Direct deposit loans, as the name implies, are loans that are deposited directly into your bank account after being approved.
Even though loan companies frequently promote direct deposit payday loans as a quick and convenient way to get cash in an emergency, the interest rates on these loans can be extremely high.
You should be aware of the following things when it comes to direct deposit loans (and their less expensive alternatives):
What are direct deposit loans and how do they work?
Direct deposit payday loans are payday loans that are deposited directly into your bank account on the same day you apply. You may be able to obtain a direct deposit loan online or from a brick-and-mortar lender, with or without a credit check in many cases.
The requirements for direct deposit loans differ from one lender to another, but in general, you'll need to meet the following criteria:
- You must be at least 18 years old.
- Have opened a bank account
- Ensure that you have pay stubs that demonstrate a recurring source of income.
- Being born and raised in a state where payday loans are legal
For those in need of quick cash, here are 10 alternatives to direct deposit loans.
Direct deposit loans are not the only way to borrow money quickly; there are several other options. In some cases, you may be eligible for a personal loan with more favorable terms.
If your loan application is approved, you could receive your loan funds as soon as the same or next business day, depending on the lending institution.
Here is a list of Credible's partner lenders who provide quick loan funding:
Avant
If you have less-than-perfect credit, Avant may be a good option for you to consider. After being approved, you may be able to have your loan funds transferred as soon as the next business day.
Axos Bank
Axos Bank provides personal loans ranging in amount from $5,000 to $35,000 to qualified borrowers. With Axos Bank, you could have your funds deposited into your account as soon as the next business day after your loan has been approved.
Best Egg
In addition to debt consolidation, Best Egg provides loans for a variety of purposes, including major purchases, credit card refinancing, and other needs.
You can borrow between $5,000 and $50,000 through Best Egg, and you could receive your funds within one to three business days after submitting your application and being approved.
Discover
If you're looking for a loan with longer repayment terms, this could be a good option for you. Discover loans have repayment terms of up to seven years.
If you're approved, you'll most likely receive a decision on your application the same day you submit it, and your loan could be funded as soon as the next business day if you're not.
LendingPoint
It is possible that LendingPoint, which specializes in working with borrowers who have near-prime credit, will be an excellent fit for you if you have a credit score ranging from the high 500s to the high 600s.
You could receive your loan funds as soon as the next business day if you are approved for one.
LightStream
The personal loans offered by LightStream range in amount from $5,000 to $100,000, making them an excellent choice if you're looking to borrow a significant sum of money.
In addition, if you are approved, you could have your loan funded as soon as the next business day if you apply before noon.
OneMain Financial
If you prefer to apply for a personal loan in person, OneMain Financial, which has 1,500 branch locations in 44 states, may be a good option for you to consider.
Those who apply for a loan in person at a branch office may be eligible to receive funding on the spot in the form of a check, while those who apply for a loan online will typically receive funding within one to two business days via direct deposit.
Prosper
You can borrow between $2,000 and $40,000 through Prosper, with repayment terms ranging from three to five years. It's possible that if you're approved, your loan will be funded as soon as one business day.
Universal Credit
Universal Credit is another lender that, if your loan application is approved, could have your loan funded in as little as one business day. The amount you can borrow ranges from $1,000 to $20,000, with repayment terms ranging from three to five years.
Upgrade
Personal loans ranging from $1,000 to $50,000 are available through Upgrade. In the event that you are approved, you could have your loan funds in your account the same day you complete the necessary verifications.
Upstart
You can borrow anything from $1,000 to $50,0005 through Upstart. Keep in mind that Upstart takes into account your education and work history in addition to your credit score, which means that you may be eligible for a loan even if you have a limited history of credit.
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