debit card loans

The facts about debit card loans

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Debit card loans are a form of lending that are available to UK residents. It is a type of loan designed for emergency situations where you need money fast and you do not want to jump through hoops to get it. It's a quick, safe and convenient way to borrow money when the situation is adverse.

How much can I borrow with a Debit card loan

The amount you can borrow will vary between different lenders, if you are a new borrower with a particular lender you may find that they limit you to the amount you can borrow. This is because they do not have a previous relationship with you and want to reduce the risk of the loan not being repaid.

The average you can borrow tends to be a minimum of eighty pounds up to about seven hundred and fifty pounds. There are a few lenders that will you more, up to a thousand pounds.

How do I apply for a debit card loan

First of all you need to meet the criteria, this tends to be that you are 18 or over. You need to be a UK resident with a bank account and a debit card with that account. You need to be employed or have another source of regular monthly income, the amount needed to qualify depends on the lender but they usually like you to be earning over a thousand pounds.

To apply you need to fill in an online form to answer a few questions. The forms are usually quite brief and should take no more than 5 to 10 minutes to complete. Have your bank details handy as you will need to provide details of your bank account number and sort code. The reason for this is that your bank account is where your loan will be paid into.

How quickly will I get my debit card loan

Typically you will find that debit card loans are one of the fastest types of loan that you can obtain. The application process can be done in under 10 minutes and you can have an almost immediate response. Once approved it usually by the next working day you can have your money paid directly into your bank account. In some cases you can get your money the very same day.

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