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Debit Card Loan
#21
(01-22-2018, 05:52 AM)jaymish Wrote: 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.

Its not. The thread is right actually this could be compared to a payday loan. Though what you said about payday and overdrafts are agreeable, I also preferred overdrafts fees instead of a payday loans but some banks are strict about overdraft transactions so some people resort to get a payday loan instead.
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#22
(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.

Yeah its true, I admit I pawn my two credit cards because I really need money because of emergency I don't have any choice but to do this, yeah it is sick because every month its my payday or its my salary sad to say I get nothing, nothing left.

Will it's bad and it's good I pawned my two credit cards for a good reason and its nothing wrong with it.

(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.

Yeah payday loan for me is a life saver, yeah some people said payday loan is bad but it depends how you manage your loans, payday loan for me is for emergency if I don't have money.
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#23
(01-18-2018, 12:01 AM)Michael Puttman Wrote: When you give the debit card to the lender, can’t you order another debit card from your bank so you still have access?

 I'm surprised no one has answered this question providing there are so many users from the Philippines here. I my guess would be "No", because otherwise how would the lender have control over your account, if you still have access to it? 

Can anybody from the Philippines answer this interesting question with certainty?
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#24
We have that kind of thing in the US but it is just something that is used if you over draw your checking account. It would be an over draft loan. I don't like using those though because they have minimum fees. Even if you are only overdrawn by a dollar or two..you have to pay a 35 dollar fee.
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#25
Payday loans with a prepaid debit card are fast approved short term loans. These are special loans wired to a prepaid debit card, which means that you can get a loan without a bank account.

This method is very popular in Philippine I'm from Philippines and I admit I use this method also if I have some emergencies.
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#26
Borrow money and have it loaded onto a debit card, not your bank account.
Sometimes it’s the little things that prevent you from getting a leg up in a financial emergency. When you’re looking for a little cash to bridge the gap between paydays, not having a valid bank account for direct deposit could prevent you from getting a loan.

But that trend is changing. Today, you’ll find short-term lenders combining access to fast cash with the convenience of a prepaid debit card. These debit cards are typically branded with Visa or Mastercard, offering the flexibility to pay bills or swipe for necessities at retailers nationwide.

Here’s what to know about prepaid debit cards that can help you access your loan funds without a bank account or strong credit.
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#27
Find out how to get the cash you need loaded onto a prepaid debit card. Compare top lenders that offer no bank account loans. Apply online or in-store, depending on where you live.
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