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 will go over companies that are offering payday loans against SSI, disability, and other federal benefit checks.
We explain how these cash advance loans work and what you need to know.
Lastly, we answer the most frequently asked questions about this topic.
What is Direct Express Cash Advance?
There are some lenders that offer payday loans that are targeted at 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 must usually submit your name and personal contact information, social security number, date of birth, ID, employment status, and income details.
What is a payday loan?
A payday loan is usually a short-term, high-cost loan, generally, for $500 or less, that is typically due on your next payday (or next federal benefits payday).
Depending on your state law, payday loans may be available through storefront payday lenders or online.
Cost of a payday loan
Many state laws set a maximum amount for payday loan fees ranging from $10 to $30 for every $100 borrowed.
A typical two-week payday loan with a $15 per $100 fee equates to an annual percentage rate (APR) of almost 400 percent.
By comparison, APRs on credit cards can range from about 12 percent to about 30 percent.
The map below from The Intercept shows how high the interest rate for payday loans can be depending on your state.
Is Direct Express Cash Advance a Good Idea?
You should approach payday or cash advance loans with caution.
If you don’t understand the terms of the loan – STOP – reread the agreement and ask questions.
Even though payday loans are advertised as an easy form of credit, they can quickly lock 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 the Direct Express Cardless Benefit Access.
Can I get an advance on my disability check?
Yes, in most cases, borrowers who receive Social Security payments will qualify for a payday loan.
Social Security qualifies as a source of income, which makes all SSI recipients eligible for payday loans.
There are some lenders that offer payday loans that are targeted at 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 a payday loan against your disability check? That’s 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 get easy access to cash from their account.
You can receive the full available balance on your Direct Express card up to $1,000 at any Walmart location in the United States.
The fee is $1.50 per transaction. No additional Walmart fees apply.
What is the Direct Express Emergency Cash program?
The Direct Express Emergency Cash program Allows you to obtain up to $1,000 of the funds available on your Direct Express card account without your card in hand.
You may pick up your money at any MoneyGram location in the U.S., U.S. Virgin Islands, or Puerto Rico.
With the Emergency Cash program, you don’t need to have your debit card with you.
Also, the fee for the Emergency Cash program is either $8.50 for up to $500 or $12.00 for up to $1,000.
What is Direct Express Cardless Benefit Access?
The 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.