Over the last few years, or we can say almost a decade, payment systems have evolved massively. Loans, especially, have made our lives a lot easier than before. By having a prepaid debit card in hand, you can buy any vehicle, home, gadgets, or just anything you like with the help of loans. You know what’s the best part of that? You don’t even have to pay it all back at once. Today, the installment facility is not limited to Home Loans and Credit Cards. You can buy whatever you want by getting a same-day loan from a private lender.
What is a Debit Card Loan?
Instant prepaid debit card loans are a type of Consumer Durable loan. To help you understand this better, when you buy a product online or physically, ideally, you have to pay for it all at once. However, by getting a prepaid debit card loan, you can pay for that purchase in monthly installments using your debit card. In this loan, the lender transfers the funds directly into your bank account without you having to visit them personally for the request. Once the amount is in your account, you can use it on anything you’d like.
Features and Benefits
- Instant prepaid debit card loans are instant, obviously. It means you don’t have to fill out lengthy paperwork or submit all your documents to the lender.
- Enjoy flexible credit card loan repayments, usually for up to 2 years, depending on the bank.
- You get to enjoy and avail of the instant loan amount in your bank account.
- Debit card loans online also come with waivers on loan processing fees.
Eligibility for Debit Card Loans
- Get in touch with the private lender from which you wish to get the debit card loan. Check online on their official website if they have already mentioned the eligibility criteria for acquiring an instant loan.
- You should have an active debit card in your bank account in your name to qualify for the loan.
- It is possible that the lender would require proof of your income source and bank statements to verify.
- Once everything’s verified, your loan will be on its way.
Why Instant Prepaid Debit Card Loans Shine in Emergencies?
There are many good reasons why instant debit card loans are ideal for people. You can fund your online and offline expenses using that money with the relief of paying back in installments, not all at once. In fact, now that the festive season is around the corner and you want to shop for the occasion, you must apply for an instant loan and get the money the same day with no unnecessary paperwork and credit checks.
