Many providers of debit card loans require you to have a debit card to be able to qualify for borrowing money from the lender. Whilst this requirement is true for most lenders it is not true for all lenders.
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The reason there is a need for a debit card is so that the loan can be repaid using through the card. This works the same way as if you had paid for your weekly shop or used your debit card to buy some other item. When you make a purchase the amount is taken from your bank account associated with the card.
For debit card loans, lenders do prefer you have a debit card as this gives them extra security knowing that the amount you borrow can be paid back in full. Whilst this method is both convenient for both you and the lender not everyone has a debit card. Loan providers realise this and so they provide options to allow you to borrow the money you need for a short term loan with options for an alternative payment method.
Whilst not having a debit card there are some other requirements that need to be met before you are eligible for a loan. You will need to be of at least 18 years of age, have a history of at least 3 months in employment and have a monthly wage of at least a thousand pounds paid into your bank account.
The reason for the need of these requirements is that most lenders who loan money over a short period of time require some security. This is to that the people lending you the money are reasonably assured that you will be able to repay the money you have borrowed.
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