How Can I Get A Loan Using My Debit Card?

5 Answers

lakeesha Hennessy Williams Profile
Getting a loan against your credit card is one of the easiest loans to get for employed people with a regular wage if they require a short-term loan fairly quickly.

Some lenders do require that you have a minimum salary of £1000 paid into your bank account every month so that they can see you are capable of making your repayments on time and that you have been employed for at least three months.

Getting a loan using my debit card
The process is fast and simple and the online forms easy and straightforward to fill in in only a matter of minutes.

1. You must be at least 18 years of age or older.

2.  You must have a Debit card registered in your name, a bank account and prove that you can make the monthly repayments.

3. Make sure that the lender will loan you the amount you require as some lenders will only lend between £80-£750, while others will loan you £100-£1500.

4. Choose the lender that has repayments that you can comfortably afford to pay and suits you needs. Make sure to check the interest rate. The higher the interest the more money you will be paying back to the lender which could be considerably more than you originally borrowed.

5. Fill in the online application form. They will need personal details such as your name and address, date of birth, employment details and bank details, the amount you wish to borrow and then submit it to the lender.

6. You should receive a decision fairly quickly, usually within a matter of hours.

7. The money will then be deposited into your account the same day.

8. The loan is against your Debit card and the repayment is taken directly from the card and paid to the lender just the same as any other purchase that you use your card for.

9. All you need to do is ensure that you have sufficient funds in your account on the day the repayments are due so that you do not incur late payment fees.
Aisha Profile
Aisha answered
Yes there are some micro-lenders who can provide you with a loan using your debit card. They would see your income inflow and outflow and approve a certain amount of loan.

Good luck!
Anonymous Profile
Anonymous answered
Being a valid debit card holder makes it much more easier to get a payday loans because some lender uses it as a collateral.
ALLEN RAMOS Profile
ALLEN RAMOS , VA loan expert - VALoansFinance.com, answered

Yes, debit card holder can also get a loan, but the bank authority checks for the transactions on your account. They check whether you have cleared all your previous credit or not, along with the credit score.

Anonymous Profile
Anonymous answered
It all depends on your credit score and credit history.

If your credit score and history id are good, and if you have no debt remaining and have paid all of them, then your chances of getting loan are high!

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Anonymous