The answer is that each pay-day loan company will have their own requirements, although most of them require you to have a checking/savings account.
Getting a loan on a prepaid debit card
As far as I know, there are two companies that offer to pay out a loan to a prepaid debit card. These are:
The reason the regulation is so tight (and why other, more well known lenders don't encourage this practice) is because customers that have a current checking account are more likely to be earning money on a regular basis, and therefor able to repay a loan.
Services that offer loans to prepaid debit cards are often considered risky, so my advice would be to get as much info as you can, examine the different interest rates on offer, and (where possible) seek independent financial advice before signing anything.
Getting a loan on a prepaid debit card
As far as I know, there are two companies that offer to pay out a loan to a prepaid debit card. These are:
- SpeedyCa$h
- Account Now
The reason the regulation is so tight (and why other, more well known lenders don't encourage this practice) is because customers that have a current checking account are more likely to be earning money on a regular basis, and therefor able to repay a loan.
Services that offer loans to prepaid debit cards are often considered risky, so my advice would be to get as much info as you can, examine the different interest rates on offer, and (where possible) seek independent financial advice before signing anything.
