Badly in need of quick cash advance. Bad Credit Payday Loan of about $600 - $700 would perfectly suit me. Befor I qualify I'd like to know whether I will get approved for this loan if I only have a prepaid debit card.
How to get a Payday Loan if I only have a prepaid debit card?
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Answers: 1
COMPACOM TEAM
Expert answer
Yes, it's possible to get approval for a Payday Loan with a debit vcard. Just like you get personal bad credit loans with a prepaid debit card. We will help you to figure out, describe the essential things that are worth understanding.
In recent times, the huge economic impact has given rise to the popularity of debit cards. Those people who wanted to keep their debts to a minimum switched to debit cards. Therefore, the popularity of prepaid debit has increased. That's why lenders see this as an opportunity for borrowers to get a payday loan.
First, you need to understand what payday loans are, also known as quick cash loans, and instant loans among many others, often with guaranteed approval. In addition, one of the requirements of most lenders is that these loans need to be repaid, when you get your next paycheck. Of course, the requirements vary. The process itself is very fast, borrowers get access to cash in just 24 hours or the next business day.
Prepaid debit cards are a payment alternative, which in most cases is intended for those who do not have a current account. In this case, they are convenient enough to satisfy various financial circumstances. Such loans have a set of advantages and disadvantages. Also, a lot depends on your financial circumstances up to that point.
A debit card is a card that allows you to control your funds and transfer them to other online accounts. If you have a prepaid debit card their goals are a bit of a match. The difference is that you will not work with the Bank.
Your lender assigns you a PIN and other security checks to make sure your money stays safe. There are online and digital means to manage your funds and verification.
A few things that a borrower needs to name to get approved are:
- Permanent place of work
- Sufficient level of wages (sometimes they differ depending on the lender)
- Be at least 18 years old
Pay attention to the lender you are applying for, what he offers, his rates, loan amount and payment flexibility.
How much Payday Loan can you borrow with a prepaid debit card?
The amount can be different from $150 to $1000. It depends on some things:
- what state you reside in;
- how much your income is;
- how much you earn per year.
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