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Debit Card Loan
#11
That sounds crazy to me. Why would you give anyone your card or your password? It just makes no sense. I think it is one of the crazy ways that desperate people get played on. I would never give anyone my card or my password. It just should not be in anyone else's control.
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#12
When you give the debit card to the lender, can’t you order another debit card from your bank so you still have access?


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#13
(01-17-2018, 10:52 AM)kgord Wrote: That sounds crazy to me. Why would you give anyone your card or your password? It just makes no sense. I think it is one of the crazy ways that desperate people get played on. I would never give anyone my card or my password. It just should not be in anyone else's control.

It's actually a Payroll ATM card. It only uses for collateral serves for assurance that the lenders will get paid on the payday. Payroll ATM card is not related to your bank account it only uses for payroll system of your employer. It's very popular here in the Philippines using this kind of loans because the interest is low and sometimes if you get lucky no interest at all because the lender just wants to claim back the money. There's nothing to worry about giving your card and password because the agreement is during payday only. The lender will withdraw the cash and then give it back to the borrower. If ever the lender withdrew the cash and didn't give back your card you can request from your company that your Payroll atm card has been lost or stolen so they can issue another card to you.
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#14
Well... Since it is actually a P2P kind a loan I think the rule of giving away your pincode to the lender can be bend specially if you two knew each other personally, right? Because, really thats just absurd. I personally have someone's ATM card on me (payroll ATM card) she basically pawn on it to me (yesteraday) without me asking for any pincode or whatsoever to access her account. The deal was simple, every payday she will come to me and we will withdraw her salary then she will give me the payment. The payment is installment basis so we really need to meet together since the payment each payday is just a part of her salary not the full salary itself. After we withdraw she will give me back the ATM card. Simple as that. The ATM card will only work as the collateral.
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#15
(01-18-2018, 03:06 PM)Heart Wrote: Well... Since it is actually a P2P kind a loan I think the rule of giving away your pincode to the lender can be bend specially if you two knew each other personally, right? Because, really thats just absurd. I personally have someone's ATM card on me (payroll ATM card) she basically pawn on it to me (yesteraday) without me asking for any pincode or whatsoever to access her account. The deal was simple, every payday she will come to me and we will withdraw her salary then she will give me the payment. The payment is installment basis so we really need to meet together since the payment each payday is just a part of her salary not the full salary itself. After we withdraw she will give me back the ATM card. Simple as that. The ATM card will only work as the collateral.

Yeah. But it is hassle on your part since you need to meet him/her every time he/she needs to withdraw and pay you.
I would always depend on the terms of the lender.
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#16
(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.

You could try giving a masked card through the Blur (Albine) service. They give you a free 30-day trial to test out the service. They work like virtual gift cards, but I think they may be able to be treated like debit cards.
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#17
(01-18-2018, 08:36 PM)JB Fernandez Wrote:
(01-18-2018, 03:06 PM)Heart Wrote: Well... Since it is actually a P2P kind a loan I think the rule of giving away your pincode to the lender can be bend specially if you two knew each other personally, right? Because, really thats just absurd. I personally have someone's ATM card on me (payroll ATM card) she basically pawn on it to me (yesteraday) without me asking for any pincode or whatsoever to access her account. The deal was simple, every payday she will come to me and we will withdraw her salary then she will give me the payment. The payment is installment basis so we really need to meet together since the payment each payday is just a part of her salary not the full salary itself. After we withdraw she will give me back the ATM card. Simple as that. The ATM card will only work as the collateral.

Yeah. But it is hassle on your part since you need to meet him/her every time he/she needs to withdraw and pay you.
I would always depend on the terms of the lender.

Well that's just twice a month, ATM machine are just all over and easy access, little effort for an interest won't hurt that much anyway.
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#18
(01-19-2018, 12:47 PM)Heart Wrote:
(01-18-2018, 08:36 PM)JB Fernandez Wrote:
(01-18-2018, 03:06 PM)Heart Wrote: Well... Since it is actually a P2P kind a loan I think the rule of giving away your pincode to the lender can be bend specially if you two knew each other personally, right? Because, really thats just absurd. I personally have someone's ATM card on me (payroll ATM card) she basically pawn on it to me (yesteraday) without me asking for any pincode or whatsoever to access her account. The deal was simple, every payday she will come to me and we will withdraw her salary then she will give me the payment. The payment is installment basis so we really need to meet together since the payment each payday is just a part of her salary not the full salary itself. After we withdraw she will give me back the ATM card. Simple as that. The ATM card will only work as the collateral.

Yeah. But it is hassle on your part since you need to meet him/her every time he/she needs to withdraw and pay you.
I would always depend on the terms of the lender.

Well that's just twice a month, ATM machine are just all over and easy access, little effort for an interest won't hurt that much anyway.
Yeah you're right. But only if your lending to a friend. But if you do it for a living, I guess surrendering the password is ideal.
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#19
It is slightly the same as payday loans, or you may consider it as one. The thing is you should surrender your card and password for them to be sure that you will not run away from your loan. Some will give you a temporary card where they can transfer funds from your account so you can get your salary as they withdraw your installment or payment for your loan. Most of them requires co makers, some requires a group of borrowers especially office mates or co workers.
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#20
This is not a payday loan, this is an overdraft facility. The interest is not as high as a payday loan and you can repay it back in a better manner. In my experience you just need to keep reducing your overdraft balance and the bank won't follow you. I don't think you can compare the two. The only risk is that if you don't reduce your balance, the bank can call in the balance at any time. I prefer this to a payday loan.
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