Direct Deposit Payday Loans: What You Should Know Before You Arrive at a Decision to Apply
Updated at July, 2018
In the situation when we need cash this minute, the first thing we do is searching for the opportunities to borrow money on the most profitable terms. Nevertheless, usual bank establishments are not always ready to provide you with the required sum of cash immediately. The main obstacles to obtaining a credit may be long paperwork, your poor credit score or absence of the credit card. In this case, direct deposit loans are the most affordable solution to all fiscal woes.
What are Direct Deposit Loans?
On a large scale, such loans operate like ordinary payday loans. This is a small short term loan, which is given for a short run. When the next payday comes this loan must be paid back. The average sum of a direct deposit cash advance varies from $500 to $1500. It entirely depends upon the person’s needs and eligibility requirements.
Some people presume that payday loans with direct deposit have a devastating impact on borrowers. Let’s take a fresh look at this issue in greater detail.
The Main Peculiarities of Direct Deposit Loans
To get payday loans online with direct deposit you just need to find a staunchest lender, fill out a form on the official site and the company will deposit cash straight into your account. Having visited speedymoneyloans.com, the process of choosing a lending company will be much easier because this matching service collaborates with the best and the most reliable lenders in the USA. This service can be your reliable partner, helping you in search of a company to borrow the required sum of cash.
One of the greatest features of this form of credit is that you aren’t obliged to care about the paperwork, which usually takes lots of time. When the time to pay back a loan comes, you shouldn’t worry that you may forget about this date or anything else may happen. The required sum of cash will be withdrawn from your account. Besides, that done, you may easily apply for one more loan (additional paperwork is not required).
Lending companies, providing borrowers with direct deposit loans or payday loans without direct deposit required also care about the data protection. It goes to show that your personal information is encrypted and stored in safety.
Besides, to get direct deposit payday loans you are not made to go anywhere. You can easily apply online and within 24 hours, cash you need, will be transferred to your account. You see, this is the fastest way to pawn off all financial hardships.
There is also one more issue which must be mentioned. Some lenders provide their customers with free and online credit education courses. The prime objective of such courses is to teach borrowers how to enhance their credit score and show in what life situations direct deposit payday loans are really good. Never consider such loans to be like a panacea for all financial woes because the lending rate is rather high (reviewing against other credit forms).
Direct Deposit Loans Online – Finding the Best Deal
Looking for a deal means, no broker fees and extra charges when it comes to quick direct deposit payday loans. In other words, borrowers might take the advantage of the cheapest option on the market. Some people still opt for brokers and intermediaries simply because they do not know the difference. This time we will figure out why opting for direct deposit payday loans online is much better if compared with broker companies.
The hits of direct deals:
- Exclusive Direct offers – borrowers can benefit from exclusive deposit loan offers provided directly by the lender;
- Zero Broker Fees – direct cash advance online same day is a cost-effective solution with no extra fees charged by third parties;
- A Wide Selection of Products – you can choose from different types of direct loans featuring different APR.
The main disadvantage of broker deals is a broker fee. Moreover, third-party payday loans are less secured. A growing number of frauds and fake companies is frightening. For this reason, you need to select the most trusted and reliable lenders. Direct loans appear to be a safer solution to budget emergencies featuring flexible direct deposit time to repay the bill as well as choose the best-matching conditions and timeframes.
How Can 3rd parties Get Paid?
When it comes to brokers, they use several sources to earn on the borrower’s expense. Those sources include:
- Payday Loan Fees – as a rule, they charge high fees for the services they provide. Even the application process will cost you some money. It does not matter whether your application is approved or not. You still need to pay a fee. The fees may be of several types including flat and base fees. They may change resulting in unclear interest rate and pricing policy;
- Commissions – in some cases, lenders compensate broker’s service costs. On the one hand, there are no obvious fees. On the other hand, they are already included in a higher interest rate and other charges. It will hardly look like a good deal.
Some brokers combine fees and commissions covered by lenders resulting in less attractive loan conditions for the borrower.
4 Delusions about Direct Lenders
While most people have already tried US bank cash advance and direct payday loans. Others still hesitate due to several popular myths. This time we will step over some common delusions and reveal the facts about payday loans.
Myth #1 – Payday Loan is a Trap
Some people are 100% sure that payday loans are nothing but a chance for the lender to trap a borrower into the circle of debt. It is not true. As a rule, such loans come as a short-term financial solution with the only one repayment. Moreover, thousands of families around the globe have tried payday loans to handle instant budget obstacles.
Myth #2 – Direct Lenders are Sharks
Do you still imagine a direct lender as a loan shark? It seems like you have been hiding under the rock for the last 10 years. Of course, fake companies do exist. Their mission is to take money from you. However, they have nothing in common with reputable and trusted lenders. All you need is to choose an authorized and licensed company to avoid any risk.
Myth #3 – Direct Lenders Hunt down Vulnerable Clients
It does not actually matter whether you live from hand to mouth or have a huge boat costing millions of dollars. What really matters is your steady income and a full-time job to let you handle the repayment. The more money you get, the less risky you are for the lender. It means even higher chances to get a loan.
Myth #4 – Hidden Fees
Directly lenders NEVER charge hidden fees, as they provide a loan directly to the borrower under agreed terms. Moreover, you do not need to provide any collateral as well. The situation changes once you apply for a loan provided by the third party or broker.
Myth #5 – Same Day Deposit
Every time you apply for payday loans online same day deposit is not actually the way it is. Although you can be approved almost instantly, it might take a lender a day to transfer funds. So, you will get your cash on the next day.
How to Choose A Reputable Lender
The only way to benefit from the above-mentioned features is to choose a reputable and trusted lender. You have two options. The first one is to waste your time looking for a trustworthy company with hundreds of fake offers. There is still some risk to come across a cheater. The second option is to access a loan via Speedymoneyloans.com. The website provides secure and clear services in addition to low rates and flexible timeframes. What time does direct deposit expire? You can choose from 3 available periods that suit you most.
If you still want to find a lender by yourself, consider the following tips:
- Check the reputation on the web – reviews, testimonials, and star rating will let you understand if a chosen company is worth paying attention;
- Authorization and license – you can benefit from official records with a list of companies that are authorized to provide loans and financial services;
- Postal Address – if a website does not contain the postal address, phone number and other crucial contact information it is very likely to be a fake lender.
What Info to Submit?
The procedure of accessing direct payday loans hardly differs from other types of borrowing. The only difference is that no one would ever check your credit or at least use it as the main feature to evaluate your creditworthiness. Here are some basic requirements established by direct lenders:
- A copy of ID to prove that you are 18+;
- Details of your residence;
- Proof of a full-time job and monthly wage;
- Total expenses per month;
- The sum you apply for.
Please, note that those are only some general requirements that can be different from lender to lender. A good news is they do not check your credit score, at least in most cases. On the other hand, it results in higher APR and tighter repayment period.
Can I Apply with Bad Credit?
You certainly can! Moreover, payday loans appeared to be an effective tool whenever you need to repair and maintain your good credit. Direct lenders generally do not look the info up in official credit bureaus as well as never leave negative reviews. However, such an approach results in higher interest rate and APR. At the same time, repayment timeframes can be limited to 12-14 days. The good news is that you are very likely to be approved with no hidden fees. This fact still makes payday loans the best alternative to other financial solutions.