Friday, 10 October 2014
Till date you have known about certain necessities of carrying a debit card with you. But now you will glad to learn about the biggest advantage of being a debit card holder. Why? This is because by far you have been able to perform monetary transactions with your debit card. But with the invention of debit card loan, you will be able to get access to suitable loans. How? The lender concerning these loans will grant the loan money for the borrower if he or she possesses an active debit card.
Debit card loan is like other short tenure cash advances where the lender will make provision for the borrower to choose from the range of £100 to £1000. So the borrower will have to calculate first the extent of his or her need for money then will have to approach the lender for the loan money. The lender will determine whether the present financial condition is stable enough to clear repayment within the time slot of 2 to 4 weeks. In case of delay the lender will be ready to be burden you with penalty in addition to the loan amount.
Borrowers with different credit issues like arrears, defaults, insolvency, bankruptcy, foreclosure, missed payments, late payments, CCJs etc will also be expected to take up these loans if he or she is holding debit card. No verification will be practiced by the lender while issuing these loans.
Debit card loan will need an online request from the borrower’s end to be submitted to reach the lender’s end. Information shared for loan approval will reach the lender in virtual form instead of the hard copy version send via faxes. No involvement of paper will be there in the application process which will take place in the online environment. The borrower is highly advised to verify the rates offered by the lender of these loans with those of other lenders before submitting the application.
These loans can also be attained by borrowers like tenants or any other non home owners. This is because these loans will not need any collateral for Approval from the lender.