Payday Loans with Debit Card
Are you looking for payday loan lenders that will load your cash into your debit card? We’ve got you covered. This article will discuss how to get payday loans through your debit card.
With the ongoing pandemic and expenses steadily increasing, it’s impossible to avoid financial emergencies. If you’re in a bind, you’ll need a loan to be able to pay your bills. However, borrowing money can be challenging if you don’t have existing savings or checking account.
Why Do People Need Payday Loans?
Payday loans can be the best choice when people have a bad credit score and don’t have a bank account. This is because a poor credit score and the absence of a bank account will limit their chance to have a traditional loan.
Payday loans are fast and convenient, especially if the borrower needs the fund for an emergency or to pay other bills on time to avoid penalties. Payday loans are called like that because the lender expects the borrower to pay their loan on the date of the borrower’s next paycheck. However, the repayment period can extend up to 45 days, depending on the lender.
How to Apply for Payday Loans Using Debit Cards
Payday loan applications with debit cards are the same as other types of loans. You will apply on the payday lenders’ online platform. If your application is approved, the lender will transfer the fund into your debit card. Some lenders offer debit cards and will send them through the mail.
Below is a step by step guide to apply for a payday loan with your debit card:
- You should be eligible to qualify. Some of the eligibility requirements include:
- Being at least 18 years old
- Having a source of income
- Fill out the correct information. Lenders get details such as your date of birth, employment history and income, valid government-issued ID, and others.
- Apply your preferred loan amount. When applying for a loan amount, you may not get what you expect because most lenders base the loanable amount on your income. Also, there is a maximum loanable amount offered by each lender.
What Are the Benefits of Using Debit Cards for Payday Loans?
Below are some of the reasons why using debit cards can benefit you:
Borrowers Can Use the Fund Easily
After your fund has been transferred into your account, you can already use your fund to purchase at various stores, withdraw cash at ATMs, and even pay your bills.
Debit Cards Can be Used for Other Loan Transactions
If you want to get another loan from another lender, you can use the same debit card. However, not all lenders accept debit cards. Your debit cards can also receive deposits from other agencies, companies, or even the government.
Earn Rewards With Your Debit Card
Some debit card providers let the cardholders earn rewards with their purchases and spending.
Using a debit card to receive your fund is easy and convenient. Your debit card can be used to purchase at various stores and pay your bills. However, debit card providers can charge monthly fees. So, it is still up to you what method you would like to receive your payday loan.