Direct Debit Payday Loans

We all have cash emergencies from time to time and when we do one of the most important factors is to be able to borrow money quickly. Getting cash fast can mean the difference between missing a bill or loan payment or avoiding excessive bank charges.

When trying to find a company to provide you with a payday loan you need to find a company that will be able to approve your application and lend you the amount of money that you need. Generally payday lenders in the UK provide loans of between £75 and £800 although this varies from lender to lender. New customers are generally capped on the amount that they can borrow for their first loan.

Direct debit authorisation

Many lenders now provide direct debit payday loans in addition to or as a direct replacement to debit card loans. So what exactly are direct debit loans? They are exactly the same as any other payday loan but rather than using a debit card to repay the money that you have borrowed you set up a direct debit.

A direct debit is an instruction to your bank to pay money into a specific account on a specific date. It is much like writing a post dated cheque that can only be cashed after a certain date. Most lenders do generally prefer a debit card loan repayment but will generally offer a direct debit option to those customers who do not have a debit card.

So how quickly can you get your loan? This very much depends on a combination of your lender, the time you apply and your particular circumstances. However as a general rule you can expect the money to be paid into your account the same day or by the next day at the latest. Your application can be made online and you will receive an email confirming the success of your application, sometimes within minutes of your application being sent.

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