Requirements for instant cash advance loans are higher than the rates at which banks are taking money out at the moment, although this could change.
Banks are said to be thinking about ways to make the rapid payments more user-friendly. There have also been suggestions the cashback could be free of charge in future.
A few banks such as Barclays are offering some of their current customers an instant cashback on online purchases, up to 100 for some. But for many people it's not as easy as it looks.
Online retailers are known to be offering instant cashbacks on their own products. But those offered by banks aren't always that different from the ones they provide in person.
The Bank of England could be taking a big leap to tackle the problem of rapid cash advances by introducing a "contactless" card that you can use to make payments to vendors online.
This would allow consumers to be in control of their money, as banks will no longer be able to act as middle men between vendors and their customers. If the initiative was a success it could reduce the demand for cash, the government says.
The idea isn't totally new. The National Payments Council was pushing for such a card before the current financial crisis. The UK government is hoping it can attract more money from card manufacturers, so they start selling them at a cheaper price.
It's not clear whether it's feasible to get the no credit check loan cards on time, but the proposal was considered as part of the National Payment System and Services Strategy, the government's strategy for financial inclusion.
The UK's digital currency, bitcoin, is backed by no government and can be used to pay for almost anything. The UK government says this would improve liquidity in the payments system and would help eliminate counterfeit money. It also claims the card would offer the same level of security as a bank card. It doesn't specify how much it could reduce the number of cash transactions, but it says that it could make payments much quicker.
The card won't come to the UK, but it seems to be part of a plan to introduce financial services in the developing world, like the US has done with its "universal basic income."
The proposal has been developed over the past several months, according to Bloomberg. The British government also hopes that the payment card could be used as a payment option for businesses and households.
"The idea is to offer people a physical card with which to store their money. If you could do it without moving about, a smart card might also be a really good option," the Bloomberg report says.
In the coming months, companies in Europe and Africa will try to bring digital cash into their lives. In countries where citizens can't use cash, it makes sense to use a payment system like the one envisioned by Microsoft, a company that has put an emphasis on security and security solutions. In September 2014, Microsoft announced that it would be bringing a digital wallet to Windows phones.