Can you get a cash advance on your Direct Express card? What are the fees associated with Direct Express Cash Advance? In this post, we go over companies that offer payday loans against SSI, disability and other federal benefit checks.
We explain how these cash advance loans work and what you need to know.
Finally, we answer the most frequently asked questions on this topic.
What is Direct Express Cash Advance?
There are some lenders that offer payday loans that are geared toward federal benefit recipients, including Direct Express cardholders.
Depending on the lender, you can apply for a loan either online or in person.
To apply for a loan, you will usually need to provide your name and personal contact information, social security number, date of birth, identification, employment status, and income information.
What is a payday loan?
A payday loan is typically a short-term, high-cost loan, usually for $500 or less, that is usually due on the next payday (or the next payday for federal benefits).
Depending on the law in your state, payday loans may be available through brick-and-mortar payday lenders or online.
Cost of a payday loan
Many states set a maximum amount for payday loan fees in their laws, ranging from $10 to $30 per $100 borrowed.
A typical two-week payday loan with a $15 per $100 fee equates to an APR of nearly 400 percent.
In comparison, APRs on credit cards range from 12 to 30 percent.
The map below from The Intercept shows how much the interest rate on payday loans can be, depending on the state.
Is Direct Express Cash Advance a good idea?
You should take payday or cash advance loans with a grain of salt.
If you don't understand the terms of the loan – STOP – read the contract again and ask questions.
Even though payday loans are touted as an easy form of credit, they can quickly plunge you into debt.
That's because payday loans or cash advance loans generally come with very high interest rates.
FAQs about Direct Express Cash Advance
Here are the most frequently asked questions related to Direct Express Cardless Benefit Access.
Can I get an advance on my disability check?
Yes, in most cases, borrowers who receive Social Security payments qualify for a payday loan.
Social Security is considered a source of income, so all SSI recipients qualify for a payday loan.
There are some lenders that offer payday loans targeted to federal benefit recipients, including Direct Express cardholders.
Depending on the lender, you can apply for a loan either online or in person.
Should you take out a payday loan against your disability check? This is a personal decision.
However, you should consider the cost of a payday loan, as explained above.
What is Direct Express Cash Access?
With the Direct Express Cash Access program, Direct Express cardholders can easily get cash from their account.
They can use the entire available balance on their Direct Express card up to 1.Receive $ 000 at any Walmart store in the United States.
The fee is $1.50 per transaction. There are no additional Walmart fees.
What is the Direct Express Emergency Cash Program?
The Direct Express Emergency Cash program allows you to receive up to 1.Receive $ 000 of the available balance in your Direct Express card account without having your card in hand.
You can deposit your money at any MoneyGram branch in the U.S. pick up, U.S. Pick up Virgin Islands or Puerto Rico.
With the Emergency Cash program, you don't need to have your debit card with you.
In addition, the Emergency Cash Program fee is either $8.50 for up to $500 or $12.00 for up to $1.000.
What is Direct Express Cardless Benefit Access?
Direct Express Cardless Benefit Access is another name for the Direct Express Emergency Cash program.
We have described the Direct Express Emergency Cash program above.
Can I get a loan directly on my Direct Express card?
That's because only federal benefit payments can be deposited into Direct Express accounts.