In the UK in the later part of the decade 2000-2010 a number of finance companies started to provide payday loans. In many of the major cities such as London, Manchester, Liverpool and Birmingham these types of companies already existed in bricks and mortar shops on the high street but going online made these types of loan available nationwide.
Sponsored Links
These types of loan are referred to by many different names including payday loans, debit card loans and no debit card loans. The reason for the different terms is that they better describe the manner in which the loans operate as this has changed over time. When you went to their high street shop to get a loan you would give them a post dated cheque as the method of loan repayment. These days with online loans a post dated cheque is an inconvenient way and not to mention rapidly outdated way to pay back the money that you have borrowed.
These days it is more likely that you will provide your debit card details as the method of loan repayment. This is because most loans online are now done electronically which means no paperwork. This makes it a quick and convenient way to borrow money quickly.
However not everyone has a debit card and so alternate methods had to be considered. These no debit card loans mean that people without a debit card can now qualify for a payday loan. Instead of using a debit card a direct debit can be set up to pay back the money that they have borrowed.
Lenders consider all sorts of circumstances but a majority of lenders prefer you to be in current full time employment. Some payday loan companies will consider people with alternate forms of income such as pensions, disability benefits and DSS. The lender will have an option on their online application form for you to specify your particular circumstances when you apply.
Sponsored Links