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Often times people looking for a fast payday loan want to know if it is possible to be accepted if they do not have a debit card. The reason is that although many people have a bank account they do not always have a card associated with that account.
Obviously not everyone has a debit card, a lot of people prefer to use cash or rely on a credit card. Other people may not be able to get a debit card with their bank account. This means that many people can end up being turned down for a payday loan because they do not have a card.
There are however no debit card payday loan providers who will allow you to borrow money without the need to have a debit card associated with your UK bank account. Although this is a strict requirement with some lenders others would prefer you to have one but would be willing to make alternative arrangements so you can get the loan that you require.
The reason many of the payday loans providers often require you to have a card associated with your bank account is that this is often the method that is used to facilitate the repayment of the loan. Often as these types of loans are short term it is easier and more convenient to be able to repay the money you have borrowed by using your card.
Being able to use this automatic way of repaying your debt is both convenient and sensible for both the lender and the borrower. The lender wants a safe, secure and guaranteed way of the loan being repaid. It is also a low cost way for the payday company and so can keep their overheads down meaning more competitive rates for the borrower.
For many borrowers being able to make their loan repayments by debit card is also a fast end convenient way of repaying the monies that they owe. It means that they do not have to worry about remembering the exact date the loan needs to be repaid. Often when people forget or miss a repayment they are hit with late payment charges. With this automated system such charges can be avoided.
Payday lenders will however consider other forms of repayment if you do not have a debit card. One alternate method is to provide a post dated cheque that can be cashed on the day the loan repayment is due.
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