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Loans and no debit card may prove to be an issue for you. Before explaining why, let us briefly recap on the nature of a payday loan. The payday loan This form of modern and flexible loan facility is typically aimed at those who need to borrow a smaller amount of money and for a short period. A typical example may be someone borrowing between 100-250 and then repaying that when they next get paid - which is where the name pay day loans comes from. If you were looking for a few ways to describe this form of loan, you may highlight: it is fast; typically involves no paperwork; is low effort in terms of what you have to do to get one; involves only limited credit checks meaning that you may be able to obtain such a loan even you have a shaky credit history. To make that happen To help them deliver some of these things to you, the loan provider needs you to have a few basics in place, and this may sometimes include a bank debit card. The reason for that is simple and relates to the way a payday loan often works. It will typically use your bank account to send the loan money to, so that it reaches you as fast as possible. To save you effort, and make the process as automated as possible, some providers will require you to have a bank card so that the loan provider can debit your account when you next get paid, to recover the agreed amount of the loan plus their charges. That is why payday loans and no debit card may not always go well together. Your options Banks typically allocate debit cards to some of their customers relatively routinely because in


today's world they are trying to encourage electronic payment rather than cheque use. Cheques are relatively expensive for banks to administer and in any case, it may be difficult to use cheques unless you have a cheque guarantee card (the banking cheque guarantee and debit card are today typically one and the same thing). So, getting a debit card may sometimes be fairly easy. However, if you have been declined a bank debit card, a prepaid card may be an option. If you have a prepaid card, depending on the payday loan provider, they may be able to consider your application, so this may worth thinking about. Otherwise, it may prove to be difficult to find a provider offering payday loans and no debit card.

Gary Miller-Cheevers is the CEO of Speed-e-Loans, a UK Based payday loans lender. Speed-eloans.com is a practical alternative to banks that can no longer help their customers with their short term financial needs. Our mission is to provide instant decisions and two hour money whenever they need it. So if you are looking for Payday loans, please visit us.

Article Source: http://EzineArticles.com/?expert=Gary_Miller-Cheevers

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