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Debit Card Loan
#1
I think Payday Loans is also known here in the Philippines as Debit Card or ATM Loan.
You'll gonna get a cash loan in exchange of surrendering your Debit Card together with it's password.
Then they'll just get the payment by withdrawing on your ATM. Upon full payment, that's the time you'll get back your ATM Card.
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#2
Absolutely no way would I give up my debit card and password to allow my debtors to just help themselves. What would I do in the meantime? How would I get my funds for my other day to day living? If it takes you two weeks until payday to pay the loan back, then you would be stuck with no money at all, Then again, who is to know that they can be trusted? They could just help themselves to your money any time they felt like.
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#3
(01-15-2018, 04:45 AM)JB Fernandez Wrote: I think Payday Loans is also known here in the Philippines as Debit Card or ATM Loan.
You'll gonna get a cash loan in exchange of surrendering your Debit Card together with it's password.
Then they'll just get the payment by withdrawing on your ATM. Upon full payment, that's the time you'll get back your ATM Card.

Whaaat!?!? Giving my debit card password to strangers? No way!! Even my bank doesn't want to know my debit card password, based on what would a lender have it? 

Also, I don't see the point in getting a payday loan, if you already have enough money in your bank account. And even if you do, what's the point in taking a loan, when the lender is going to withdraw the amount from my bank account?

Another thought - what if you take a payday loan, give them your debit card, but beforehand you have emptied it?

I've never heard of lenders working this way. Are you sure this is legal?
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#4
Geezus, giving someone else my debit card? Heck no. For a loan and then they take out the loan money without my consent on a certain day or something? Nope. Never. Nada. @Chikatilo it might be legal where they are in the Philippines. Not every country has the same laws... unfortunately, or fortunately, depending on how you look at it.
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#5
(01-15-2018, 08:36 PM)chikatilo Wrote:
(01-15-2018, 04:45 AM)JB Fernandez Wrote: I think Payday Loans is also known here in the Philippines as Debit Card or ATM Loan.
You'll gonna get a cash loan in exchange of surrendering your Debit Card together with it's password.
Then they'll just get the payment by withdrawing on your ATM. Upon full payment, that's the time you'll get back your ATM Card.

Whaaat!?!? Giving my debit card password to strangers? No way!! Even my bank doesn't want to know my debit card password, based on what would a lender have it? 

Also, I don't see the point in getting a payday loan, if you already have enough money in your bank account. And even if you do, what's the point in taking a loan, when the lender is going to withdraw the amount from my bank account?

Another thought - what if you take a payday loan, give them your debit card, but beforehand you have emptied it?

I've never heard of lenders working this way. Are you sure this is legal?

Actually, It is not legal but very popular here in the Philippines.
For example, My payday is on the 30th day of the month. Then it is still 24th day of the month and I have no longer money on my account and pocket to use. I will talk to this person who grants loan in exchange of surrendering your debit card together with the password. And then he will just withdraw the amount you've loaned to him together with the interest on your payday using the debit card you've surrender to him. And he will give you back the debit card after he withdrawn your payment.
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#6
(01-15-2018, 05:24 AM)Nymaatra Wrote: Absolutely no way would I give up my debit card and password to allow my debtors to just help themselves. What would I do in the meantime? How would I get my funds for my other day to day living? If it takes you two weeks until payday to pay the loan back, then you would be stuck with no money at all, Then again, who is to know that they can be trusted? They could just help themselves to your money any time they felt like.

Actually, it's a Payroll ATM card where you can pawn it from lenders. Usually, if you're gonna pawn your payroll card make sure it doesn't have fund anymore, withdraw all your funds from your Payroll cards so you could have still cash and use it from your daily expenses. People pawn their Payroll cards from their families, relatives, friends, neighbors and someone you can be trusted and willing to lend some money. It only serves as a collateral so the lenders would be at ease that they're gonna get the money on payday. There's no harm from doing it because the agreement is they will get paid and withdrawn the cash during payday and lenders must give back the Payroll card after getting the cash. If the lenders don't give it back, the borrowers can report it to their company to close the account so no one can withdraw the money for the next payday.
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#7
(01-16-2018, 12:18 AM)JB Fernandez Wrote:
(01-15-2018, 08:36 PM)chikatilo Wrote:
(01-15-2018, 04:45 AM)JB Fernandez Wrote: I think Payday Loans is also known here in the Philippines as Debit Card or ATM Loan.
You'll gonna get a cash loan in exchange of surrendering your Debit Card together with it's password.
Then they'll just get the payment by withdrawing on your ATM. Upon full payment, that's the time you'll get back your ATM Card.

Whaaat!?!? Giving my debit card password to strangers? No way!! Even my bank doesn't want to know my debit card password, based on what would a lender have it? 

Also, I don't see the point in getting a payday loan, if you already have enough money in your bank account. And even if you do, what's the point in taking a loan, when the lender is going to withdraw the amount from my bank account?

Another thought - what if you take a payday loan, give them your debit card, but beforehand you have emptied it?

I've never heard of lenders working this way. Are you sure this is legal?

Actually, It is not legal but very popular here in the Philippines.
For example, My payday is on the 30th day of the month. Then it is still 24th day of the month and I have no longer money on my account and pocket to use. I will talk to this person who grants loan in exchange of surrendering your debit card together with the password. And then he will just withdraw the amount you've loaned to him together with the interest on your payday using the debit card you've surrender to him. And he will give you back the debit card after he withdrawn your payment.

Oh, I see. Well, having in mind that you can escape and never pay the lender back, it makes sense for them to be able to withdraw the money from your account when you get your wage deposited in it.

Is there a way for the lender to actually know for sure that you receive your salary in this debit card? What if you tell your employer to deposit your earnings in a different account? This way the lender will be left with an empty debit card and considering the fact that this whole service is not legalized, they can't do anything to you.
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#8
(01-16-2018, 10:53 PM)chikatilo Wrote: Oh, I see. Well, having in mind that you can escape and never pay the lender back, it makes sense for them to be able to withdraw the money from your account when you get your wage deposited in it.

Is there a way for the lender to actually know for sure that you receive your salary in this debit card? What if you tell your employer to deposit your earnings in a different account? This way the lender will be left with an empty debit card and considering the fact that this whole service is not legalized, they can't do anything to you.

They can't request for holding or not deposited their payroll from their card it's against the company policies. They can only request for closing their account if something happens to their card like it has been lost or stolen. Lenders usually accept payroll debit card when they know the borrowers well and if someone recommends to them. But lenders should be very careful because they might get scammed if they didn't know that borrowers is still employed.
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#9
Yes, debit card loan do exist. We all know that password of our debit card ATM is very confidential, as much as possible we try to make it feasible for our eyes only. But as of today, people tend to gamble with this situation. There are some of the debtors offered this type of loan, like if you wan to borrow money you have to surrender your ATM pay roll for their assurance of collecting payments. Its a automatic deduction on the ATM/debit card, so you have to give your password. Most of the people reacted so much about this type of loan. i would like to clear and make a statement of this. Debit card loan doesn't mean that you have to surrender your personal bank/debit card, this debit card loan is particularly for employees who has a pay roll debit card for instance. That doesn't mean that if you take a loan you have to surrender your personal bank debit card, pay roll card will do since you agree and take the loan. Still its up to you.
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#10
That seems very shady and illegal. I absolutely would not give anyone my debit card and password. It's just asking for trouble.
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