How to Obtain a Payday Loan Using a Prepaid Debit Card – Our GuideSeptember 26, 2019
Payday loans are said to be the best loan options these days when in a financial situation. However, recently, a payday loan that accepts a prepaid debit card is now topping the list of fast and easy financial services.
Yes, one can obtain a payday loan through a prepaid debit card. The process of accessing this loan type is fast and does not require much paperwork. One can simply apply online and receive money within 24 hours.
If you do not see how this loan differs from other types of payday loans or how exactly they work, we’ll answer all these questions in the following section. Keep on reading to find out more.
How do payday loans work with a prepaid debit card?
In most cases, a borrower should have a valid checking account to obtain loans. This is a common requirement set forth by most payday lenders. However, this isn’t the usual case for payday loans, as borrowers can resort to other alternatives.
Prepaid debit cardholders, for instance, can now access a payday loan even with poor credit scores and despite other obstacles that can hinder their payday loan approvals.
What are the stages of the application?
The application process for this loan type is relatively simple and easy. Below are the fundamental stages to follow as you go through the application process:
1. Find a company that works with payday loans that accept prepaid debit cards (available only for short-terms).
2. Apply both online or live in one of the lending centres.
3. Open an eligible account for your debit card.
4. In the application is approved, the cash will be transferred to your eligible account.
5. The money you get will be registered as a prepaid debit card.
6. The card will then be handed to you personally or send via online.
Why should you opt for this payday loan type?
Getting a payday loan on a prepaid debit card can be beneficial and helpful for you. There’s no need to submit paperwork and wait for a long approval. Here’s why you should take advantage of this payday loan type:
- No Checking Account Required: Though there are general payday loan requirements that you need to comply with, you are not required to have valid banking or checking accounts for this type of loan.
- Approval Despite the Credit: As with most typical loans, credit is the main criterion to check one’s eligibility and decide on the loan’s approval. For this loan type, however, you can still get cash on your prepaid debit card with poor credit.
- Instant Fund Access: Upon approval, the fund is instantly transferred. Your card will be activated the next day for you to start using the money.
- Reusable Debit Card: The debit card is reusable even after paying off the loan. You can even turn to the same or another lender using the same prepaid debit card for another loan.
At this point, you now know that accessing a payday loan on a prepaid debit card is possible. With the benefits given above, this loan type can be your best option if you are in a financial situation or emergency.
If you’re in South Africa and want to take out a personal loan at affordable rates, feel free to contact Hoopla Loans today to see what we can do for you!