Payday Loans With Debit Card Only – Payday Loans With SSI Debit Card & Prepaid Debit Card – Get up to $5000!
Have you found yourself in a tight financial situation, unable to cover your monthly expenses, and faced with emergency expenses at the same time? Is your bad credit score barring you from getting a loan from traditional banks and credit unions? If life throws a tough ball at you, we urge you to smile because payday loan lenders have got your back.
The quick loan industry has come of age and highly revolutionized in the last few years to accommodate the needs of all individuals, regardless of their background and credit score. The payday lenders offer cash loans to those who have a bad credit score, no credit score, and even those who do not have any checking or savings bank account.
That may sound too good to be accurate, but it’s a fact. Today, you can find alternative options to get a loan from lenders who perform no credit check and also do not need a valid bank account for direct deposit. Lacking a checking account is no more an obstacle in the way of you getting a loan because there is the possibility of having the loan credited to your debit card. Read on to find out more.
How to Get Payday Loans With SSI Debit Card
SSI debit card stands for social security debit card, which is a type of prepaid debit card that allows you to enjoy the benefits of your social security account. If you need a payday loan and do not have a bank account to get the cash deposited directly, you may still use your SSI card (if you have one).
If a person is not employed anymore due to retirement or disability of any kind, the individual is still eligible for a payday loan if he has a social security card. The recipients of SSI debit cards can apply online for money based on their Social Security income.
As one of the most important eligibility criteria to get payday loans is to provide proof of income, most direct lenders will accept the application from borrowers who get Social Security payments. The lender treats these payments as a consistent source of monthly income. Here are a few things you will need to provide while applying for a loan:
• A copy of your Social Security award letter to confirm your income source.
• A copy of the bank statement to ensure that your account is active and is credited regularly.
Some of the other details you may need to enter when filling out the online loan application are your full name, valid email id, physical address, the reason for taking the loan, and so on. It takes about 5-10 minutes to get done with the application form and submit it online.
Once the direct loan lender receives the application, he does a quick preliminary check of the information provided. The lender will not do a credit check or don’t ask for other documents. You can expect the money to reach your account on the same day or the next business day.
With this method of instant cash loan, you can get anywhere between 100 dollars to 5,000 dollars without any credit check. However, before you choose a credit giver, make sure you read the terms and conditions, company information, interest rates, and fees carefully.
What Options Available for Payday Loans Using Debit Card
Having an SSI card allows you to get a loan based on your social security payment; however, not everyone has these benefits. So, what other options do they have to receive a payday loan on their card? Let’s check out.
Prepaid Debit Cards
If you don’t have a checking or savings bank account, you can use a prepaid debit card to receive the loan amount. This type of card is an alternative to the banking card, and it allows you to get a loan despite poor credit and directly spend the cash loaded on the prepaid card.
Just like any debit card, an individual can use the prepaid debit card to make payments directly at any merchant outlet in a similar way as they use any Mastercard or Visa. Using your card is a much more convenient method than paying in cash.
Debit Card Loans
Some direct lending companies may also offer a debit card loan for which you do not require to have any bank account. If you have a card, that is enough for the loan provider to send money directly to the prepaid debit card.
There is no wire transfer of the loan amount. You need to mention the card during the application process to get the funds in your account. The APR rates for these loans may be too high, ranging from 200 to 700%. It can be applied both online and physically in-store.
Loans in Bitcoin
Loans in Bitcoins is a much-advanced method of taking cash loans, and not every payday lender offers this service. However, the loans in Bitcoin are fast gaining popularity in the world of digital currency. This type of cryptocurrency payday loan does not require any bank account.
This type of loan service is also relatively new for current borrowers. As a result, there is no average APR (maximum or minimum loan amount) associated with this option. Each direct lender has the rights reserved to establish their fees, commissions, and timeframes.
How to Get Payday Loans With Prepaid Debit Card
As mentioned above, getting a payday loan in a prepaid debit card is one of the quickest and most reliable methods of getting paid online. The online payday loan application process is almost the same when you request funds in your checking account.
Do a quick search on Google to find a list of service providers that offer a payday loan on prepaid debit cards and choose one that looks most authentic. You need to look at company information, contact details, interest rates, and hidden fees.
When you visit the website of a direct loan lender that accepts prepaid debit cards, for example, Massat Loan, you will find an online application form on the home page. Fill it up with essential information such as your full name, age, email address, and so on. In the place of bank account information, you will need to mention that you require your prepaid debit card funds.
If you are unsure about how to do it, call up the customer representative or talk on live chat to get concise answers to your queries. While many prepaid debit cards allow you to pay directly on merchant outlets, others may require you to withdraw cash from the ATMs.
If you don’t have a prepaid debit card account already, then you may get one quicker than a savings or checking account and use it to apply for a payday loan. Once the application for a loan with a prepaid debit card is approved, the money reaches your account in less than 24 hours, and you get spending ability in your hands.
The repayment is as agreed on the next paycheck, and many borrowers prefer to repay using their prepaid debit card only. When accepting the loan, you should read the terms and conditions clearly because the debit card loan lender has all rights reserved to establish any commission or APR rate. Here are a few salient features of a prepaid debit card loan:
Extra Fees:
When you use prepaid debit card payday loans, you will have to pay the extra fees associated with this type of service. The charge may be between 3 to 5 percent of the money you withdraw from an ATM using the prepaid debit card.
Secured Cards
These apply to those individuals who do not have any savings or checking account along with bad credit. In the case of a secured card, the lender reserves a safety balance by the credit giver, and the borrower is not allowed to exceed that limit.
Commission-Free Period:
The prepaid debit card typically comes with a commission-free period, which lasts from 30 days of the first time you use it. If you manage to repay the loan within that period, you also get additional benefits of low or zero commissions.
Despite its limitations and shortcomings, the Prepaid Debit Cards are a great solution that works when you are in a financially tough situation. As direct loan lenders do not perform any credit checks, more people are eligible for the cash advance.
The borrowers also have the advantage of using the flexible repayment schedules if they cannot pay back the loan on their next salary date. The biggest and perhaps the only downside of prepaid debit cards is that the APR rates and commissions are higher than any traditional lender.
Frequently Asked Questions on Debit Card Payday Loan
Can I Get a Payday Loan With Only a Card?
Most direct lenders offering card payday loans prefer borrowers with bad credit scores to have a checking account. If the checking account does not exist, a savings account will work in its place. However, when a person does not have both, it becomes harder.
People without any valid or working bank accounts can still get money on their cards. They need to mention this to the client and request the funds to be loaded on a card instead. There might be a few limitations that may vary from lender to lender, but you can still get a loan.
Can You Get a Payday Loan With a Pay Card?
Pay cards or payroll cards are the same as a prepaid debit card, and employers use them to pay salaries to their employees. In case you do not have a bank account to get a quick cash loan from the direct lender, a pay-card might help.
When you have a working pay-card, it indicates that you are employed and have a regular income source. This pay-card works in your favor to assure the lender about your capability to repay the loan amount. However, you must mention this in your loan application.
Not all direct lenders offer payday loans on pay-cards, so this might require some searching on the Internet. However, make sure you have a good time looking for a suitable lender than hurrying into a bad deal.
Can I Get a Payday Loan With a Prepaid Checking Account?
Yes, these types of accounts are almost the same as the prepaid debit card. These cards have no connection with any account whatsoever. One of the most significant benefits of using these types of loans is that you don’t have to provide any collateral or security against the credit.
Just like any payday loan, you get the funds in your cards, and you have 30 days from the date of disbursement to return the loan amount.
What Apps Let You Borrow Money Until Payday?
The digital world has achieved a new height, and it’s now possible to do so much from just sitting at home. Some apps save you time as you don’t have to visit each website to seek information. You may use the apps instead that allows you to apply for payday loans quicker.
Numerous online payday loans apps allow people with bad credit and no account to borrow money to meet emergency requirements before the pay date. Some of the top-rated apps are ExtraLend, Viva, GetFundsAsap, and so on. As there is no paperwork or credit check, the money reaches the account faster than you can imagine.
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