Editor's choice: OppLoans Installment Loans
- Easy online application
- Quick approval
- Fast funding
- Long repayment terms
Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our opinions or reviews. Learn how we make money.
Thanks to the Automated Clearing House (ACH), an electronic network for financial transactions in the US, a short-term lender can deposit approved funds into your bank account rather giving you a check.
There are a number of short-term lenders who offer online loans, and most providers rely on direct deposits to get funds to their customers. You’ll usually apply for these loans online, and you will have to provide details of an account that accepts direct deposits.
Online short-term loan providers rely on the ACH system to disburse funds and collect payments. When get a direct deposit short-term loan, you’ll have to include your routing number and account number. The lender will use these details to transfer money into your account.
The lender relies on the same information when your payment is due. They request the funds from your bank account on the due date. This can be a problem if you don’t have enough money in your account as the bank could charge you an overdrawing fee while the lender charges you a non-sufficient funds (NSF) fee. Before taking out a loan, make sure you’ll have the ability to repay it on time.
Check the websites of any providers you’re interested in to confirm they operate in your state.
Not all short-term loans are the same. These are the features you should look for when comparing your options.
You won’t be able to apply for a new loan unless you’re a returning customer.
Pause repayments, look for low-cost relief to cover expenses and other tips to keep your finances healthy while unemployed.
Compare 6 lenders offering loans that you can qualify for with a credit score under 580.
Get your loan payments covered when you experience a disability and can’t work, but with limited coverage.
Benefits, drawbacks and features to consider before opening an EquityZen account.
If your hospital already borrowed, consider these alternatives before payments are due.
Debt settlement for payday loans and more — with almost no information available before you sign up.
While the SBA is now processing PPP loan forgiveness applications, many lenders have yet to start working through their backlog.
The Balance Assist loan, set to launch in January 2021, offers loans from $100 to $500 for a flat $5 fee.
Developing a long-term relationship with your local banker can be a great investment for your business.
finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. While we are independent, the offers that appear on this site are from companies from which finder.com receives compensation. We may receive compensation from our partners for placement of their products or services. We may also receive compensation if you click on certain links posted on our site. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. finder.com compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Please appreciate that there may be other options available to you than the products, providers or services covered by our service.