Payday Loans With Direct Express Debit Card
If you receive your Social Security benefits on an SSI debit card, you can get a payday loan. The SSI debit card makes it easy to get your SSI funds directly on a debit card that you then use anywhere. It’s an easy way to get your funds without having a savings or checking account.
Typically, a payday loan requires you to have a bank account. If you don’t and have the SSI Direct Express debit card, many companies offer SSI debit card payday loans. Here are tips for taking out a cash advance loan using your SSI debit card.
Borrow Only What You Need
SSI debit card loans do require borrowers to pay certain fees. Payday loans have higher fees because the lender takes more risk by offering an unsecured loan. Keep fees to a minimum by borrowing only what you need. While it may be tempting to ask for more, just in case something happens, stick to the amount you can repay with your SSI debit card.
Use a service like EasyAZloans.com to compare rates with several payday loan companies. By shopping around, you’ll find the lowest interest rates and repayment terms that work for you.
Keep Track of When Repayment is Due
Make sure you have the funds on your SSI debit card when you go to repay your payday loan. Many people lose track of time and miss the repayment or spend the money meant to repay the loan. This leads to additional charges. Note the date the payment is due and make sure money is in the account on the day the payment will be made.
Understand All Terms and Penalties
Before you sign any paperwork on a payday loan using an SSI debit card, look over all the paperwork. Lenders often give a truth-in-lending statement that details how much you’re borrowing and how much you must pay back. In addition to this, read the fine print for crucial information like late fees, what happens if you cannot pay the lender back, and other terms and conditions of the SSI debit card payday loan. If anything is unclear, ask for clarification before you sign the papers.
Apply for an SSI debit card payday loan today. By answering just a few questions, you’ll have the cash you need in a hurry. Instead of your bank account, you’ll use the debit card to repay the loan. It’s that easy.
How Do You Get a Direct Express Debit Card?
Social Security benefits require a direct deposit method of some kind. Funds are deposited automatically to your checking or savings account. For people who do not want to share their bank account numbers, a Direct Express debit card is the best option.
Enrolling for a Direct Express card is an easy process. You call 1-800-333-1795 or go to your local Social Security Administration office to learn more.
Once you have your card, you can get your Social Security and other federal payments sent directly to the prepaid debit card. You don't have to undergo a credit check in order to get a card. There are no fees for cash back transactions at banks or stores. You get one free ATM withdrawal per deposit. If you get one Social Security deposit each month, you'd get one free withdrawal each month. After that, ATM withdrawals are $0.85. Funds transfers are $1.50. (Fees are subject to change.)
The Direct Express prepaid MasterCard is linked to the PayPerks program. Take online tutorials to learn about money management and other financial matters and earn entries into cash giveaways.
How Do Payday Loans With a Direct Express Card Work?
When you take out a payday loan, you're taking out the money you need until your next payday. As an example of when you might need one, your car blows a tire and bends the rim hitting a pothole your city has yet to fix. You get your SSI each month, so you won't get another deposit for two more weeks. You don't have the $200 you need for a new rim and tire.
You need your car for work, but you don't have the money to immediately pay for the rim and tire until your SSI payment arrives. This is where a payday loan can be helpful. You just need to make sure you pay it back by the repayment date. As the repayment day is set to arrive after you get paid, you repay the loan and the loan fee. You've given your Direct Express card, so the money is taken out immediately from that account.
You've used the payday loan for an emergency where you had no other option. That's what payday loans are designed to help with. You didn't have to rely on others to get you to work. You didn't have to keep calling into work because you lacked transportation. You repaid the loan on your next payday.