit card: a word of caution

    If you don't know this already, payday loans can be described as legalized loan-sharking given the high interest rates charges. For a few years now, payday loan companies have devised a new product called - prepaid debit cards - that take the practice of predatory lending to a whole new level.

    These payday loan prepaid cards aren't your run-off-the mill gift cards you can pick up at the local big store pharmacy, or major label prepaid cards you can get at a Walmart or at a bank. These cards are sinister because by acquiring it you authorize the payday loan company to get funds out of your account on due dates. There are high fees too.

    With normal payday loans, borrowers get their hands on much needed cash by writing a postdated check to their next payday, or giving equivalent online authorization. However, millions of Americans do not have bank accounts and this is where payday lender prepaid cards providers come in and profit.

    A person can visit their local payday lender -- Cash America, Check 'n Go, Advance America, Check City among others, and get one of these cards. They come under various names and labels: NetSpend Prepaid MasterCard, Purpose Card, Insight Visa Prepaid Card, U.S. Money Card, etc. Upon signing on the dotted line, the person gives authorization to load a paycheck onto a prepaid card while also authorizing the lender to debit the account for repayments and all sorts of fees.

    So, people are substituting a checking account for a prepaid debit card. They load their own money to the card and use it like a normal debit or credit card. The difference is, when the money is over, they have to take out another loan to use more funds.

    Research by consumer advocacy groups such as the National Consumer Law Center (NCLC) uncovered fees of $15 for a declined payment, $25 just to stop recurring payments. One of the cards charged $5 for a successful repayment of its loan! Multiple studies concluded that such prepaid cards exploit the vulnerable and are not an acceptable tool for controlling spending.

    Fees are outrageous and stack up quickly. NetSpend prepaid cards' 27 page customer contract - which are available everywhere by the way - has the words "fee" and "fees" over 125 times.

    Payday loans with a prepaid debit card: a comparison of overdraft fees

    Normal cards do not permit overdraft, so there is no such thing as an overdraft fee with those. Payday loan debit cards are not normal cards: they charge overdraft fees. Not only a person needs to purchase overdraft "protection" but they are also charged a fee if they buy something worth $50 with only having $20 in the account. Some of these fees can go as high as $15.

    Companies know users will overspend because it is hard to keep track of every little purchase if you are on a tight budget. NetSpend makes over 50 million a year in overdraft fees alone. Nearly 90% of NetSpend's customers pay overdraft.

    PAYDAY LOAN PREPAID CARDs: COMPARISON OF FEES

    Are payday loan debit cards fees comparable to those of normal prepaid debit cards from big box banks? See below a comparison between Chase's Liquid and the NetSpend Visa prepaid card.
    Fee Chase Liquid NetSpend Visa Payday Loan Card
    Opening fee $0 Up to $9.95. Fees depend on retail location
    Monthly service fee $4.95; $0 if card is linked to Chase account $0 to $9.95, depends on the plan
    Transaction fee $0 $0 to $2, depends on the plan
    Cash withdrawal fee, over the counter at financial institution $0 $2.50
    ATM withdrawal fee $0 at Chase ATM; $2 at non-Chase ATM, plus ATM owner fees (until Nov. 9, 2015, then $2.50 plus ATM owner fees) $2.50, plus ATM owner fees
    ATM decline fee $0 $1
    Card replacement fee $0 $9.95
    Overdraft fee No overdraft offered $15 for service; maximum of 3 fees/month

    The sum of all of these fees end up costing consumers, with the full cost of ownership of a payday loan prepaid debit card edging the absurd. Interest rates on payday loans can approach 1000% already with companies requiring that one performs balloon payments (principal and interest are due on the same day)

    A $300 payday loan requires that a customer pays $345 after 2 weeks. If you annualize the cost of this, it is already 300% interest. If a customer goes into overdraft, there could be provisions for higher interest nearing 500%.

    The biggest difference between big box bank cards and these predatory cards: payday lenders can take over your paycheck. They own you. Some people are so cash strapped as to authorize future deductions leading to a death spiral of loans that is hard to pull out of. Companies, of course, utilize the ultimate scapegoat argument to justify their practices: customers are opting in!

    Payday loans debit cards are big business.

    Traditional payday loans aren't going anywhere, despite federal sponsorship that aims at curtailing abuse. Some states may inch forward and make things better, but in states where help is needed the most, the status quo will prevail. Even with attempts by regulators to control such practices, over half of the states in the nation allow triple digit interest rates.

    This is too big of a business for any real change happen too fast. Payday loan companies, watchful for any significant legislative changes, are already preparing the switch to longer term loans in order to counterbalance these actions. In reality, there is no solution being presented that prevents abuse or creates a healthy alternative t the under banked.

    Additionally, prepaid cards aren't regulated by the Credit CARD Act of 2009. They aren't also under the jurisdiction of the Electronic Fund Transfer Act of 1978, which provides protections for debit card users. With billions of transactions being performed through the medium, there is a significant amount of abuse going around.

    Not all of these are crooked propositions. Visa, Chase and other large institutions provide product that with the appropriate levels of usefulness and financial security. These are still not fully transparent - which brings criticism - but they aren't any different than any other mainstream product and are well accepted overall.

    Regulators are looking to place their heavy hand on this business because statistics show the disproportionate adoption of payday loans debit cards by people with basic or no bank accounts. In other words, these are adopted by the uninformed and the financially distraught. Critics of regulators - sponsored by the companies of course - claim that regulation will only make it harder for those that need credit the most to make such choice.

    Regulators and researchers disagree. Fees are buried in the fine print or hidden on their websites which is why proposals include making all fees transparent. Payday loan debit cards are shady about how opaque their fine print is. It is common practice that a transaction at a store offering the cards will happen through bulletproof glass. The contract - which requires squinting to read of course - is transferred through a slot and people simply sign the contract without reading any of it. It seems to be designed that way.

Payday loans with a prepaid debit card

    Prepaid debit card loans: the best way to go about these

  • Look into the Chase Liquid Card: It is considered a good choice because - unlike normal payday loan debit cards - it won't force a customer into accepting automatic deduction from the account to repay the loan. Click here to see a table comparing it with a normal payday loan debit card.
  • Visit your local payday loan shop. Click here so you can see the list of prepaid debit card loans companies in your area. Before you go, give them a call because not every shop will offer debit card loans.
  • Prepaid card loans online. Visit some websites that can give out loans that accept prepaid accounts, such as Cash Central, Speedy Cash and TitleMax.
  • Consider opening an account with a credit union. They are usually very friendly and willing to give business opportunity for those that have missed the mark with big banks. Click here to see what credit unions are nearby.

Further reading