Are Debit Card Payday Loans The Best Option?

A debit card payday loan is a small, short-term loan that you secure by giving the lender your debit card number. In these transactions, the debit card does what a signed check used to do when someone wanted a payday loan—allows the company access to their checking account if they don’t make their agreed-on payments. Since so many payday loan companies are now online, this helps them get away from the need for a paper check, and substitutes a simple number, connected to a checking account, that serves the same function.

Who Can Apply?

It’s really very easy to get a debit card payday loan. There’s no credit check involved, because most lenders understand that people go through hard times and sometimes their credit suffers. They are there to help you through hard times, not to judge you for them. You do have to have a debit card connected to a checking account; that’s how your lender will know that they will eventually be repaid. You have to be at least 18 years old, and you also have to have a job.  Your lender will want to see some proof of those things, such as a photo ID and a paycheck stub or bank statement showing an automatic deposit. There will be an online application to fill out for your debit card payday loan, but those applications are usually short and simple.

What Can You Use The Money For?

A debit card cash advance is intended for help with a short term problem that arises between paychecks. Most of us can get by on what we make, but in these tough economic times, there’s usually not any extra or any savings. But just because we spent the last paycheck and are waiting for the next one doesn’t mean that needs and emergencies won’t arise. Some of the things people use their debit card payday loans for include:

  • Car repairs
  • Appliance repairs
  • Trip to the emergency room
  • Extra holiday money for presents
  • To pay a bill that would incur steep fees if paid late
  • To put a down payment on a major purchase such as a car or computer
  • To finance a vacation
  • To pay taxes

Those are some of the most common uses of cash loans, but whatever you use your money for is up to you. That’s the beauty of the online application system—nobody but you has to know that you took out a loan or what you spent it on.

How Do People Pay Back a Debit Card Payday Loan?

Your lender will work out terms of repayment with you, and it’s best if both parties stick to what you agreed on. You can arrange to have anywhere from a month to 3 months to repay your loan. An easy application process and an easy repayment schedule makes payday advances one of the best choices for your emergency cash needs.

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