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Direct Deposit Payday Loan

Direct deposit short term loan

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If you’re looking for money, a direct deposit short term loan could be what you need.

Short term loans, also referred to as payday loans, can give you quick access to money when you need it. With advancements in technology, you can expect access to your approved funds sooner than ever.

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.

Check into Cash Payday Loan

Check into Cash Loans

Check into Cash allows you to directly apply for a payday loan and have your cash when you need it.

  • Min. Loan Amount: $50
  • Loan Term: Varies by state
  • Turnaround Time: 1–2 business days
  • Total Costs: Varies depending on the amount and your state of residency.
  • Must be 18+
  • No security needed
  • Confidential and secure!

    How does a direct deposit short term loan work?

    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.

    A selection of direct deposit short term loans you can apply for

    Check the websites of any providers you’re interested in to confirm they operate in your state.

    Rates last updated June 22nd, 2018
    Unfortunately, none of the short term loan providers currently offer loans in your state. Learn more about short term loans in your state to find an alternative.
    Name Product Product Description Max. Loan Amount Turnaround Time Requirements
    Check into Cash Payday Loan
    With 1,000 branches in 30 states, get $50 to $1,000 in days from this direct lender.
    $1,000
    1–2 business days
    You must be at least 21 and an American citizen and have a bank account, email address and phone number.
    LendUp Payday Loans
    LendUp offers $250 loans for first-time borrowers. Good credit is not required. Visit the site to see if available in your state.
    $250
    generally receive the money the next business day
    Be 18+ years of age and have a checking account that can accept electronic transfers.
    CashNetUSA Loan
    Apply for a short-term loan with an easy online application and dedicated customer service.
    Varies by state
    1 business day
    You must be a US citizen or permanent resident, be at least 18 years old and have regular income and a bank account.
    ACE Cash Express Payday Loans
    Quick payday, installment and title loans with no prepayment penalty and a 72-hour satisfaction guarantee. Funds can be loaded on an ACE Elite™ Visa® Prepaid Debit Card.
    Varies by state
    Generally receive the money the next business day
    Must be 18+ years old, have a steady source of income and a checking or savings account. Must not be a debtor in bankruptcy.
    LoanByPhone Payday and Installment Loans
    This mobile lender offers convenient cash loans. Apply online or by phone.
    $3,000
    1–2 business days
    Must be 21 years old and have a Social Security number, a regular source of income, a valid email address, an active checking account and a phone number.
    BadCreditLoans.com
    With straightforward, simple qualifications, these loans offer easy approval for people with poor credit.
    $5,000
    Varies
    Depending on lender requirements, people from all 50 states may not be eligible for a personal loan.

    Compare up to 4 providers

    Features of direct deposit short term loans

    Not all short term loans are the same. These are the features you should look for when comparing your options.

    • How long it takes to receive your loan. After it’s initiated, a direct deposit takes hardly any time to go through, so even small variances in processing time make a difference. Short term lenders do not take the same amount of time to process applications, and many don’t work outside of business hours or weekends.
    • The loan amount. You can borrow different amounts depending on state laws and your eligibility, but short term loans typically come with low minimum amounts.
    • Fees. While state regulations oversee the administration of payday loans, you still have to pay attention to the fees charged over the course of the loan. Keep in mind these fees will vary considerably between lenders.
    • Store locations. This isn’t a concern if you’re applying online and want to receive your loan and make repayments via direct deposit, but if you want to deal with your short term lender in person, its network of store locations will be a relevant factor.

    Be on the lookout for loans that claim to be instant

    Benefits and drawbacks

    • Multiple options. There are plenty of lenders who offer direct deposit short term loans, and people who don’t want to carry out extensive research on their own have the option of turning to loan-matching agencies to apply.
    • Apply from anywhere. As long as you can provide the required information, all you need is access to the Internet to apply for a direct deposit short term loan.
    • Freedom in spending money. You can spend the funds you receive from a short term loan for just about any legitimate purpose. You can use this money to pay bills, to travel or to simply get by until your next payday.
    • Need a bank account. You need a bank account that is authorized to receive direct deposits. Your lender relies on this account to send you your loan and collect your repayments.
    • High fees. Short term loans tend to charge higher fees when compared to other loans, both in upfront and ongoing costs.
    • Disreputable lenders. Although there are plenty of lenders who are trustworthy, there are some who prey on people with financial issues. Check with your local government to make sure the lender you apply with is abiding by state laws.

    If you can’t pay by your next check, consider an installment loan

    Is there anything you should avoid?

    • Avoid borrowing more than you can afford. If you feel you might not be able to repay a loan on time, avoid taking one out in the first place. A late or missed payment could lead to additional and costly fees.
    • Avoid skimming the loan offer document. Before you accept the loan, take time to go through its terms and conditions carefully. This should give you a clear picture of the fees and charges you might have to pay under various circumstances.
    • Avoid bad terms. If you have a loan offer that is extremely costly and full of fees, you’re under no obligation to accept the terms. There are lender-matching services that can help you find a better loan.

    If you’re sick of scouring the internet for lenders, let a loan broker do the work for you

    Are payday loans available in my state?

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    US Payday Loans Offers

    Important Information*
    Slam Dunk Loans

    Potentially get approved for a short-term loan through this lender-connection service, even with poor credit history.

    LendUp Payday Loans

    LendUp offers $250 loans for first-time borrowers. Good credit is not required. Visit the site to see if available in your state.

    Check into Cash Payday Loan

    With 1,000 branches in 30 states, get $50 to $1,000 in days from this direct lender.

    OppLoans Installment Loans

    Installment loans with competitive rates from a top-rated direct lender.

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