Payday loans or debit card loans are a relatively new form of lending although they have been around for quite a few years. They have become popular in recent times because of the ease and hassle free way that you can get a small short term loan without any fuss or complication.



Like most lenders they do require you to provide a certain amount of information to process your application. The information usually required are some details about your self and details about your banking arrangements. This information is entered online and is secure and it will not be shared with any third party operators.

These types of short term loan are unsecured. Unsecured loans do not require you to provide any sort of security as you would with a secured loan. A secured loan would require you to put up your home or car as collateral for the loan. With a payday debit card loan there is no need for this making it a less risky loan for you.

Most lenders in the UK require you to provide details of a debit card you hold that is associated to your bank account. The reason most lenders require this is two fold. The first reason is for the lender to be able to know that you have a means to repay the loan electronically. Lenders prefer the method of repayment to be done electronically as it is faster and more cost effective. The second reason is that because this is the way the lender will get their money back. Your repayment is made via your debit card.

Typically you will have to be 18 years of age minimum. You need to be employed or have some sort of regular income. This income usually needs to come from a source such as an employer where you have been working for at least 3 months although requirements may vary from lender to lender.

There are now lenders who do not require you to have a debit card to get a payday loan. They offer alternative methods of repayment for your short term loan. Not all lenders offer this service but if the option on their online application form allows you to state that you do not have a debit card then the likelihood is they themselves can lend you the money or know of an alternate lender that will.