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Choosing a payday loan secured on a debit card

Applying for a payday loan with a debit card.

Some companies offer payday loans secured on a debit card rather than a bank account. Finding one of these companies takes a bit more searching, but they may be of use to people who are unable to provide any paperwork relating to employment or identity.

Debit-card-payday-loans.org.uk

This company specialises in payday loans secured on debit cards.They offer loans in the range of £100 to £1,500. The interest rate is higher on these loans, almost double what other payday loan companies charge. This might be because they have a higher risk of loans not being paid back.

They aim to have loans paid out within 24 hours of approval and they don’t perform credit checks, so in fact these loans are available for everyone.

If the site itself cannot help you for whatever reason, they will put you in touch with lenders who might be of more help.

Some companies will offer a payday loan and supply a pre-paid debit card for those purposes. A pre-paid debit card allows the user to have complete control over the card and repayments. By using the pre-paid card option it once again increases the risk on the lenders part and as such the interest rates are higher than the standard payday loan companies.

Payday loans are not designed for long term financial assistance and as should not be treated as such. A lot of the sites suggest that this is the case as well. It is important to read and understand all of the terms and conditions of any financial agreement, and make sure that you understand them in full before you sign any agreements.

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