There are a few lenders that can load a payday loan onto an existing debit card, and some lenders offer their own debit cards to fund. However, like other short-term loans, prepaid debit cards loans are best used as a last resort — they can come with rates that top 700% APR.
These lenders will load a payday loan onto a prepaid debit card that you can swipe at stores or online.
| Lender | Loan amount | Type of loan | Requirements | |
|---|---|---|---|---|
| Ace Cash Express | $100 to $1,500, varies by state | Payday loans and short-term installment loans | Steady source of income, checking or savings account, not currently in bankruptcy, ages 18+ | |
| Check Into Cash | $50 to $1,500, varies by state | Payday loan | Active bank account, government-issued photo ID, proof of income, most recent bank statement, checking account and bank routing number and Social Security Number or ITIN (for Indiana residents only) | |
| Speedy Cash | $50 to $3,000, varies by state | Payday loans and prepaid debit cards | Must be 18+ years old (19+ in AL) and have valid ID, proof of steady income, an open checking account and working phone number. | |
| Check N’ Go | $100 to $1,500 | Payday loans, installment loans and prepaid debit cards | Active bank account, regular income, US citizen or permanent resident, 18+ (varies by state) |
These can be a good alternative to payday loans with lower fees and more favorable terms and features, including the ability to use a debit card to access funds.
You apply for the loan, and if you’re approved, your lender transfers your funds into an eligible loan account and gives you your debit card either in person or by mail. From there, you may need to register the card in your name.
Because most prepaid cards are either Visa or Mastercard, you can use it at retailers or to pay bills. You may even be able to withdraw cash from an ATM, although this might come with extra fees.
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.
Keep in mind that cash is usually king — you may be able to withdraw money from your prepaid debit card and pay the lender directly.
Unfortunately, most lenders that offer prepaid debit card loans still require you to have a bank account. Check out our guide of no bank account lenders to see potential lending options.
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 —- minus the credit check.
Debit card cash advances are not the same as a prepaid debit card loan. With some bank accounts, you can use your debit card to overdraw your account to access cash for an overdraft fee of around $34 per withdrawal. Some banks might also charge an extended overdraft fee of around $25 per week if your account is negative.
Since payday loans often cost around $15 per $100 borrowed, a debit card cash advance is generally more expensive. But once you top $300, it could cost you less — as long as you repay before the extension fees kick in.
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 defaulting can result in a lower credit score and long-term damage to your overall credit.
Prepaid debit card 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.
A prepaid 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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A review of Arrowhead Advance, a tribal lender that charges interest rates up to 830% and has numerous bad reviews.
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A review of Lendly personal loans, a lender offering fast cash to all credit types, but with steep APRs.
A review of Lendumo, a tribal lender that charges interest rates well into the triple digits.
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A review of Crane Finance, a tribal lender that charges outrageous interest rates and isn’t transparent about how much its loans cost.
OppLoans features installment loans with varying repayment terms. Find other providers like them.
A review of OppLoans, a lender that offers personal loans up to $4,000 to borrowers with poor credit.
Will this hurt ur credit score by applying for debit card loan
Hi Andrew,
Thanks for your question.
Kindly note that one of the determining factors of your credit score is the number of credit applications you’ve recently submitted. Once you submit your application for a payday loan, it will reflect as a credit inquiry in your file.
Cheers,
Anndy
Can O get a payday loan online without a bank account? I am disabled and get SSI.
Hi James,
Thank you for your inquiry.
Typically, lenders require a bank account upon application. However, we have a list of debit card loans that won’t typically need you to have a bank account.
I hope this information has helped.
Cheers,
Harold
Can I get a prepaid card from the store and then go get a loan?
Hi Jeff,
Thank you for your inquiry.
When you apply for a payday loan, in-store or online, you might also be given the option to request a prepaid card. If you’re approved the lender will transfer the funds into your loan account, which you can then access using the debit card. If you need a loan in the future you can receive those funds using the same card. Most prepaid cards come with either with Visa or MasterCard, so you can withdraw money from your card at ATMs and spend it wherever the brand of the card is accepted.
I hope this information has helped.
Cheers,
Harold
How can i get a loan without have a bank checking account?
Hi Adrian,
Thank you for your inquiry.
Thankfully, we have a list of no bank account loans. Please click that link to know more about your options and learn how to apply.
I hope this information has helped.
Cheers,
Harold
If I moved to another state and haven’t gotten my drivers license changed yet can I still get a loan?
Hi Tc,
Thank you for your inquiry.
Your approval may vary depending on the lender. In general, 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. If you’re looking to get your cash on the same day your best bet is to go to a lender in person. In person or online you will need to meet some qualifications:
– 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