The phrase "Payday Loan Instant Funding to Debit Card" is a misnomer as there is no "instant" funding from any legitimate lender of any kind. But you can get a very fast review of your loan request (in seconds) and get funded in just one business day if approved.
The U.S. federal government issues a card called Direct Express®, which is used to provide benefits to federal recipients electronically.
There are many reasons why you might consider getting a payday loan on a prepaid debit card.
The most important one is that you can access your funds just like using any credit card. You can shop at any store, pay expenses and bills, and get cash at ATMs in most cases. Another possible benefit is that you can add funds to your card. Direct deposits are a common benefit of a prepaid debit card.
Some cards offer reward programs for using their card, so be sure to do your homework before selecting one. Not all states allow for prepaid debit cards, but most do. And when a state does allow it, there are usually several payday lenders that are capable of providing you a debit card with your approved loan amount on it versus a direct bank deposit.
It is an increasing possibility to get a payday loan with a direct express® card. For example, if you receive social security payments monthly, you can have it credited to your card instead of receiving a check and having to go to the bank to deposit or risk losing or misplacing the check. And with the Direct Express® card, your money is FDIC-insured to protect you. Reminder, this is for certain federal benefit programs only. If you are not a participant in one of these programs, then you cannot be considered. You can learn more about eligible programs HERE.
The initial process for debit card funding is identical to requesting a payday loan. You complete and submit your loan request and get an answer in seconds if you are approved or not. This can easily be done online, where most payday loans are completed. If approved, you just ask if the lender can provide a debit card instead of a direct deposit. If you can get a card, it will be a VISA® or Mastercard®, which you can use at any retailer that accepts these cards.
Actually, the information needed to be considered for a prepaid debit card is the same as a payday loan. That is why you can complete the one, short and secure form and submit it to be considered for either.
Online loan requests are by far the most common way to get payday loans or prepaid debit card payday loans. You can complete your online payday loan application from your smartphone wherever you have a signal. There is no need to drive around wasting your gas and your time when you can complete the process from your smartphone in 2-5 minutes. And your loan request will be considered by more than 100 lenders instead of 1 at a time when driving around. This greatly increases your odds of approval.
Yes. As noted above, anyone receiving certain federal benefits can get the direct express® card for their benefit payments if they choose to.
You probably will. Debit card service charges (and other debit card charges) occur with most cards. There are a few debit cards with no monthly fees, cards where you can recharge your debit card, and overdraft fees can occur as well. These fees vary based on state laws and the lender you work with, so shop carefully. Remember, you do not have to accept an offer for a payday loan or a prepaid debit card.
There may be other options depending on where you live. A few states allow auto title loans where your car is used as collateral for the loan. If you can qualify for a traditional loan, then that should be your first choice. Also, you could have an open balance on an existing credit card, which will usually cost you less than a payday loan or prepaid debit card. In fact, prepaid debit cards often have more fees associated with them than payday loans do. Be cautious when considering your options!
No, most states have outlawed this practice as using one debt to pay another is not productive and can put you into a spiral of debt payments.
In most cases, your lender will take out your loan payment and any fees directly from your bank account. You will be required to provide that information to get the card. In that sense, it is the same as any payday loan where your funds are deposited directly into your bank account and, when the loan is due, the loan funds are withdrawn automatically as well.
Well, you should not do this. In most states, it is illegal to even get more than 1 payday type loan at a time. But even where legal, it is a bad decision as it can get you locked into a circle of debt that gets out of control. Borrowing to borrow is never recommended.