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.
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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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Hi…can i get a loan without having a checking account?
Hi Jeremy,
Thanks for your question.
If you don’t have a checking or bank account, you could get a payday loan from a lender and have the funds deposited onto a prepaid debit card. Kindly provide your state of residence in the search box above to check your options.
Don’t forget to review the eligibility criteria and the relevant terms and conditions of the loan before submitting your application.
Cheers,
Anndy
My payday loan is still not on my pay card?
Hi Unicornninja,
Thank you for your inquiry.
Regarding this matter it would be nice to coordinate your lender directly to check when your payday loan will be credited to your pay card.
I hope this information has helped.
Cheers,
Harold
Is it possible to get an installment loan with just a debit card?
Hi Donna,
Thank you for your inquiry.
As long as you can meet the requirements listed below you may be eligible for this loan.
– Be a US citizen or permanent resident
– Live in a state that allows payday loans
– Meet the age requirements of the state you’re living in (usually 18-21)
– Have steady income
I hope this information has helped.
Cheers,
Harold
I have a bank debit card, no check account. How can I get a loan?
Hi Ricky,
Thank you for your enquiry.
You can compare and apply for loan online from the lenders listed on this page by clicking the green “Go to site” button of your preferred lender. You may then have the loaned funds deposited onto the debit card once your loan application is approved.
Please ensure that you meet the eligibility criteria and requirements of the loan option or lender and make sure to read the details, as well as the relevant PDS/ T&Cs of the loan option before making a decision and consider whether the product or option is right for you. You may click the name of your preferred lender to find out the details and the minimum eligibility of the lender.
Kind regards,
Jason
I have a PayPal card with deposits each month. Is it possible to secure a 400 dollar loan asap.
Hi Marilynn,
Thank you for your inquiry.
You can apply if you have a steady source of income and you’re a permanent resident of the US. You’ll also have to meet your state’s minimum age requirement, which is 18 in most states.
The typical requirements are:
– Be a US citizen or permanent resident
– Live in a state that allows payday loans
– Meet the age requirements of the state you’re living in (usually 18-21)
– Have steady income
I hope this information has helped.
Cheers,
Harold