If you find yourself in the situation where you’ve been refused for a bad credit bank account there is an alternative. Prepaid Mastercards are pretty much just as good as a basic bank account, you can even pay your wages in to it! You can usually make cash withdrawals from ATM’s, pay for things online and in-store and in some cases, set up a direct debit.
Cashplus’s Prepaid Mastercard
When applying for a prepaid mastercard with Cashplus, you won’t be credit checked and as long as you can prove who you are, you are guaranteed to be accepted, and it only takes 2 minutes to apply! They offer a direct debit service that’s easy to set up and they also offer insufficient fund alerts for when it looks like you may be short. On top of that you can also get approved for an instant £1000 loan to pay for direct debits when you are a bit short of funds, as well as no penalty fees for bounced payments. However, if you do happen to miss a few payments you may find that your direct debit facility is cancelled. The great benefit of using direct debits to pay for regular outgoings is that it can usually save you money. For example, most energy companies will quite often give you a discount off your next bill if you pay by DD.
Cashplus also lets you apply for an overdraft of up to £100 and uses the system called CreditBuilder which is ideal for anyone who has poor credit or if you’re new to the UK. What this does is it gives you a loan which you can’t spend and then you pay monthly repayments to pay off the loan over a 12 month period. Once you’ve paid it off you can spend the loan and as long as you’ve made each monthly payment on time, Cashplus will mark it down on your credit record thus improving your credit history!