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Alternatives to direct deposit advances

Compare three ways to get quick funding.

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Editor's choice: OppLoans Installment Loans

  • Easy online application
  • Quick approval
  • 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.

Why are direct deposit advances no longer offered?

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.

What are some other ways you can borrow small amounts of money?

If you have bad credit or don’t want to take out a credit card cash advance, you still have options.

  • Get a payday loan. If you need a small amount of money, you can consider a payday loan. Although not available in every state due to the high interest rates, a payday loan can be a good solution if you’ll be able to repay it within two to four weeks. There are plenty of lenders to choose from, and you can even go through a lender-matching service if you’re unsure where to state. With several lenders, you can even opt to have your funds sent directly to your bank account as opposed to a check.
  • Get an installment loan. Installment loans function much like payday loans except that you have a longer term to repay, usually three to six months. They are less heavily regulated as well so you’re likely able to get one even if you live in a state that has banned payday lenders.
  • Get an payday alternative loans. A payday alternative loan is an inexpensive short-term loan that’s regulated by the National Credit Union Administration (NCUA). Depending on the credit union you borrow from, the PAL can be like your typical payday loan that requires a one-time repayment or an installment loan, which allows you to repay over multiple repayments.

More alternatives to consider

Compare your short-term loan options

Check the website of any provider you’re interested in to confirm they operate in your state of residence.

Name Product Filter Values Loan amount Turnaround time Requirements
B9 pay advance app
Up to 100% of your salary
Instant
$500+ in monthly direct deposits into B9 account, checking account, ITIN or SSN, government-issued photo ID
Withdraw 100% of your paycheck with no extra fee for instant funding.
OppLoans Installment Loans
$500 to $4,000
1 business day
Direct deposit, Meet minimum income requirements, Live in eligible state
Comes with the option to change your due date so you won’t fall behind on repayments.
Stilt
$1,000 to $25,000
2 to 3 business days
Be employed, have a US bank account, live in a state where Stilt operates, hold one of the following visas: F-1 and OPT, H-1B, H4, O-1, L-1, TN, J-1, DACA or be a US citizen.
Get a fair loan designed for immigrants and nonresidents.
CashNetUSA Loan
Varies by state
As fast as same business day
Regular source of income, bank account, US citizen or permanent resident, age of majority in your state
Sign up for its discount program to get access to coupons and deals on everything from dining out to tax services.
Fast5kLoans Short-term Loans Connection Service
$100 to $35,000
As soon as the next business day
Regular source of income, Verifiable bank account, US citizen, Ages 18+
Get connected with multiple lenders you might qualify with — even if you have bad credit.
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Compare up to 4 providers

Name Product Filter Values Loan amount Turnaround time Requirements
OppLoans Installment Loans
$500 to $4,000
1 business day
Direct deposit, Meet minimum income requirements, Live in eligible state
Comes with the option to change your due date so you won’t fall behind on repayments.
Fast5kLoans Short-term Loans Connection Service
$100 to $35,000
As soon as the next business day
Regular source of income, Verifiable bank account, US citizen, Ages 18+
Get connected with multiple lenders you might qualify with — even if you have bad credit.
LendYou Short-term Loans
$100 to $2,500
Same business day to 1 business day
$1,000+ monthly income, direct deposit, US citizen or permanent resident, ages 18+
Get offers from potential lenders in minutes by filling out just one online form.
Monevo Installment Loans
$500 to $100,000
Varies by lender
Credit score of 500+, legal US resident, ages 18+
Quickly compare multiple online lenders with competitive rates depending on your credit.
Fig Loans Installment Loans
$200 to $800, varies by state
As soon as the same business day
3 months of direct deposits, $1400 per month income, positive bank account balance
Get an affordable installment loan that comes with no fees, flexible terms and predictable monthly repayments.
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Compare up to 4 providers

What are the benefits of applying for a short-term loan?

  • Fast turnaround time. Whether you apply online or in-store, you can expect to receive your approved loan fairly quickly. This can be as son as the next business day. If you apply online, you may have the option of picking up your approved funds in-store.
  • Wide range of loan amounts. The minimum and maximum you can apply for depends on the state you are applying from and how much you are eligible for, but usually between $50 and $1,000 is available for payday loans and up to $5,000 for installment loans.
  • Convenient online application. Apply online where there’s no need to fax any paperwork over. The application process can be completed online in just a few minutes.

What to watch out for

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.

How can you find the best short-term loan?

Are payday loans available in your state?

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