Applying does NOT affect your FICO® credit score!
Find Trusted Direct Deposit Payday Loans Online Today
Are you familiar with payday loans? Well, they are short term forms of credit. Customers typically repay this cash advance in 14 days. The average finance charge for borrowing $100 for two weeks is $15.
Applying does NOT affect
your FICO® credit score!
Payday loans are not availed in all 50 states & The District of Colombia. Quickly, search online to see if your state permits them.
You’ll have two options to obtain :
- Applying with an online lender.
- Visiting a local cash store.
The latter option is time-consuming and not confidential. In addition, you might incur further fees. For instance, you might be paid with a check at the cash store, which you have to cash.
Well, you’re better off with an online payday loan. That’s because you receive your cash loan through a direct deposit at no extra cost.
It’s an ideal solution when you need to get cash fast with bad credit, as the money will be deposited into your bank account in as fast as one business day.
This article will show why applying online for direct deposit payday loans is preferable.
What is an online direct deposit loan?
A direct deposit loan is a form of credit where the lender makes an electronic payment from their bank account into your account after you’re approved for the loan. Therefore, the loan funds will move from their account and be deposited into your bank account. It’s a very safe way to receive funds. You will also save on costs too. How do online direct deposit payday loans work?
For direct deposits to be possible, they go through an Automated Clearing House (ACH) network. That’s why direct deposits are sometimes called ACH payments. An ACH network is just the system used by banks to coordinate payments among themselves.
Payday loans with direct deposits are obtained through a series of steps:
Step 1: Completing the online loan application process
This is a straightforward loan application process. In this step, you fill out a form. The form will provide potential lenders with all the details necessary to pre-qualify you for their products.
Step 2: Getting approved
The approval process allows the direct lender to verify the information you provided in the loan form. Most lenders use data provided by consumer reporting agencies and also perform soft credit checks. When they can’t verify all your details, they might ask for copies of various documents to be sent. These docs include pay stubs, government-issued IDs, state IDs, utility bills, etc.
For cash loans approval decision is usually based on if you have a regular source of income, if you have a bad credit score you can still be approved. The lender will check to see if you have an income source that is stable.
Step 3: Signing the loan agreement
Payday loans offered online will not require you to sign any hard copies of the loan agreement. You’ll receive an electronic copy of the agreement usually in PDF format. Then, you append your e-signature to it. Don’t worry if this sounds confusing. Most payday loan companies have great support staff who will guide you through the steps.
Step 4: Initializing the direct deposit
You don’t have to play any role here. As long as you provide accurate details about your bank account, the lender will initiate the automatic payment.
How long does the automatic payment take?
Most lenders begin the transfer process as soon as your application is approved. Once the funds are in transit, they have to pass through the ACH clearinghouse before making it to your bank. Once your bank processes the transaction, the funds reflect in your checking account instantly.
Applying does NOT affect
your FICO® credit score!
It takes less than 24 hours to receive money on a business day. Some ACH payments may clear as fast as by 5:00 PM on the same day you applied for the payday loan. With same-day funding, you generally have to apply earlier in the day before the lender’s same-day funding cut off elapses.
Millions of ACH payments take place every day, and you might be wondering why they are better than printed checks.
Here is a comparison of the two options:
| Printed checks | ACH payments |
|---|---|
| Prone to loss, theft or fraud Time-consuming to cash checks Mandatory to visit banks or check cashing stores Take time to clear when deposited at banks Subject to check cashing fees |
Electronic and virtual No cashing delays You just visit the ATM to withdraw funds using your debit card They are instant No processing costs |
No additional fees for direct deposit loans
Enjoy this benefit when you apply for direct deposit payday loans. Visiting a physical payday store and receiving a check to cash will cost you money. For instance, the U.S. Postal service has fees ranging from $1.20 to $1.65 for check cashing. Some banks will level a fee of up to $5. In other instances, the cost of cashing checks is a percentage of the check amount ranging from 1% to 12%. It’s the reason why cash stores often provide check cashing services to boost their bottom-line.
How to apply for a direct deposit payday loan?
The best way to apply for your direct deposit payday loan is to submit your application through Realistic Loans. Consumers who have used our service have ended up with multiple loan offers from qualified lenders. They then get the opportunity of picking the direct lender who offers the best rates and loan amount most suited to their needs.
When you click “Apply Now,” you’ll be directed to our online loan form. Fill it in with the required information. Counter check it for accuracy before sending it.
Do I have to have a direct deposit into a bank account to get a payday loan?
Not always, but direct deposits are beneficial when you are out of the town and can’t go to the lender’s offline store. Most of the lending companies are now available and operating online so you can apply with them directly and get a cash deposit into a bank account. Find the nearest ATM can withdraw some money without going to the local lending store.
What is a direct deposit cash advance?
It is a short duration loan for people with bad credit or those who don’t have time to go to the bank and need urgent cash. They are also known as online payday or cash advance. The borrower typically can get a loan amount from $100 to $1,000 though it depends on the eligibility criteria and state lending law as well.
Are these loans unsecured?
Yes, these are unsecured loans, so that means you don’t require to put anything against your payday loan sum. In case you fail to pay back the loan, you will not lose anything valuable like a house or any other assets, and in most cases, you can later pay back these loans after paying the penalty fee.
However, it is hard to get these loans if you do not have a valid source of income.
In Conclusion
Note: – We do not offer any loan, we are simply a matching service, which means we can help you to find a lender as per your need from a direct and credible source. Direct deposit payday loans are a fast and safe way of receiving a cash advance to your bank account with bad credit. With a simple online application process, once approved you could have the money in your bank account in less than 24 hours.
Applying does NOT affect
your FICO® credit score!
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