Payday loans are a great way to get the money you need when you need it. Find out which payday loans accept Netspend accounts here.
Many people do not have savings to fall back on in the case of an emergency. This can include a sudden illness, medical emergency, or vehicle repair. If you’re living from paycheck to paycheck, such unexpected dramas can be financially crippling.
It gets even worse if those affected by such circumstances have a poor credit score. If this is the case, having a loan application approved by a traditional bank or financial institution becomes almost impossible.
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What is a PayDay Loan?
Thankfully, payday loans can come to the rescue for many who sorely need financial assistance. This can inject extra cash flow so you can cover some additional requirements.
Payday loans allow individuals to borrow as little as $100 up to a more substantial $5,000. Short-term loans are usually handed out for 30 days and must be paid back on the net available pay date.
One question many have is “what payday loans accept Netspend accounts?” Well, it is possible to get a loan without a bank account, just by using your prepaid debit card. However, you must check the payday lender website for interest rates, the company’s information, any hidden fees, and other important details.
In today’s article, we will be discussing payday loans that accept Netspend. We will also be looking at the pros and cons of using a payday loan with Netspend so you can decide if it is the right course of action for you.
Payday loans that accept Netspend – How do they work?
For those who do not have a valid bank account, prepaid debit card cash assistance is a great solution.
These prepaid debit cards have a range of benefits. For instance, you can still receive a cash loan even if you have bad credit. Also, instead of getting a direct deposit into your bank account, the funds are paid onto a prepaid debit card.
While these services are available with many loan lending companies, some do not offer payday loans. And, even if a loan lending company does offer these services, it may not allow prepaid debit cards by most merchants.
When it comes to Netspend, most state financial institutions as well as those that are federally regulated are partnered with the Global Payments company. Netspend has been a popular alternative financial service for many years.
This service provider offers MasterCard and prepaid Visa cards to its customers. These cards can be used to add, withdraw, manage, and send funds when required. Furthermore, Netspend customers can also use additional services such as text alerts, budgeting tools, and direct deposits if needed.
If you have a Netspend account, you can submit an application online as you would with any short-term loan. However, you must check out the payday lender website before you choose a service provider. This allows you to examine the company’s information, interest rates, hidden fees, and further details to ensure it is right for your needs.
We also recommend inspecting any customer reviews. This will ensure you that the company is registered and, indeed, valid.
When you enter the lender’s website, fill in the web application with all of the details required. Once you send the application form off, you should wait for the loan provider to reply with their verdict on the loan. In most cases, you can expect money to appear on your card on the same day or on the second working day.
Once you receive the funds, ensure that you use them sensibly and as you stated in your application.
PayDay Loan Requirements
You must meet certain eligibility requirements to apply for a short-term payday loan. These include:
- You must be a citizen of the country
- You must be an adult (18 years old or above) and provide proof of your date of birth
- You must have a valid email and physical home address
- You must be employed or have another source of income
- You must have valid savings or checking account or a Netspend account
Even if you meet all of these eligibility requirements, lenders can still reserve the right on how much they can loan you. This is usually based on your employment status, proof of income, and repayment ability.
Advantages and disadvantages for Payday loans with a prepaid Netspend account
Without a checking or savings account, it can be difficult to qualify for any loan, including payday loans. However, getting a prepaid debit account is much easier and can sometimes be done immediately.
This is unlike checking or savings accounts that typically take days or weeks to open.
Here are some pros of using a Netspend account:
- There are direct deposits. As well as getting a payday loan, you could also use your Netspend card for quick access to different finances such as government benefits, your salary, and any tax refund advances.
- Netspend offers easy access to funds. When funds are deposited into your card account, the lender can use these funds to pay certain bills. This can be online or in stores. It also allows you to withdraw cash from ATMs.
- There are several loan lenders who work with Netspend. Therefore, you may be able to find multiple lenders who will send money to your Netspend prepaid debit cards. The more options there are, the easier comparing and choosing the right lender will be for the customer.
- You can earn cash rewards by using Netspend. There are a few prepaid debit cards that allow people to earn cash reward points. This means customers can redeem these rewards at a later time.
There are also some disadvantages of using Netspend. The main one is as follows:
- Netspend has pretty high-interest rates. Because of bad credit and a lack of savings or checking accounts, the interest rates of payday loans associated with Netspend tend to be very high. Therefore, you stand a higher chance of getting yourself into debt.
In Summary
As you can see, you can get a payday loan that accepts a Netspend account. You don’t have to have a checking or savings account to do so. However, not all lenders offer this service so it is worth researching suitable loan providers.
So, if you have a Netspend prepaid debit card, you can receive cash loans that are deposited to the card account. To do this, you just need to follow the same process as when using a checking account.
