Payday loans are there for a while and are well known in the United States. However, in the United Kingdom, payday loans have become popular and available only recently. Many providers offer payday loans, which are a type of short term loans.
Payday loan types are lent for a maximum period of one month and are generally available on the internet and over the phone. Moreover, they are also available on the high street too. But before we further go deep into how you can get payday loans no debit card, let us tell you what payday loans really are.
What are payday loans?
You may have seen payday loan offers everywhere nowadays, ranging from the internet to the local mall. This shows that the payday lending market is thriving. However, you may wonder as to what really payday loans are.
Payday loans are typically very costly. Borrowers must pay back payday loans quickly and use them with care. These types of loans are typically priced at a fixed amount of money, which is the borrower’s finance charge. Since these loan types come with short terms, their borrowing cost is high. The borrower generally provides the lender with a debit authorization or pre-dated check in return for the loan.
How payday loans work?
Suppose your car gets damaged and you choose to do the repairs on the car by borrowing $300 from one of the payday lenders. In such a case, you will have to write a private check for $340 that is post-dated and is payable to the lender. This amount includes the finance fee also. You take the loan online, so you type in this detail online, when you apply for such type of loan.
After this, the lender will send $300 to you for a specified time period, which is generally 14 days. After this time period ends, you have to pay $340 to the lender in cash. The lender can do this by depositing the check that is post-dated, which you earlier wrote to them, or you can give a new check to them for the money with the extra finance fees. And, in case you do not pay the full debt to them at the term’s end, then you will have to pay extra charges and finance fees.
Not having a debit card?
Generally, the consumer has to provide some information to the lender, if they want them to give payday loans no debit card. Obviously, no one will lend money without any proof of who the person is and without any means to pay back the loan.
Payday loans are also called debit card loans since they require a debit card as evidence to obtain the loan. Plus, the debit card works as a way to pay back the loan to the lender. However, the problem arises, when the person, who wants to borrow some money, does not have a debit card.
How to get payday loans no debit card?
Now you can get payday loans, even if you do not possess a valid debit card. Some payday loan providers now offer consumers alternate means through which they can repay their small short term loan. Although, the requirement for a debit card is not necessary now, you still need to give the standard details that most of the lenders ask for.
If you want to get payday loans no debit card, then you need to provide an identification proof, which evidences your identity, as well as a method to repay the loan back. You can apply for such a loan online, as this way you do not have to post or fax any of your documents. Moreover, you are notified promptly as to whether you are approved for the payday loan or not, depending on the details that you gave in your loan application form.
Usually, you need to be above 18 years old and should be employed for a minimum of 3 months in order to get payday loans no debit card. You must also earn more than a thousand dollars or pounds to get approved for the payday loan. Plus, you have to give the details of your bank account, which will serve some part of the application information as well as a means to transfer the loan to you.
This is how you can get payday loans no debit card. This information will help you to get a payday loan, without using your debit card.