Payday loans have long since been a way for people with a poor credit rating or a less than perfect credit history to be able to borrow money. Many people are turned down by high street lenders because of bad marks on their credit record that prevents them getting a loan from their local bank.
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Whilst payday lenders are a good way to get a quick online loan there can sometimes be obstacles that get in the way of getting your loan approved. Direct debit payday loans are one such solution to a problem that can prevent some customers from borrowing money from a payday lender. Some lenders require you to have a debit card associated with your bank account in order for you to qualify for a loan. Not everyone however has a debit card or can get one from their bank. In order to allow non debit card holders to still get a fast loan lenders offer the alternative of using direct debits instead.
When you apply for a loan and it is approved the lender will set up a direct debit, this is just an instruction to your bank to make a payment. The direct debit is set up in order to pay back the money you borrowed on a specific date. It doesn't cost any extra to use this method and does not affect the speed with which you will get your money.
Most people can use a direct debit as an alternative to using a debit card as part of you loan application. Payday lenders are always looking at way to improve their service in order to be more competitive. This means that customers benefit from a faster loan service at a more competitive price.
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