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  4. Do I need a debit card?

Do I need a debit card?


Most lenders required both borrowers and guarantors to have valid UK debit cards.

  • This could be either a Visa Debit, Visa Electron or Debit MasterCard
  • They do not accept prepaid debit cards
  • A debit card is needed as loan repayments are collected from the card using a Continuous Payment Authority (CPA).
  • The Debit Card provides lenders with suitable identification

Also see: Do guarantors need to have a debit card?


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