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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Can I get a loan on SSI?
Hello Susan,
Thank you for your comment.
Yes, there are lenders who consider people on SSI. See the page and compare the loan products available for you.
Kindly enter your state in the box found on the page and click Show me my Options. You can now compare the lenders and click the Go to Site or Apply Now button to apply.
Please make sure that you’ve read the relevant T&Cs or PDS of the loan products before making a decision and consider whether the product is right for you.
Regards,
Jhezelyn
My question is can I use my pay xard thru my job
Hi Lynette,
Thank you for reaching out to finder.
Apart from using a prepaid card to have the funds transferred to you, you can also opt on using a bank account under your name like a personal bank account or a bank account for your salary for the funds to be transferred to. Hope this helps!
Cheers,
Reggie
How can I apply prepaid card and loan?
Hello Rose,
Thank you for your comment.
To apply for a prepaid card, please check first our guide that explains how it works. On the same page, you’ll get to compare the cards’ fees and benefits. After comparing, please click the Go to Site button if you think that the card is right for you. Please make sure that you’ve read the relevant T&Cs or PDS of this account to help consider whether the product is right for you.
To apply for the loan, please compare the loans available in your state first, by entering your state above. Then compare the loans and click the Go to Site button to apply. Please make sure that you’ve read the relevant T&Cs or PDS of the loan products before making a decision and consider whether the product is right for you.
Regards,
Jhezelyn
I need to know if I can get a $500 loan and I do not have a checking account. I need this loan until I receive my income tax return. I filed my taxes on Jan 18th 2019.
Hi Tammy,
Thank you for your comment.
Yes, you may be considered for a loan even without a checking account, however, the process may not be as easy as those with bank accounts. Learn about getting a loan without bank accounts and see how it works. One of the things that the lenders will be checking is your credit score and financial ability to pay back the loan.
You will see a comparison table on site. Check on the loan type, how it works, eligibility, and the cost. Kindly review and compare your options in the table displaying the available providers. Once you have chosen a particular provider, you may then click on the “Go to site” button and you will be redirected to their website where you can proceed with the application or get in touch with their representatives for further inquiries you may have. Consider calling ahead to make sure you can qualify without a bank account.
Please make sure that you’ve read the relevant T&Cs or PDS of the loan products before making a decision and consider whether the product is right for you.
Regards,
Jhezelyn
How do I apply?
Hello Gaisha,
Thank you for your comment.
If you’re referring on how to apply for the payday loan, first, you’ll need to compare or shop around for a payday loan product. The lenders listed above offer payday loans, just enter your zip code and click show me my options and you’ll get personalized loan options in your location. After comparing the products, please click the Go to Site button to be redirected to your preferred lender.
Please be advised that Payday Loan Requirements may vary from lender to lender so it’s important to meet the requirements, as well as the eligibility criteria before submitting an application for the loan.
Please make sure that you’ve read the relevant T&Cs or PDS of the loan products before making a decision and consider whether the product is right for you.
Regards,
Jhezelyn