Can You Receive a Payday Loan with a PrePaid Card?

Can You Receive a Payday Loan with a PrePaid Card

Every Payday Lender that we have studied asks that their customers must hold a UK bank account where they can issue the funds and later take the repayment from. Building societies aren’t often listed, but they’ll also be fine. There is no chance of receiving a payday loan with a prepaid card. Other than this, you can set up Direct Debits, pay your wages on them, use them abroad and so on. One company that has really shined in this sector has been CashPlus. They can offer a £250 overdraft and loans up to £400 through their IAdvance product. Their CreditBuilder offering is also notable that allows you to rebuild trust.

Although no credit checks are usually taken for prepaid cards, to use the CashPlus borrowing facilities you should expect one. Whilst prepaid card loans aren’t too common, I’m sure that more companies will eventually follow this trend. If you have recently left bankruptcy or are new to the country, but just haven’t been able to find anyone to take you on then you could always try a no frills basic bank account. These products that can be found at most major banks and building societies are generally designed for those who would not qualify for their standard accounts. You aren’t paid interest on your balances and no overdraft facility is available.

Full branch privileges are also unlikely. Qualification is pretty straight forward whereby you just need to show some basic forms of identification such as your driving licence, your passport, a utility bill etc. Once approved, the process should be completed in a good week or so. It is unclear if there are any no credit check basic bank accounts around! Whilst most won’t score the application itself on this, they would likely have to conduct a verification search (for the electoral roll). Once signed up, you should be free to apply for payday loans, or any other loan type. Other than this, CashPlus is the place to head to.