Etobicoke, Ontario Canada (PressExposure) February 23, 2011 -- Debit card loans are the loans offered by reputed financial institutions and banks of United Kingdom. For availing these loans, the needy people have to show evidence about their debit card that they have live checking bank account and their financial status is stable in the loan market.
The borrowers can avail desired amount on the basis of their debit card. Not any other valuable collateral like home, building, property, luxurious car etc. is accepted under this category. Only the card is needed for accessing sufficient cash. The borrowed cash can be used for the execution of multiple short-term needs such as paying off grocery bills, pending electricity/water supply bills, small household expenses and many more.
Under the debit card loan category, the borrowers have no need to give money as service charges. The repayment procedure of the borrowed amount is quite simple and easy. Once all the terms & conditions, repayment duration and loan amount are decided between lenders and borrowers, the lenders can take installment directly from the borrowers' current bank account on the day when it is decided for the repayment.
Getting loans from banks is quite tidy and extensive process as the borrowers have to visit to the bank doors many times. In contrast, the debit card loans offer instant cash approval within 24 hours or the next day. An online application is considered quite time saving and fast procedure. This electronic form requires fewer personal details and the borrowers, who have the age of 18 years old or above and having a valid bank account in any UK bank, can file for these cash advances.
On the basis of valuable debit card, the loan-seekers can fetch the loan amount ranging up to £1500 for the limited period of 14-31 days. Under this loan facility, the rate of interest is slightly higher than the other regular loans.
The borrowers with good and adverse credit such as IVAs, CCJs, arrears, defaults etc. can easily avail the debit card loans. These bad creditors can maintain their good credit score once again in the loan market but for this purpose, they have to return the loan installments on the prescribed time.