Debit card loan is a kind of short term loan and the borrower can secure small amount of loan
. People who possess debit cards are eligible for debit card loans. The debit cards are used as a security against which the lenders offer loans. The lenders accept the debit card as a kind of guarantee. The debit card reflects that the loan-seeker has an active account in the bank and that he deposits money with the bank regularly. Debit card loans are free from any sort of hassle. The borrower can secure the loan amount fast and he does not follow any complicated procedure.
Debit card loans help you securing a small amount of loan within the range from 100 to 1500. The borrowers are to pay back the loan amount within 14 to 31 days. Interest rates for debit card loans are comparatively high. It is important that the borrowers must clear the loan within the time given unless which burden of loan may become terrifying for them.
The loan-seekers are entitled for debit card loans if they satisfy the following criteria:
a) The borrowers must be citizens and regular residents of United Kingdom.
b) They must have reached adulthood and have completed 18 years of age.
c) They must provide documents in support of address proof (electricity bill, telephone bill etc).
d) It is important that they have been employed in a legally approved establishment at least for the last six months.
e) Monthly income of the loan-seekers must not be less than 1000.
f) They must hold running bank account which ill allow them online transactions.
Debit card loans have element of secured form of loans as the debit cards are used as security. On the other hand, debit card loans have features of unsecured form of loans. People having history of bad credit are allowed to apply for debit card loans as credit record of the borrowers is not checked. Again, faxing of several documents in papers or tedious paper works are not required to secure debit card loans. Online application is really simple and it saves time. The applicants are to submit some of his personal information. The payment of loan is made almost instantly.
Debit card loans are for the benefit of the people who find sudden necessity of emergency finance.