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Debit Card Loans Online
If you need money in your emergency, you can get a payday loan on your debit card. Also known as a debit card loan, This type of loan makes it possible to access the fund easily.
Here’s a quick guide to understand what debit card loans are and how you avail one.
What is a Debit Card Loan?
A debit card loan is a type of payday loan where the funds are deposited directly to your debit card. Once the money is on your card, you can use it on anything you’d like. You don’t have to wait for the cash to make its way to your bank account and can cover an expense with the simple swipe of your card.
Benefits of Debit Card Loans
Here are some of the most note worthy benefits of debit card loans.
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Many Online Lenders to Choose From
Since debit card loans are popular, you’ll find that many online lenders offer these type of funding. This is great news as it can allow you to compare various options and choose the right one for your unique situation.
Easy Online Application Form
You don’t need to visit a physical location to apply for a debit card loan. You’ll be able to apply from any where via a easy online application form.
Receive Funds Quickly
Depending on the lender to lender Policy, you can receive your eligible funds on your debit card right away. Some lenders even deposit the money on same day of receiving application, within 24 hours, or a few days after.
High Credit score is Not Required
If you don’t have the best credit, don’t worry. Most lenders who are dealing in debit card loans online have flexible requirements. Some of them won’t even bother to look at your credit score and will approve you based on your current income source.
Drawbacks of Debit Card Loans
As with all financing products, debit card loans come with some disadvantages including:
Fees
Unfortunately, debit card loans aren’t free, obviously. You’ll have to pay interest charges and fees to take a loan out. The good news is that many lenders are transparent about their fee structure, so you’ll know exactly how much you’ll owe upfront.
Short Repayment Terms
Debit card loans online are designed to be short-term financing solutions. If you move forward with one, you’ll need to pay it back on your next payday. This will likely be within two to four weeks.
Not All Lender are Safe or Legitimate
There are lot of lenders that offer debit card loans who are not even legit. Before you pursue a lender, check their Better Business Bureau rating and verified reviews on a website like TrustPilot. If their rating is low and they have many negative reviews, chances of their being genuine are less, consider looking for another lender.
Eligibility Criteria For Debit Card Loans:
Eligibility Criteria changes lender to lender, Their requirements can be different. However most of them ask that you are:
- At least 18 years old to borrow the money
- US Citizen
- Employed & Employer Details
- Prove your current source of income
