(12PressRelease.com) Debit card loans are getting very popular these days as these are one of the loans which help you in your critical times. In case, at some point in time you fall short of money and you have list of necessary bills to be paid or other daily life expenses need to be paid-off urgently. In such situations debit card loans come into role play wherein the borrower can lend his credit card to the lender and borrow the required amount from him. With the help of the borrowed amount the borrower can pay-off his necessary bills like credit card bills, electricity bill, medical or hospital bills, debt consolidation, renovation of the home, wedding, traveling, car repair cost, and education fee, etc. It is known as debit card loan because the borrower uses his card as a guarantee to the lender that he has a bank account and gets paid regularly into his account.
The borrower must fulfill some of the conditions before applying for these loans like he must be a citizen of UK, an age of 18 years, earning a good source of income from the regular job, owning a debit card against his name and an active bank account.
Debit card loan amount ranges from £100 to £1,500 with a repayment time period of about 14 to 31 days. As these are short term loans, therefore they carry high interest rates.
Different benefits related to these loans are no credit check, no faxing, no boring and time-consuming paperwork, easy loan process, instant approval and fast transfer of required loan amount directly into your bank account. Moreover, as the borrower is not required to put any of his valuable assets as collateral against the loan, therefore these loans are of risk-free nature. Borrowers with poor credit records like arrears, defaults, bankruptcy, late payments, etc. can also apply for these loans without any kind of trouble. Borrowerâ€˜s loan repayment will be drawn from his debit card and paid back directly to the lender. These loans are repaid to the lender on the agreed date. And, the date is usually fixed when the borrowerâ€˜s next wage is paid into his account.
Online searching is the best way to obtain a loan. Little searching over the internet can help you in getting a good deal. The borrower can go through the rates offered by different lenders. And then, based upon his study he can choose the best suitable deal for himself. As an advantage, one can get a good deal while sitting at his place as he need not move out and stand in long queues for availing the loan. The borrower is just required to fill an online application form with some required details and then, he can get the required loan amount within next 24 working hours.
Alisa Alison is author of Payday Loans No debit Card.For more information about Payday loans without debit card visit http://www.paydayloansnodebitcards.co.uk/