How Direct Deposit Payday Loans Work
A direct deposit payday loan is one of the loans made available to those who are looking to get cash fast in order to pay off bills or expenses in a short amount of time. National Payday knows that nothing is more convenient than receiving your funds from your loan by way of direct deposit. Most payday loans will send you a check. With checks, you will have to go to the bank or a place that can cash checks but tacks on a processing fee, leaving you with a little less breathing room. With direct deposits, you will receive your money much faster.
Since it goes directly into your account, you won’t need to worry about making trips to the bank or having to pay any additional fees. Paying for fees to cash a loan check would defeat the entire purpose of how a payday loan or cash advance works.
Here’s how cash advances with direct deposits work:
You Request the Amount You Need:
The due date for your upcoming rent is looming and you’re short on cash. Your car breaks down and needs to be repaired, but you don’t have enough in the account to cover the costs. That’s where a payday loan comes into play. The payday loans are much different than loans from the past. Little to no collateral is needed when you must have the cash to make payments.
Direct Deposit vs Checks
Most direct payday lenders will cut a check and mail it to you. In this instance, you’ll have to wait an additional day to receive it. At that time, you may face other issues such as having to get to the bank before it closes for the day or the weekend. Some places can cash checks but can hit you with a processing fee that can set you back a bit. The same happens if you cash a check at a bank where you do not have an account in your name.
With a direct deposit payday loan, you don’t have to wait all day for a check in the mail nor make any trips to the bank. Your funds will be deposited without any additional fees paid.
How to Qualify for a Direct Deposit Payday Loan
Before deciding about getting a payday loan, you must determine whether or not a lender is available to operate in your state.
Most lenders will allow you to apply for a long if you are eighteen (18) years of age or older, a citizen or permanent resident of the United States, and have an active checking account that can accept electronic transfer.
Lenders also require their customers to have a source of income as you will be required to make payments in the future. Before applying for a direct deposit payday loan, please be sure that you have a source of income available, so you are able to pay it when it’s due.
Find a Lender That Offers Payday Loans Online with Direct Deposits
Now that you have a good idea of how these works, please be sure to do your research on which available payday lenders are able to send your money via direct deposit. Please take note of any minimum or maximum amounts. It is important to find a lender who has a good online reputation with their customers.
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