A lot of people want to have some stability when it comes to their financial situation. Unfortunately, that seems like an impossible task to achieve in the world today. Many of the people who are looking for financial stability don’t have the financial means to weather emergency expenses and are actually struggling to keep up with their bills, regardless of how hard they work.
To fix this problem, people sought some help financially and they found it in the form of a loan. With more people turning to loans to help with their financial obligations, the industry has grown a lot in the past decade and today, there are a lot of options when it comes to the type of loans that borrowers can choose from. Below, we will discuss what a debit card payday loan is. We will explain what debit card payday loans are, how they work, their benefits and how to qualify for such loans.
What is a debit card payday loan?
Basically, debit card payday loans are a type of short-term funding where you get the loan amount directly into your debit card. In order to get a debit card payday loan, you must, of course, own a debit card first. The application process for a debit card with an online payday loan is fast and simple. With this type of loans, you can usually get up to $1,000.
The internet has made its mark on the loan lending industry, and nowadays, you can get most types of loans right in the comfort of your home and debit card payday loans are no exception. Debit card payday loan lenders give their clients many opportunities to apply and get the money they need online.
That means, that now, people who are in need of such financial assistance do not need to waste time driving around searching for a payday loan lender’s office. They can simply go online and find one in just minutes. The online debit card payday loan application process is fast, easy and requires only some basic documentation. Often, you can apply without even having to fax a single document.
Having a bad credit score is something that can ruin your chances of getting a standard loan from traditional loan lending institutions. However, with debit card payday loans and the lenders who offer them, the situation is quite different.
You can often qualify for a debit card payday loan despite having a poor credit rating. Once you have completed your request, you will usually get an almost immediate response, meaning that you will find out within minutes of submitting your request if you are approved for a debit card payday loan. If your debit card payday loan application has been approved, you will get your cash within a few hours or at the end of next business day.
How does a debit card payday loan work?
When you are requesting for a payday loan, whether it is at a lender’s physical store or online, you will likely be presented with the option of a prepaid card.
If your payday loan request has been successful and you have been approved for your loan, the money will be transferred by your payday loan lender directly into your loan account, which you can then access at any time through your debit card.
If in the future, you decide to take out a debit card payday loan again, you will be able to access the money with the same credit card.
The most common brands of prepaid cards are MasterCard and Visa, so you will be able to use your card to withdraw money from ATMs and EFTPOS terminals. Every state in the US has different payday loan law regulations that govern the amount of money you can borrow and the repayment period. You should also know that in some states in the United States, payday loans are not entirely legal. So you should do your research and check the specific payday loans terms and conditions in your state before you apply for one.
Features of debit card payday loans
Debit card payday loans come with lots of features. Here are some of them:
Easily accessible fund
Once your payday loan application has been approved and the money has been transferred to your debit card, you are able to shop at every store that accepts debit cards. You can withdraw cash from ATMs and may be able to purchase items online.
You are not forbidden from using your debit card for things other than receiving money from payday loans. You are able to use almost every debit payday card to get direct deposits. That way, you will have a fast access to your tax refunds, paycheck, and government benefits.
You may get some rewards
Some debit card providers let their customers earn different cash rewards when using their debit cards.
You have multiple loan options to compare
If you are a resident of a state where payday loan lending is legal, you will most likely be able to find plenty of payday loan lending companies and compare what they have to offer. Some lending companies may have faster loan request process faster money transferring. Others may offer lower interest rate and fees. It is in your best interest to compare as many payday loan lending companies as you can before you decide where to apply for your debit card payday loan.
You are free to use your debit card payday loan money for whatever you want
Once you get your cash, what you do with it is entirely up to you. As long as you do not do anything illegal, you will be fine. Use the money for medical bills, repair your car or pay outstanding bills, it is up to you.