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Last Updated 13.09.2022
Last Updated 13.09.2022

Payday Loans That Accept Netspend Accounts: Definition and Application Procedure

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Payday Loans that Accept Netspend Accounts

Payday loans that accept Netspend accounts can save you during a financial emergency when you don’t have a valid checking account at the bank. And even if you have one, with a bad credit score, your chances of receiving a payday loan from banks and financial institutions are slim. Fortunately, you can apply to online loan lenders for payday loans and use your Netspend account to receive the funds. 

Let’s Define the Payday Loan That Accepts Netspend Accounts

A payday loan is a type of short-term borrowing that allows people to get small amounts of money to solve financial emergencies quickly. It’s an unsecured loan that can be obtained without collateral or other assets. Borrowers can take out such loans for 550 credit score or lower as lenders either don’t conduct a credit check or do soft credit pulls only. Such checks do not influence the debtor’s credit score nor affect his eligibility for the loan. 

The good thing is that you can obtain the loan by phone or computer without visiting the lender’s office. The loan amount ranges from $100 to $2,500, but borrowers must pay it back within 14–30 days, i.e., on their next paycheck. Unfortunately, the repayment period can’t be longer since payday loans have a high APR. 

Usually, lenders ask you to mention a bank account that can be used for transferring the funds. But you can also use your Netspend account if you don’t have a bank account. Netspend is a company located in Austin, Texas, that offers prepaid cards. Unlike credit or debit cards, consumers don’t have to link their prepaid cards to their bank accounts.

To acquire payday loans with Netspend account you should provide the company with your name and address, and they’ll send your card via mail. Currently, Netspend offers Visa and MasterCard prepaid cards that can be used for direct deposits, loan applications, etc. 

How Payday Loans That Accept Netspend Accounts Work

Payday loans that accept Netspend accounts work the same way as loans with bank accounts. The only difference is that all loan lending companies support bank account transfers, while the list of lenders offering Netspend prepaid card loans is limited. On the other hand, when consumers want to get payday loans but don’t have a bank account, they can use their Netspend account to receive the funds. Netspend has been providing alternative financial services since 1999. 

Benefits and Shortcomings of Payday Loans That Accept Netspend Accounts

It’s impossible for consumers to qualify for payday loans without a bank account. But a prepaid debit account is an amazing alternative to checking and saving accounts. It takes up to ten business days to acquire a bank account, while getting approved for a Netspend prepaid account takes 3-5 minutes. On the other hand, you’ll have to wait about 7-10 business days after placing the order to receive your card via mail.

Benefits Of Payday Loans That Accept Netspend Accounts

  • Besides receiving payday loans on Netspend card, you can use your prepaid card to access your salary, tax refund advances, government benefits, and other finances. 
  • After receiving Netspend loans, borrowers can use their prepaid cards to pay bills, shop online, or withdraw cash from ATMs. 
  • By using your Netspend card, you’ll receive cash reward points. You can redeem the rewards later and use them for various purposes.

Shortcomings Of Payday Loans That Accept Netspend Accounts

  • Few online loan lenders provide payday loans with Netspend card. Before applying for the loan, you should check whether the lender accepts Netspend prepaid cards and can transfer the funds to your account.
  • Due to the lack of a bank account, Netspend payday loans have higher interest rates. You risk increasing your debt because of unfavorable conditions by taking out such loans. 

Situations When Taking Out A Payday Loan That Accepts Netspend Accounts is Reasonable

Payday loans usually include small amounts of money, short payback periods, and extremely high interest rates. That’s why it isn’t recommended to get payday loans for every financial emergency when there are more suitable options. However, here are some cases when taking out a payday loan is reasonable. 

  • Get payday loans for medical procedures only in the case of emergencies. 
  • Use the loan money to fix your car.
  • Take out a loan to repair your kitchen pipes. 
  • Get a payday loan for dentist financing.
  • Use the loan to pay utility bills. 

Procedure of Applying For A Payday Loan That Accepts Netspend Accounts?

The process of applying for Netspend loans online is similar to the process of applying for a loan with a checking account. Here are the steps you should take:

  1. First, find an online loan provider that supports Netsend payments. Contact their support department if you can’t find that information on their homepage. 
  2. Next, fill out the application form on the lender’s website. It’s a straightforward and intuitive process.
  3. Attach the required documents. 
  4. Wait for the lender’s feedback after submitting the loan request. It will take a few hours for the lender to review your request and decide.
  5. Shortly, the lender will inform you about the loan approval and send you an agreement. You should study the loan terms, interest rates, and repayment conditions, sign the contract and send it back. 
  6. The final step is receiving the funds in your Netspend account. 
Procedure of Applying For A Payday Loan That Accepts Netspend Accounts?

Eligibility Criteria and Required Documents

To receive NetSpend all access loans, borrowers should meet the following eligibility criteria:

  • Be 18 years of age or older.
  • Have US citizenship or permanent residency
  • Be employed or have a stable source of income.
  • Have a valid Netspend account
  • Have a valid email address
  • Have a valid physical address

Once you’ve checked your eligibility, you should also provide the required documents. Most loan lenders ask for identity, citizenship, address, and income proof. Luckily, the cash advance is also a loan for unemployed individuals. So even if you don’t have a permanent job, you can still apply for the loan if you have a stable alternative income such as a monthly allowance, child support, etc. 

Criteria of Picking a Payday Loan Lender That Accepts Netspend Accounts

To choose a suitable loan lender, first of all, make a list of all the lenders that support Netspend account transfers. Then filter the list according to the following criteria:

  1. Application process: the average application procedure should take 24 hours. 
  2. Lender reputation: make sure the lender has a good reputation for providing fast and flexible services.
  3. Loan repayment period: the average payback period is 30 days, while some loan providers allow you to extend this period.
  4. Bad credit loans: ensure the loan provider doesn’t conduct hard credit checks. 

Reasons to Choose Americacashadvance.Com

AmericaCashAdvance.com is a reputable and reliable payday loan provider that transfers funds to the borrower’s Netspend account. Depending on your state, the lender allows borrowing up to $5,000 with Netspend installment loans. You can use the money for various purposes, such as education, vacations, home renovations, car repairs, etc. The lender provides feedback on the status of loan requests 1-2 after submitting the applications. If your request is approved, you’ll receive the funds in your Netspend account within a business day.

FAQ

Can I Receive PPP Loans on my Netspend Card?

The short answer to the question, “Does Netspend accept PPP loans?” is yes. You can receive your PPP loan on your prepaid card. You should find a lender that provides Paycheck Protection Program loans and supports Netspend account transfers.

Can I Get a Small Business Administration Loan on My Netspend Card?

The answer to your question, “Can I get my SBA loan on my Netspend card?” is no. They only approve loan requests with bank accounts, so prepaid cards don’t qualify.

Can I Use My Netspend Card to Get a Loan?

Yes, you can get your payday loans on Netspend card.