How to Find a Lender That Gives Loans on a Prepaid Debit Account
Prepaid debit card accounts are used by those who don't have bank accounts but want the convenience of debit card transactions. These debit accounts are also becoming popular by those seeking to protect credit from online predators, using the prepaid debit cards for online transactions and bill pay. Some prepaid debit card vendors will also provide short-term payday or check cashing loans directly to the cards. Finding a lender that deposits loans directly into the prepaid debit card is possible but be sure to check all terms and fees prior to accepting the funds.
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Instructions
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Visit the website of your existing prepaid debit card and read the services offered along with the terms and conditions of any loans accepted. Some cards have a fee for calling the customer service number; you can save fees by visiting the website first.
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Go to local check cashing and payday loan centers. Ask what the options are to take the funds on a prepaid debit card. Again, there may be an additional fee required to fund a debit card, but this many short-term lenders like these offer these types of services.
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Go to a retail outlet for gift and prepaid debit cards. These are found in grocery, convenience and discount stores. Ask the clerk about the terms of buying the card and whether short-term loans are available through the cards. While you might pay a fee to call once you own the card, there is no obligation to you or the clerk to call their vendor services number to find out the options of the store bought cards.
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Tips & Warnings
Make sure you know what kind of minimum balance is required on the card. Also, confirm how the loan repayment occurs and when it is due.
Have the pertinent pay information, such as your most recent three paycheck stubs, to confirm that you have the means to repay the loans. No credit check is required for these, but proof of ability to pay is.
References
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