The new iAdvance prepaid credit card allows for customers to both receive their paychecks in advance as well as build their credit. As reported by the Credit Card Blog, Meta Payment Systems (MPS) will grant small loans to this prepaid card without having a credit check. The funds are available to the card within minutes. In addition, MPS will report payment and loan history to credit bureaus in order to help raise credit.
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1 comment:
It will be interesting to see whether the introduction of these prepaid cards will help to reduce the regulatory pressure on the payday loan sector. I reviewed the Terms and Conditions of the iAdvance Prepaid Card and they've done a good job of not only enouraging potential applicants to read the terms, but they also clearly spell out the fees. They also clearly indicate that there may be less expensive forms of getting credit or loans, so their sales pitch is decidedly more responsible than your average Payday loan advertisment.
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