This system of giving out payday loans is steadily on the rise owing to the popularity it is gaining among people.
If you are looking for a super prompt and simple financial service to adequately meet your urgent funding needs, then this loan is certainly the best way out. In reality, there is little to no difference between a prepaid debit card loan and other kinds of short-term payday loans. The process is very swift and there is no paperwork involved, which means there will be no problem in procuring cash within 24 hours. With payday loans online California direct lenders you can now get cash without any inconvenience.
And to answer your question – yes, payday loans are certainly available on prepaid debit cards too!
In fact, here are a few pointers to elucidate the benefits of availing payday loans on prepaid debit cards.
- Well, for any other type of payday loan you must have a valid bank account to get the loan approved but in case of this one, you will not be asked to show a valid bank account. This is only due to the prepaid debit card that will be provided at the time of loan approval.
- Are you worried about your poor credit score? Worry not; this is not a problem that will stop you from getting the loan in an emergency. Here is the main advantage of applying for a payday loan – your credit history or credit score will not matter. In fact, you will get cash swiftly on your prepaid debit card, precisely within 24 hours of applying for it.
- In case you need to use the cash urgently there is provision for that too but you will at least have to wait for 24 hours after the approval of the loan, to use the cash. The card starts to function after a period of 24 hours. You do not have to fulfill even the basic requirements to get this loan on a prepaid debit card.
How does this system work?
Payday loans on prepaid debit cards are no doubt very advantageous. Now, there are a few steps you need to follow to get this loan on a prepaid debit card. Let us find out more below.
1-First, you have to look for companies who give out payday loans on prepaid debit cards. This system is still growing and more popular because this system is more user-friendly than other payday loan systems. But you need to be careful about the lending company, to prevent any kind of complications later on.
2-Second, you must keep in mind the fact that this is not a long-term association. Payday loans are typically for a very short term, so you will have to plan out things accordingly. You can fulfill your short-term fund needs but plan otherwise for longer durations.
3-You can opt for online companies that approve payday loans on prepaid debit cards or you can just opt for outlets of companies where they accept this system. But then again, make sure to do your own homework and select a legitimate lending organization or individual.
4-You will be asked to create a valid bank account where your money from the lender will be credited, in case the loan gets approved.
5-The money that you received will be your registered cash on a prepaid debit card. This step is made to ensure that there is no way of committing any sort of forgery.
6-You will get the prepaid card directly from the lender or if you have opted for an online loan, then the company will send you a virtual card online which you can use to fulfill your needs. You can also receive the prepaid debit card through an email, or the lender might simply share the details with you over the phone, albeit in terms of confidentiality.
But the best thing here is that once you pay off the debt, you will still be able to use the debit card. So there are different kinds of benefits that you can enjoy by applying for a payday loan on a prepaid debit card.