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Do Prepaid Cards Work on OnlyFans?

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OnlyFans is a popular online platform that puts fans in touch with their favorite content creators. Artists, chefs, writers, entertainers, and a variety of other talents use OnlyFans to earn money and interact with their audience. Fans must have a card on file to subscribe to an account, but…does that have to be a credit card? Can you use a prepaid card for OnlyFans? Read on to learn about the OnlyFans payment policies.

How Does OnlyFans Work?

OnlyFans is a platform that connects content creators with their fans. It is similar to Patreon, but the payment structures are different. Creators on OnlyFans set monthly subscription prices for their content. Fans can access this content by paying the monthly subscription fee, which varies from one Creator to the next. OnlyFans takes 20% of the subscription fee, and the rest of the money is paid to the Creator.

Fans also have the option to direct message Creators and tip for special content. For instance, if a fan wanted to pay for a personalized video, he or she could tip the Creator based on an agreed-upon price. Tips are not refundable, and OnlyFans is not responsible for any agreements made via direct message.

To join OnlyFans as a Fan or Creator, you must be 18 years of age or older.

Payment Methods Accepted on OnlyFans

Currently, OnlyFans accepts payments from the following sources:

OnlyFans has not made an official statement about accepting American Express cards, but users reported issues with Amex on OnlyFans in April 2020. At this time, it appears that the site does not support American Express cards for subscriptions.

Here are some prepaid cards that may work for this platform:

  1. Netspend® All-Access ® Account by MetaBank®
  2. PayPal Prepaid Mastercard®
  3. Control ™ Prepaid Mastercard®
  4. Netspend® Prepaid Mastercard®, now a WWE partner® or Netspend® Prepaid Mastercard® – Proud Partner of MLB®
  5. Brink’s® Prepaid Mastercard®

Payment Methods OnlyFans Does Not Accept

In their Fan Questions area, OnlyFans says that they do not accept:

  • PayPal
  • Gift cards
  • Most prepaid cards

Moreover, OnlyFans will not accept cards that do not have 3D Secure authentication. This is an advanced security feature that passes data between the merchant, the card issuer, and the cardholder. It reduces the risk of card-not-present fraud and ensures that stolen cards are not used for online purchases. Because of this policy, OnlyFans does not support payments from mobile wallets like Apple Pay, Samsung Pay, or Google Pay.

After entering your card information on OnlyFans, “You will be prompted by either: ‘Verified by Visa’ or ‘MasterCard SecureCode’ to confirm your purchase with additional temporary verification code or SMS code.  If your card is unable to be authenticated, your charge may be declined or fail.”

Can I Use More Than One Payment Method for OnlyFans?

OnlyFans will not split subscriptions across multiple payment methods, but you can have more than one card linked to your account. If the primary card gets declined, the secondary card will be charged instead. This ensures that your subscription status remains active so you can continue to access the Creator’s content.

An Alternative to Using Prepaid Cards on OnlyFans – Secured Credit Cards

If you do not have a credit card and do not want to use your bank card, there is another way to make payments on OnlyFans. Consider getting a secured credit card to cover the transactions. In many ways, a secured card is like a prepaid card that can help you build credit.

To use a secured credit card, you must deposit money to act as the ‘available credit.’ If you deposit $500 onto the card, you’ll have an available balance of $500, minus any fees on the card. If the secured card fits within the parameters of OnlyFans accepted payments, you can use that card to pay for subscriptions and tips.

Almost anyone can get approved for a secured credit card, even if you have bad credit or no credit. Your deposit eliminates the risk for the card issuer, so they are willing to work with you regardless of past credit challenges. You must make monthly credit card payments just like you would with a traditional credit card. Those payments are reported to the credit bureaus to gradually boost your credit score. If you think about it, that means you could build your credit with OnlyFans! The modern world has its perks.

You can cancel your secured card and receive a refund for your deposit. You can also upgrade to an unsecured card after several months of positive payment history. Read each card’s terms closely to understand the fees and interest on the account. Then you can choose the right secured card for you.

 

Here are a few great options for secured cards:

OpenSky® Secured Visa® Credit Card

 

Assent Platinum 0% Intro Rate Mastercard Secured Credit Card

 

First Progress Platinum Prestige Mastercard® Secured Credit Card

 

Using Wallet Credits on OnlyFans

OnlyFans doesn’t accept most prepaid cards, but you can turn your Fan Account into a prepaid card all its own. Fans can add money to their accounts through Wallet Credits. The credits are non-refundable, so be careful before loading up your Wallet. Wallet Credits are used as the default payments for tips and subscriptions until the funds are depleted.

What’s the benefit of using Wallet Credits? It allows you to reduce the number of OnlyFans transactions that show on your credit card statement. Let’s say you subscribe to five Creators and tip a couple of times each month. If you load sufficient funds into your Wallet, you’ll only have one charge on your account instead of seven.

Note that you must use an accepted payment method to add Wallet Credits. Also, if there is not enough money in your Wallet to cover the entire transaction, OnlyFans will charge your alternative payment method instead. Payments cannot be split between your Wallet and card.

Will OnlyFans Show on My Credit Card Statement?

If you are worried about discretion, you need to note how OnlyFans transactions display on credit and debit card statements. The monthly subscription will show as “OnlyFans” or “OnlyFans.com” on your statements. Some transactions may appear with an OF descriptor instead, but the transaction will most likely have a full OnlyFans label.

Will I Be Charged for Content on Free OnlyFans Accounts?

OnlyFans creators choose what they charge for their content. As a result of that, there are some free OnlyFans accounts that you can subscribe to at no cost. You must have a payment method linked to your account to subscribe, but you will not be charged for free content. You can still private message the Creator and have full access to the content on that particular account.

If you’re wondering why someone would put out free content on OnlyFans, in most cases, it’s teaser content. For example, the British music duo Duke and Jones used a free OnlyFans account to promote their latest album and raise money for retail workers affected by COVID-19. Any tips on the account went directly to the charity. Some Creators have two accounts – a free one for sneak peeks and a paid one for more exclusive content. Regardless of the circumstances, your card will not be charged if you subscribe to a free account.

Do Free Trials on OnlyFans Auto-Renew?

No! Free trials on OnlyFans do not auto-renew. Many subscription services use free trials as a ploy to trap customers into monthly subscriptions. That is not the case with OnlyFans. If a Creator is running a free trial promotion, you can subscribe without any charge. To continue viewing the content after the trial, you will need to manually renew your subscription.

If you want to cancel an OnlyFans subscription, simply turn off the Auto-Renew switch on the Creator’s profile. You will still have access to the content until the next charge is due. If you deactivate your OnlyFans account altogether, you will not have access to any content on the platform.

Why Was My OnlyFans Payment Declined?

If you are trying to add a card to your OnlyFans wallet, the payment may be declined because the card is not an accepted payment method or it does not support 3D secure authentication.

If your card has worked in the past but was declined for a tip or monthly subscription, here are some possible reasons:

  • Insufficient funds in the account
  • The card is expired
  • You received a new card but have not updated your card information on OnlyFans
  • You have reached your daily tip limit of $500 (this resets daily)
  • Your bank or card issuer is blocking the transaction for suspicion of fraudulent activity
  • The card information or address is incorrect
  • You’re using a proxy or VPN to access OnlyFans, but your bank needs IP verification for the transaction

OnlyFans will retry the transaction up to three times. After that, you will no longer have access to the Creator’s content that you’ve subscribed to. You can delete and re-enter your card information to try the transaction again. If you’re still having issues, contact support@onlyfans.com.

Is It Safe to Use My Credit Card on OnlyFans?

OnlyFans uses a third-party payment provider, so your credit card information is not stored directly on the site. Creators cannot see your payment information when you tip or subscribe to their accounts. If you notice unauthorized transactions on your card, report them to your card issuer right away and request a new card. Since OnlyFans does accept Visa and Mastercard you can learn how to get your own credit card today!

If you need help finding the right credit card, use the Low Cards Credit Card Selection Tool to get started. The process only takes a few seconds, and we’ll match you with the best credit card offers to meet your needs.

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How to Avoid a Prepayment Penalty When Paying Off a Loan | Pennyhoarder

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Look at you, so responsible. You received a financial windfall — stimulus check, tax refund, work bonus, inheritance, whatever — and you’re using it to pay off one of your debts years ahead of schedule.

Good for you! Except… make sure you don’t get charged a prepayment penalty.

Now wait just a minute, you say. I’m paying the money back early — early! — and my lender thanks me by charging me a fee?

Well, in some cases, yes.

A prepayment penalty is a fee lenders use to recoup the money they’ll lose when you’re no longer paying interest on the loan. That interest is how they make their money.

But you can avoid the trap — or at least a big payout if you’ve already signed the loan contract. We’ll explain.

What Is a Loan Prepayment Penalty?

A prepayment penalty is a fee lenders charge if you pay off all or part of your loan early.

Typically, a prepayment penalty only applies if you pay off the entire balance – for example, because you sold your car or are refinancing your mortgage – within a specific timeframe (usually within three years of when you accepted the loan).

In some cases, a prepayment penalty could apply if you pay off a large amount of your loan all at once.

Prepayment penalties do not normally apply if you pay extra principal in small chunks at a time, but it’s always a good idea to double check with the lender and your loan agreement.

What Loans Have Prepayment Penalties?

Most loans do not include a prepayment penalty. They are typically applied to larger loans, like mortgages and sometimes auto loans — although personal loans can also include this sneaky fee.

Credit unions and banks are your best options for avoiding loans that include prepayment penalties, according to Charles Gallagher, a consumer law attorney in St. Petersburg, Florida.

Unfortunately, if you have bad credit and can’t get a loan from traditional lenders, private loan alternatives are the most likely to include the prepayment penalty.

Pro Tip

If your loan includes a prepayment penalty, the contract should state the time period when it may be imposed, the maximum penalty and the lender’s contact information.

”The more opportunistic and less fair lenders would be the ones who would probably be assessing [prepayment penalties] as part of their loan terms,” he said, “I wouldn’t say loan sharking… but you have to search down the list for a less preferable lender.”

Prepayment Penalties for Mortgages

Although you’ll find prepayment penalties in auto and personal loans, a more common place to find them is in home loans. Why? Because a lender who agrees to a 30-year mortgage term is banking on earning years worth of interest to make money off the amount it’s loaning you.

That prepayment penalty can apply if you want to pay off your loan early, sell your house or even refinance, depending on the terms of your mortgage.

However, if there is a prepayment penalty in the contract for a more recent mortgage, there are rules about how long it can be in effect and how much you can owe.

The Consumer Financial Protection Bureau ruled that for mortgages made after Jan. 10, 2014, the maximum prepayment penalty a lender can charge is 2% of the loan balance. And prepayment penalties are only allowed in mortgages if all of the following are true:

  1. The loan has a fixed interest rate.
  2. The loan is considered a “qualified mortgage” (meaning it can’t have features like negative amortization or interest-only payments).
  3. The loan’s annual percentage rate can’t be higher than the Average Prime Offer Rate (also known as a higher-priced mortgage).

So suppose you bought a house last year and then wanted to sell your home. If your mortgage meets all of the above criteria and has a prepayment penalty clause in the mortgage contract, you could end up paying a penalty of 2% on the remaining balance — for a loan you still owe $200,000 on, that comes out to an extra $4,000.

Prepayment penalties apply for only the first few years of a mortgage — the CFPB’s rule allows for a maximum of three years. But again, check your mortgage agreement for your exact terms.

The prepayment penalty won’t apply to FHA, VA or USDA loans but can apply to conventional mortgages — although the penalty is much less common than it was before the CFPB’s ruling.

“It’s more of private loans — loans for people who’ve maybe had some struggles and can’t qualify for a Fannie or Freddie loan,” Gallagher said. “That block of lending is the one going to be most hit by this.”

How to Find Out If a Loan Will Have a Prepayment Penalty

The best way to avoid a prepayment penalty is to read your contract — or better yet, have a professional (like an attorney or CPA) who understands the terminology, review it.

“You should read the entirety of the loan, as painful as that sounds, because lenders may try to hide it,” Gallagher said. “Generally, it would be under repayment terms or the language that deals with the payoff of the loan or selling your house.”

Gallagher rattled off a list of alternative terms a lender could use in the contract, including:

  • Sale before a certain timeframe.
  • Refinance before a term.
  • Prepayment prior to maturity.

“They avoid using the word ‘penalty,’ obviously, because that would give a reader of the note, mortgage or the loan some alarm,” he said.

If you’re negotiating the terms — as say, with an auto loan — don’t let a salesperson try to pressure you into signing a contract without agreeing to a simple interest contract with no prepayment penalty. Better yet, start by applying for a pre-approved auto loan so you can get a pro to review any contracts before you sign.

Pro Tip

Do you have less-than-sterling credit? Watch out for pre-computed loans, in which interest is front-loaded, ensuring the lender collects more in interest no matter how quickly you pay off the loan.

If your lender presents you with a contract that includes a prepayment penalty, request a loan that does not include a prepayment penalty. The new contract may have other terms that make that loan less advantageous (like a higher interest rate), but you’ll at least be able to compare your options.

How Can You Find Out if Your Current Loan Has a Prepayment Penalty?

If a loan has a prepayment penalty, the servicer must include information about the penalty on either your monthly statement or in your loan coupon book (the slips of paper you send with your payment every month).

You can also ask your lender about the terms regarding your penalty by calling the number on your monthly billing statement or read the documents you signed when you closed the loan — look for the same terms mentioned above.

What to Do if You’re Stuck in a Loan With Prepayment Penalty

If you do discover that your loan includes a prepayment penalty, you still have some options.

First, check your contract.

If you’ll incur a fee for paying off your loan early within the first few years, consider holding onto the money until the penalty period expires.

Pro Tip

If you don’t have a loan with a prepayment penalty, contact your lender before sending additional money to ensure your payment is going toward principal — not interest or fees.

Additionally, although you may get socked with a penalty for paying off the loan balance early, it’s likely you can still make extra payments toward the balance. Review your contract or ask your lender what amount will trigger the penalty, Gallagher said.

If you’re paying off multiple types of debt, consider paying off the accounts that do not trigger prepayment penalties — credit cards and federal student loans don’t charge prepayment penalties.

Tiffany Wendeln Connors is a staff writer/editor at The Penny Hoarder. Read her bio and other work here, then catch her on Twitter @TiffanyWendeln.

This was originally published on The Penny Hoarder, a personal finance website that empowers millions of readers nationwide to make smart decisions with their money through actionable and inspirational advice, and resources about how to make, save and manage money.

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10 things you didn’t know will help you get a mortgage

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Anyone who wants to apply for a mortgage right now will know that it’s not easy. Coronavirus has made the process of applying longer, while lenders are now more careful than ever about who they will lend to. You probably already know that having a healthy credit score is essential to a successful mortgage application, but how can it be achieved? Personal finance experts from Ocean Finance  weigh in with the top tips for making sure your application is a success – that you may not have heard about. 

1. Make sure your name is on all household bills

If you share a rental, it can be tempting to let someone else put their name down on the utility bills and just pay them back. If you want a mortgage, avoid doing this: bills with your name and address on them are proof that you pay them on time. This especially applies to the rent itself – never move into a house share without your name being on the contract. Before applying for a mortgage, ask your landlord for a letter confirming that you pay on time. 

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How Can I Prequalify for a Personal Loan? A Guide

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When you are in need of money quickly, you very likely don’t want to sit around pondering a bunch of different options. You want to find the option that works best for you and utilise it. Unfortunately for so many people around the country, it can be difficult to get their hands on the money they need due to them having a bad credit score, or even no credit score at all.

How Can I Prequalify for a Personal Loan?

Photo, Varun Gaba.

Your credit score is thought of as being pretty important, as it shows your financial trustworthiness to financial institutions like banks, credit card companies, lenders, and more. Your credit score is one thing that will usually be considered by just about any company you apply for a loan through, so keeping a close eye on your credit score is imperative for your financial life.

No matter what your credit score looks like, knowing how you can prequalify for a personal loan can be a comforting feeling when you are in need of quick cash. After all, when you are eligible for personal loan prequalification, you feel a little better going into the loan process knowing you won’t have to wait around for a loan decision.

How is Pre-qualification Decided? Prequalifying for a personal loan can depend on several different factors that you will have to keep in mind, and it will vary greatly depending on the lender you are applying through. Here are two of the things you will need to keep in mind when it comes to your loan that could affect whether or not you prequalify for the loan.

— Your credit score; Yes, this is always going to be something you are going to need to think about. Depending on the financial institution or lender you are going through, you can bet that your credit history and score will play a huge part in whether or not you prequalify.

— The amount of your loan; How much money you plan on borrowing from the lender or bank is also going to play a part in deciding whether or not you prequalify.

To get the most out of your search for a lender that you could prequalify with, think about applying with more than just one lender. This way, you might get several pre-qualification offers, and this will allow you to sort through the lenders and decide which one works best for you.

How Can I Prequalify for a Personal Loan?

Photo, Christina @ wocintechchat.com.

The Pre-qualification Process: No matter where you are trying to prequalify for your loan through, you will find the process to be pretty simple and largely similar across most lending platforms. You will need to provide some information to the lender that will help them decide whether or not to prequalify you.

How Can I Prequalify for a Personal Loan?

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Some of the information you will need to provide includes:

— Your full name; You will want to make sure you provide your full legal name so you can make the process simple for yourself and the lender. Depending on the lender, you might also be asked to provide images of your government issued ID or driver’s license to validate your identity.

— Your income and information on your job; Your income and employment status are often considered over your credit score when it comes to pre-qualification for loans, especially if you are applying for a personal loan through a lender who deals with customers with bad credit or no credit.

— The loan amount you want; Of course, you will have to include the amount of money you would like to borrow. Make sure it is something reasonable, and something that you can realistically pay back on time.

What Will the Lender Do? If you are trying to prequalify through a lender who specialises in bad credit clients, then you won’t have to worry about your credit score being negatively affected by taking out your loan. However, if the lender reports to the credit bureaus, your payments could still make an impact on your credit score.

If not working with a specialised lender, you might find that the lender will do a soft inquiry on your credit when going through the pre-qualification process. No worries here, as this doesn’t put any dents in your score. If you prequalify for the loan you are looking for, you should get an alert via email from the lender of your choice.

The Money You Need: Hopefully, you will have prequalified for the loan you are looking for so you can ensure you have access to the money you need, when you need it. Whether you’re going through some unexpected circumstance in life or just need money to pay something off quickly, knowing you are prequalified for the loan you need is a comforting feeling, allowing you access to the cash you need for whatever you need it for.



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