Editor's choice: OppLoans Installment Loans
- Easy online application
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- Long repayment terms
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Because of the strict regulations most states have concerning payday loans and cash advances, there are very few banks that offer direct deposit advances to their customers.
If you’re looking for a short-term solution to a financial setback similar to a direct deposit advance from a bank, we have some alternatives for you to consider.
Wells Fargo, Regions and US Bank once had options for customers seeking to withdraw funds when they didn’t have the money. Similar to payday loans, this was a short-term solution that functioned like a cash advance from a credit card.
In November 2013, the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation released standards that banks would need to meet if they chose to continue offering direct deposit advances to customers.
Because of the growing controversy surrounding payday loans and the disreputable lenders that worked in this area of consumer loans, many banks decided to stop issuing direct deposit cash advances to avoid criticism and potential illegal activity as state regulations changed.
If you have bad credit or don’t want to take out a credit card cash advance, you still have options.
Check the website of any provider you’re interested in to confirm they operate in your state of residence.
With direct deposit advances no longer an option for most customers, you need to weigh up your options to identify the right loan for your needs.
Before you take out a payday loan, keep in mind that these are short-term solutions to sudden financial setbacks. They have high interest rates and should only be used for emergencies, not long-term debt. Be sure you can repay the loan by the due date, and always read the contract carefully before signing. If you don’t agree with any of the terms listed, you are under no obligation to accept.
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