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It could be for whatever reason you don not have a debit card but you have found that many of the payday loan lenders you have been to always ask for a debit card. There could be several reasons that you do not have a debit card and it is often the case that if you do not have a debit card you probably will not suit the lenders criteria for a debit card loan.
Debit card payday loan companies most important requirement is not you credit history or what financial security you have to put up against a loan. The one requirement all lenders have is that you have a monthly income. This income is usually required to be from an employer but many loan providers will accept the self employed or those with another regular source of income such as social payments, pension or other regular income.
Payday lenders do not usually take your credit history into account as they are unsecured lenders which means you are not putting up your home or car as a guarantee. You will however need to provide details of how much you are paid monthly the checking or deposit account the money is regularly paid into.
The need for a debit card is so because this is the method the lender will use for you to make your repayment. A debit card means that money can be transferred electronically from your account to the lender. This means that they have a secured method of guaranteeing you repay the money, without this the loan become more risky.
If you still want to secure a debit card loan but do not have a card you can still acquire a payday loan. There are providers who will lend to you but you may expect a higher premium in the form of a steeper interest rate.
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