When you apply for a payday loan, you need money fast. It's often a case of an emergency happening that can't wait for your next paycheck. You don't get paid for another week, but your refrigerator died. Or, your car broke down and needs a new alternator. You don't have the cash until the end of the month, but you also need a working car in order to get to work. If you don't get to work, you'll lose your job. Payday loans make sense in those situations.
You don't have a checking account, but you've found a payday loan that works without a bank account. You just need to get a qualifying debit card. How does a payday loan with Direct Express debit card transactions work?
The Basics to a Payday Loan
A payday loan is essentially a cash advance based on your paycheck. You apply for the payday loans with Direct Express debit card payment by answering questions about your income, physical address, name, etc. If your payday loan is approved, you get the cash with a repayment term that's often no longer than a month. The money is sent directly to your Direct Express debit card.
When it's time to repay the loan, make sure you have the funds available on your debit card. That card is used for repayment. You pay fees associated with the loan, so make sure you have the additional money in your account that covers those fees.
For example, you borrow $1,000 until your paycheck arrives on the 30th. The fees are $100. When the due date comes, you need to have the $1,000 plus the $100 in fees to repay the payday loan. If you don't, you face late payment fees that can substantially increase how much is due.
What Is the Direct Express Debit Card?
Comerica Bank's Direct Express debit card is a debit card carrying MasterCard branding. Use it like a credit card to pay bills or buy things. You can also have deposits made directly to the debit card. If you request payday loans with Direct Express debit card payments, the money is sent right to your debit card, making it easy to pay bills or purchase groceries while waiting for your next paycheck to arrive.
Most transactions you make with the Direct Express debit card are free. The one exception to keep in mind is that you only get one free withdrawal with each deposit you make to the card. If you get one deposit and make four withdrawals via an ATM, you'll face fees of 85 cents per transaction for three of the withdrawals. Transferring funds to your bank is $1.50 per. Card replacements are free once per year and $4 if you request more after that. For purchases made outside of the U.S., there is a 3% transaction fee.
The debit card works like any debit card. You get a PIN to use when making purchases in stores or withdrawing cash at an ATM. You can access your current balance, look up transactions, and dispute charges you didn't make from your computer. If the card is lost or stolen, you can report that online, too.
Sign up for payday loans with Direct Express debit card convenience. It's the easiest way to get your payday loan funds quickly to a payment method you can use anywhere without needing to carry cash or a checkbook. It's a safe, hassle-free way to receive and pay your payday loans.
