How much do you want to borrow?

£50 £100 £300 £500 £1,000 £5,000+

Mentioned at: yahoo-finance-mention

Representative APR of 79.5% (fixed) .

Debit Card Payday Loans

Debit Card

A debit card is a plastic card that is issued by a financial institution, such as a bank or credit union, which allows the cardholder to access the funds in their bank account electronically. When a debit card is used to make a purchase or withdraw cash from an ATM, the funds are immediately deducted from the cardholder's account.

Debit cards can be used to make purchases online, in stores, or over the phone, and can also be used to withdraw cash from ATMs. Some debit cards also come with added features such as rewards programs, cashback offers, and fraud protection.

Payday Loans

A payday loan is a short-term, high-interest loan that is typically used by borrowers to cover unexpected expenses or to bridge the gap between paychecks. Payday loans are usually small in amount, ranging from a few hundred to a few thousand pounds, and are typically due to be repaid within a few weeks or months. The repayment period for payday loans is often based on the borrower's next payday, which is where the name "payday loan" comes from.

 

Compare Debit Card - Payday Loans

Debit card and payday loans are two distinct financial products that have different features and purposes. Here's a comparison of the two:

  1. Purpose: A debit card is a payment card that allows users to access funds in their bank account, while a payday loan is a short-term loan designed to provide borrowers with quick cash to cover unexpected expenses.

  2. Repayment: Debit card transactions deduct funds directly from the user's bank account, while payday loans are typically repaid on the borrower's next payday or in instalments over a short period of time.

  3. Interest rates: Debit card transactions do not typically involve interest charges, while payday loans often have high-interest rates that can exceed 1,000% APR.

 

If you need help with debt or your finance, see the following:

  • StepChange Debt Charity - Provides free, confidential advice and debt management plans to help people overcome their debt problems.

  • National Debtline - Offers free, independent and confidential debt advice to individuals across the UK. They also have a range of useful online resources and tools to help people manage their debts.

  • Citizens Advice Bureau - Provides free advice on a range of issues, including debt management, budgeting, and benefits. They have a network of local branches across the UK, which offer face-to-face support.

  • Money Advice Service - Offers free and impartial advice on a range of financial issues, including debt management, budgeting, and saving.