Debit card payday loans are the new loan instruments for the UK people. These instantly loans are the result of the lenders' efforts to make the borrowing of money more hassle free for the borrowers. There is no need to fax any documents to the lenders and you do not have to prove your credit worthiness as well. Still, these loans allow you to borrow money within 24 hours for any urgent use.
All you need to ensure to get these loans in your name. Any bank where you have a savings account issues these cards. So, the card is the proof that your account regularly receives or has a good amount of money in it. Another aspect to be noted in taking out these loans is that you will have to place your debit card with the lender as a security of the loan.
Debit card payday loans can fetch you any amount but usual range of the loan is £100 to £1500 for the UK people. You will be approved the loan even if you are not currently in any job. So, unlike other payday loans, these are available to the people who have money in the account but have no job at present.
Such applicants do not also have to go under any credit checks. The lenders have your debit card as security. So, they provide the loan to the people whose credit history has blemishes like late payments, payment defaults and CCJs without any credit checks on them.
However, make sure that you have first found an affordable offer of debit card payday loans at competitive interest rates. Usually offers of these loans are for very short terms of two weeks. Hence, higher APR is the common charges for the applicants. So, be prepared to make interest payments at high rates.
You should compare the online lenders of debit card payday loans in order to have access to affordable loans. Make sure that you return the loan on the due date, or the lender may charge high penalties and the interest rate will go further higher.