You may well be aware of debit card loans, that is payday loans that use your debit card as the method of loan repayment. Whilst this is a fast and convenient way to borrow money quickly it can create obstacles for those who do not have a debit card, how do you get payday loans witohut a debit card.
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These days luckily lenders are more customer friendly and try to provide solutions to overcome loan application problems. One way they do this is by providing alternative methods for you to repay your loan. The most popular alternative is to set up a direct debit. A direct debit is used quite regularly by many UK banking customers as it allows them to pay for bills and other monthly outgoings without having to worry about remembering to pay a bill on time.
As a way of repaying your payday loan a direct debit instruction is set up to pay back your payday lender. A date is specified as well as the amount, this means on the date that you are due to make your loan repayment the money will be transferred from your bank account to pay the lender.
Essentially a direct debit and debit card payment are both the same. It means that the money will be debited from your bank account to make the repayment. Most lenders no longer except post dated cheques as a way to pay off your payday loan. You may still be able to do this with a high street lender but online companies require the process to be done electronically.
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