Understanding How A Payday Loan Debit Card Works

There are new options to borrow money for a short-term, when you need extra money to get by between paychecks. The new payday loan debit card allows borrowings to be put onto a re-loadable, prepaid card that can be used in the same way you use credit cards or you can use them at ATMs, wherever you might be. With the payday loan debit card, it is no longer a matter of waiting for the funds because you can get the card reloaded at retail locations from your bank account.

The main reason that people seem to like the payday loan debit card is that it is easy to use wherever they might be. Of course, if there are situations where you need to have a check written to pay bills, because they don't take a payday loan debit card or credit cards, it is possible to have a check written on your behalf, once you have been approved and the transaction is completed. What many people like about the payday loan debit card is that they can spend the proceeds from their borrowing, in a number of different places without carrying cash. Many times, you may need to buy groceries, gas, or just pick up a few items at various places.

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The convenience of using this method to pay for things is even easier when you choose to have your payroll or government checks sent directly to your card. In fact, there are some payday loan debit card options that allow you to easily manage your borrowing and spending, but you can also use them as a calling card, use them to shop online or use them the same way you would any other credit card or ATM card. When you consider that you can quickly get these short-term cash advances approved and a credit line will be established for you, it becomes a convenient way to make it through until your next paycheck.

In addition, these types of cash advances charge a nominal fee that only amounts to a small amount of actual money, even though the APR might seem high. The reason for this is that you will typically borrow the funds for 2 weeks to a month, but an annual percentage rate calculates the percent of interest you would pay over a year. Since these types of financing are for short-term purposes, a payday loan debit card isn't something you should exactly compare to your standard credit cards, in the event you have them.

Because it is possible for those that have had bad credit in the past to take advantage of this quick and easy way to get money, this is a line of credit that is easily established. A payday loan debit card allows you the same conveniences of credit cards and there are some online lenders that offer them in this form. Whenever the need for cash comes up between your paychecks, it is reassuring to know there is a convenient way to spend your borrowed funds in a number of places, with the payday loan debit card.

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