Need to load your cash loan on a prepaid debit card? Many people do so, and it can be a convenient way to use cash!
When you take out a cash loan you may want to use the cash right away. When spending a large amount of money, chances are you will have to use a debit card. But what happens, when you don’t have a bank account or aren’t apart of a credit union. In that case, a prepaid debit card could work.
And the good news is that you can load your cash loan on a prepaid debit card! Here’s how you can transfer your cash loan on a prepaid debit card with or without a bank account.
Why Do People Choose to Use Prepaid Debit Cards over Cash?
Here are a few reasons many people use repaid debit cards:
Added Security
Many people choose to use a prepaid debit card over their primary debit card as it can be safer when it comes to protecting your personal information– a common issue when traveling.
Budgeting
There are some people who use a prepaid debit card because it helps them budget! Since you can control the amount in the account, it can help overspending that can happen with options like credit cards that have high limits.
Avoiding Monthly Fees
Having a checking account or a savings account, could mean fees to pay every month just to keep the account. On top of that banks often have overdraft fees or transfers fees. And so, for many people these cards act like a bank account without having to go through the hoops of setting one up and using it.
Easy to Reload/When Reloading
Sometimes when you deposit funds to a bank account there may be a time period that you have to wait before using the funds. However, prepaid debit cards don’t have that wait time making them more convenient when you have an emergency expense.
Building Credit History or to Improve Their Credit Score
For those with no credit history or bad credit history, there are some prepaid debit cards that also work as credit cards and can help a person build their credit history.
Where Can I Get a Prepaid Debit Card?
Prepaid debit cards can be found at most major and smaller retailers. For example places like Walmart, Target, and even gas stations and dollar stores can carry prepaid debit cards.
In most scenarios, they will be in the same section with all the gift cards. Visa, Mastercard, American Express all have prepaid debit cards. You can also choose other independent companies online such as green dot or Netspend.
How to Load Your Cash Loan on a Prepaid Debit Card, When You Have a Bank Account.
If you already have a bank account or an account with a credit union, it will be fairly simple to load your cash loan funds into your prepaid account. When your lender gives you your cash, you can have it deposited straight to your bank account (most lenders will offer the option for an electronic transfer as it is usually the most secure and the fastest way of transferring money).
After choosing your prepaid debit card, simply use your banking debit card to pay for loading them.
How to Load your Cash Loan on a Prepaid Debit Card Without a Bank Account?
If you don’t have a bank account or a checking account, you can still load your cash loan to a prepaid debit card. If you do have the funds in cash you can simply take them to where you want to purchase your debit card, and then use the funds to load money onto it.
If a lender gives you a check you can either cash at an atm and use the money, or simply use the check to load funding onto it (if the debit card allows for it).
How Can I Use The Funds After I Load My Cash Loan on a Prepaid Debit Card?
The good news is that prepaid debit cards can be used pretty much anywhere that credit cards, cash, or debit can be used.
Here are a few examples of how people use their cash loan funds:
- Utility bills
- Mortgage or rent payments.
- Medical bills
- Groceries
- Emergency travel
- Veterinary bills
What Types of Cash Loans are Out There?
Not sure about what kinds of cash loans will work for you? Here are a few loan types that work well for cash:
Credit Cards
A credit card can be a good way to cover a large expense or small expenses—as loan amounts can vary. For those with good credit the interest on the money spent can be low, and sometimes could even be zero. Depending on your credit limit as a cardholder and interest rate, a cash advance from a credit card could be an option to consider.
Personal Loans
Personal loans can be used for a variety of reasons including. For those who have good credit, they may be able to find a personal loan that comes with a good interest rate, and flexible repayment terms. However, those with bad credit history may not qualify.
Payday Loans
If you need a short-term loan, and have bad credit or bad credit history, a payday loan may be the route to go. When a payday loan is taken out, the payday lender may ask for one-time withdrawal permission from your bank account, when the funds are due. Keep in mind that there are usually high-interest rates with these loans, and
Title Loans
Title loans are a type of secured lending that is secured with a vehicle. If your car is in working condition, you have bad credit and need cash as soon as the next business day, a title loan could work. Once the loan is paid back, the borrower gets ownership of the vehicle back.
All of these loans could make cash possible and can be transferred to a prepaid debit card!
Many people turn to prepaid debit cards as an alternative form of payment, anywhere that cash can be used. There are many advantages to using prepaid debit cards such as convenience, and security! No matter why you may want to use one of these cards, the good news is they are available everywhere at large and small retailers.
When you need a cash loan and aren’t sure where to start Max Cash Title Loans can help. If a title loan is the right option for you, we can help connect you with lenders from our marketplace.5 To learn more simply head to our website and apply for a car title loan. Check out our FAQ page for more information to see if these cash loans are the right option for you.