Debit card payday loans are virtually identical to regular payday loans. The main difference between the two is the money is put on the consumer’s debit card for a debit card payday loan and this loan is repaid through the same debit card; where as a consumer of a regular payday loan can use a check, cash, or credit card for the money transactions. There are many benefits to a debit card pay loan as detailed in this blog.
The general idea of the debit card payday loan is the same as a regular payday loan. The consumer receives a cash advance to their debit card and the consumer is expected to repay the loan the next time he or she gets paid. The idea of the payday loan is that its money for the consumer until he or she gets paid next. Since the consumer is expected to repay the loan the next time he or she gets paid, the value of the loan has to be rational to the consumer’s income.
There are several benefits to a debit card pay day loan as shown in this blog. The first benefit, as previously mentioned, is that the consumer will receive money to hold him or her off until their next paycheck. The second benefit of a payday loan is that the money is applied to and comes off a debit card; dealing with debit cards is much more concrete than credit cards. It is easier to rack up a high credit card bill but it is harder to rack up a high debit card as the debit card will not work if there are no funds available.
A debit card payday loan is definitely worth it in the end as the benefits outweighs the negative issues as shown in this blog!