Can You Receive Payday Loans with PrePaid Cards?

Q: Can you receive payday loans with prepaid cards? ~ Kate, Birmingham.

We have studied every known active lender and each of them has asked that their customers must have a UK bank account in their name to qualify. This is where the funds have to be issued and collected from. Although not often stated, building society accounts are fine. There is no way to receive payday loans with prepaid cards, but there is a way to receive a loan with a specific known card provider. This is CashPlus who lend through their IAdvance release up to the amount of £400. CashPlus has been the pioneer of their sector, creating a range of further product releases that fits around their alternative banking solution.

They for instance offer a £250 overdraft facility and many people may be familiar with their CreditBuilder option that enables those with poor credit to make an improvement to their credit score. One point is that their borrowing facility does appear to require a credit check. If taking out a payday loan or longer term borrowing solution is required then it would be recommended to sign up for a no frills free bank account that all of the leading names offer. These generate no interest, no overdraft is possible and branch privileges are limited, but these are easy to obtain. Once basic identification is issued the process usually takes 2 weeks.

It shouldn’t matter about bankruptcy and poor ratings. They don’t accept those with a history of fraud though. A search will be undertaken for verification purposes that they have to do by law. Whilst there are no ways to obtain loans with a prepaid card, you can do most other things such as composing Direct Debits, paying your wages on them, using them overseas etc. If you are looking for money to see you through the month then you could use a pawnbroker or Cash Converters Buy Back. You only have to show basic identification, assuming that you have an asset to borrow on such as a collection of DVDs, a laptop or phone.