A common question that gets asked by many borrowers is about whether or not you actually need a debit card in order to get a payday loan. Not having a debit card used to be more of a problem a few years back when payday lending online was in its infancy and there were far fewer lender.
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Here at No Debit Card Payday Loans we are often finding that we are having to tell people that you can get a payday loan without a debit card. It is true that it used to be the case that without a debit card associated with your bank account you couldn't get a loan let alone borrow money the same day. Many lenders now offer direct debit loans where you can repay the loan via a direct debit. Most lenders prefer the method of loan repay to be with a debit card but will offer direct debit as an alternative.
Most lenders should offer same day funding which means the loan request is processed and the money paid into your account before the end of the day. In some cases if you apply too late in the day you may not get your funds until the following morning.
You can however get you money even faster with some lenders. Payday lenders such as QuickQuid (the ones always advertising on telly) offer 1 hour funding at no extra cost. Some lenders do charge extra for this service.
The first step is to fill in the loan application which should take between 5 and 10 minutes depending on how fast you type and if you have your details handy. Once you have done this it can take up to 30 minutes for your loan to get approved. Although this is not instant approval there are certain checks and processes that need to take place. Be wary of instant approval offers as this may incur extra charges or may be misleading in how fast their instant approval process is.
Payday loans are an expensive way to borrow money and you should avoid getting into a situation where you need to borrow money to repay any debts. You can usually extend your loan period and some lenders allow you to borrow money for up to 6 months including extension periods. Initially you can choose to borrow the money for 1 month or 2 months.
For every £100 that you borrow you can expect to pay back £20 to £30 in loan charges. If for whatever reason you do not make your repayment by the agreed period and you have not requested a loan extension that there is usually a missed payment fee charge of around £12.
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