Editor's choice: OppLoans Installment Loans
- Easy online application
- Quick approval
- Fast funding
- Long repayment terms
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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.
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Solid option for those with Empower memberships. Not the right choice for everyone else.
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