If you have a poor credit history, it’s easy to think that the financial services world has slammed its door in your face. In a difficult economic climate, lenders are tightening their grip on the criteria for credit applications. However, this may not be the case if you apply for a pre paid card.
These cards are loaded with your own money before you can spend anything, so no credit is being made available. It does not matter if you have CCJs against your name, or have been made bankrupt or have an IVA. Accordingly, there is no credit check to pass before you can get a card. The prepaid card issuer does not care about your past. They just want to help with your future.
Instead, to apply for a pre paid card you merely have to get an identity check to confirm that you are who you say you are. So, if you are applying for the card in person, you may have to provide documents like your passport, driving licence and utility bills to verify your identity. Alternatively, some card issuers can do an electronic identity check online in just a few seconds.
Once you have your card, you can either top it up using cash, direct bank transfers, or even arrange for your wages to be paid onto your card account. If you have an activated prepay Speed-e-card, this can be loaded with a payday loan from Speed-e-loans.
If you wish, you can even set up a card for your child to use.
The card itself can typically be used anywhere that a credit or debit card can be used. So that means that you will be able to pay for things on the telephone, online, at shops, restaurants, petrol stations, and withdraw cash from ATMs. Many prepaid cards can also be used abroad.
If managing your finances is not something that comes easily to you, don’t worry about losing track of your balance. Typically, you can view records of what you have spent online by logging onto a secure website. You can even check your balance by telephone accounting or by having the details of every transaction sent by SMS to your mobile phone.
Using a pre paid card can be so easy and convenient that you may wonder how you’ve managed so far without one.
