Direct Deposit Loans
We all face emergencies from time to time. You or a member of your family breaks their leg and you get a medical bill that needs to be paid. A kitchen appliance stops working and you need to have it fixed ASAP. Or your mortgage payment is due immediately and you need a way to find the money for it fast.
These are all situations where payday loans may come in handy. Back in the day, if you needed money fast, you would have to visit the nearest payday loan store and get the cash in person. Nowadays, with developments in banking and the payday lending industry, quick direct deposit payday loans have become available to almost anyone.
So, what is a direct deposit payday loan?
What Is a Direct-Deposit Payday Loan And How Does It Work?
Payday loans with direct deposit are loans that you typically apply for online and get the money electronically via ACH transfer (Automated Clearing House) directly to your bank account. The application process is quick, the decision is instant, and if approved, you will typically get your funds as soon as the next business day. In some cases, you may be eligible for a same-day deposit if approved early.
At PaydaySeek, we have relationships with 100+ direct lenders, all of them offering direct deposit payday loans online.
Here’s what the application process with us looks like:
- You request a loan from us by filling in a short application form online. It usually takes just a few minutes.
- Once we get your information, we will look through all the direct lenders we work with and find one ready to approve your cash advance request. This process is usually instant.
- After that, we will redirect you to the lender’s website where you will find your loan agreement. The agreement will outline all the associated loan terms and conditions, including the APR, when the repayment is due, and other fees, if applicable.
- Along with your loan agreement, the lender will typically ask you to sign an ACH authorization to allow electronic access to your bank account in order to repay the payday loan. You can always revoke this authorization.
- After you e-sign the loan agreement and the ACH authorization, the lender will initiate an ACH transfer of the loan amount you requested to your checking account.
- On the repayment date, the lender will withdraw the loan principal plus the fee from your bank account. At this point, your loan is considered repaid.
What Do I Need to Be Eligible For a Direct Deposit Payday Loan?
The eligibility requirements are always the same, no matter whether you apply for a direct deposit payday loan online or at the nearest payday loan store in person:
- You must be a US citizen and a resident of a state where payday loans are legal
- You must be 18 years old or older, and have a reliable and recurring source of income (this doesn’t have to come from employment only)
- You must have a checking account to accept ACH transfers (some of the payday lenders we work with do allow savings accounts as well)
- You must not be an active duty member of the military or be a dependent of one.
Normally, cash advance loans don’t require additional paperwork. However, in cases when your payday loan lender can’t validate your ID or you receive income from sources other than employment, they may require you to provide the following documents:
- A recent paycheck stub
- A recent bank statement
- Proof of identity, such as your driver’s license or passport.
You will usually have to email those documents, so no faxing is required.
When Will I Get My Funds?
Many of the lenders we work with provide direct deposit payday loans with same-day funding. To be eligible for that, make sure you apply on a weekday before the cut-off time. It varies between lenders but is usually before 10:30 am CT.
If you’ve missed the cut-off time, or if the direct lender we’ve matched you with doesn’t provide same-day funding, you will get your cash the next business day.
If you apply on a weekend, you will get your money the next business day as well.
Getting Online Direct Deposit Payday Loans
If you’re interested in getting direct-deposit payday loans, you have two options.
You can find a lender online and apply to them directly. You don’t have to look specifically for lenders who state that they provide direct deposit loans. Nowadays, literally all online lenders transfer the money via ACH.
Bear in mind though, the direct lender you choose will always run a soft credit check on you, which usually includes getting your credit score (even though some advertise they provide no credit check loans). If it’s less than perfect, or you have a bad credit history with payday loans, the lender might deny your application request. In that case, you will have to find another lender and apply with them.
Alternatively, consider applying with PaydaySeek. We work with 100+ direct lenders offering direct deposit loans. We will send your application information to the lenders we work with one by one until we find a lender for you. So even if you have bad credit, your chances of getting a loan with us are higher than when applying to lenders directly.