Payday Loans That Accept Prepaid Accounts

Prepaid debit cards are a great way to make payments especially if you don’t have a bank account or you don’t want to carry large amounts of cash. They make online transactions quick and easy and help you track your spending digitally. They can also be useful when it comes to payday loans – read on to find out more.

$2,500
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Do Payday Loans Accept Prepaid Accounts?

Many payday loans nowadays work with prepaid cards, although not all of them, so it will take a bit of research to find them. If you look specifically for payday loans that accept prepaid debit cards, you will find a number of options for payday loans with instant approval. The money will be wired directly to your prepaid debit card and you don’t need a bank account.

What Documents Are Needed for Payday Loans That Accept Prepaid Accounts Online?

All lenders for payday loans that accept prepaid cards will ask you for basic information before approving your loan. The information includes your address, your recent work history, and proof of ability to repay the loan, which is about the same as for a normal payday loan. This is all you need to be approved for an online payday loan with a prepaid debit card.

  • You will need valid identification
  • Proof of residency such as a utility bill at your address
  • Proof of employment and monthly income to show you have the funds to pay back the loan.

Why Do People Choose Payday Loans With Prepaid Debit Cards?

Payday loans that accept prepaid accounts online are becoming increasingly popular as more and more people use digital payments and buy goods online.

Many Online Lenders to Choose From

If you live in a state where payday loans are available, you can find multiple lenders online offering payday loans with a prepaid debit card. This allows you to easily compare the loan offers and find the best option for your needs.

Easy Online Application

Like any other short-term loan, the application is quick and easy with few basic requirements. You can apply online through a broker or direct lender website or you can find a lender near you to apply in person.

Receive Funds Quickly

As soon as your loan is approved, the lender will transfer the money to an existing prepaid card without the need for a bank account. If you don’t already have a card, the lender will give you your debit card either in person or through the mail.

Good Credit is Not Required

Payday loans with prepaid debit cards are a convenient choice when you need a small loan because good credit is not required for approval, and you get fast money through prepaid debit cards.

What Should I Consider When Taking Out Debit Card Payday Loans?

Fees

In addition to a fairly high-interest rate, some direct lenders charge a debit card service charge and additional fees when you use the card to make payments. The debit card service charge can be a one-time fee or a monthly charge. If you accidentally overdraw your prepaid debit card, you may also have to pay overdraft fees. Make sure you see a full disclosure of fees and charges before signing for the loan.

Short Repayment Terms

As with all payday loans, payday loans with a prepaid debit card have to be repaid by the next paycheck, so the maximum loan term is a month. This is a short time to organize your finances to repay the loan and this can lead to more debt.

Not All Lenders are Safe or Legitimate

There are some predatory lenders waiting to take advantage of people who need money in an emergency. Most states have regulations governing prepaid debit card payday loans that limit the amount and terms of the loans, and also a lender needs to be licensed to be able to offer lending service in your state.

The laws are designed to protect borrowers against predatory lenders; however, it is your responsibility to carefully review the details of a loan agreement, and ask about anything you don’t understand before you sign a contract.

Four Steps to Get Payday Loans Online

When you need money instantly, it can be time-consuming to search for lenders online and to try to choose between them. This is where a broker such as CocoLoan will help you, by finding reputable lenders with competitive rates and terms. What you need to do is follow our simple four-step process.

Submit Basic Information

Just fill out the simple online form with the required personal and financial details on the website in a few minutes

Receive Multiple Quotes

After the lenders finish reviewing your request, you will get quotes from the network of lenders so you can easily compare rates and terms.

Sign Loan Agreement

Once you have reviewed and agreed with the conditions of the loan you can sign an agreement online through the digital portal.

Get Your Money

With fast loan approval, you can have the money in your bank or on your prepaid debit card within 24 hours, or a maximum of 3 business days.

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No Checking Account? Get Payday Loans With Prepaid Debit Cards Now!

Using a prepaid debit card for a payday loan is a simple method of solving your short-term cash problems if you don’t have a bank account. Visit the CocoLoan website for more details today!

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