Can I get a payday loan with a prepaid card?

Quick Answer Yes, it's possible to get a payday loan with a prepaid card. Some lenders accept prepaid cards as a form of bank account for loan approval. However, not all lenders offer this option, so it's important to check with the specific lender beforehand.

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Kevin Johnson Answer updated on Jul 24, 2023

Fact checked by Steven Hill

If you don't have a valid checking or savings account, a prepaid card could be an option for receiving cash from a payday loan.

Learn: Where can I get a payday loan?

A prepaid card is a type of card that works similarly to a debit card, but isn't linked to any bank account. You load your money onto the prepaid card in advance. Then, you use the card at stores the same way you would use a debit card. You can also use it to withdraw cash at an ATM.[1]

Not all payday loan lenders accept prepaid cards as a type of bank account for sending you money. That being said, some lenders will accept prepaid cards as an option for receiving the money for your payday loan.

The catch is this: receiving funds on a prepaid card is usually accompanied by extra service charges or convenience fees that you wouldn't have to deal with if you used a checking account instead.

Because of this, you should double-check a lender's terms and conditions before applying for a payday loan with a prepaid card. Even if a lender accepts prepaid cards, the extra fees could make loan repayment even more challenging.

Learn: Are payday loans easy to get?

Instead, look for banks that allow you to open checking and savings accounts with no monthly fees. Having bank accounts is a strong move for building your independence and better managing your finances. 💪


  1. What is the difference between a prepaid card, a credit card, and a debit card? ↩︎

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