What is a a Direct Deposit Payday Loan?
A Direct Deposit Payday Loan is borrowed money that is used as short-term financing. The loan is repaid in full in one to two weeks after funding. This makes it easy to get money you need when you need it and you can use the money however you want as long as it helps you to get back on track. You can go out for a big meal with friends, pay bills and anything else you need the money for.
What are the benefits of Direct Deposit Payday Loans?
You can use a payday loan at over 20,000 locations across the country with a variety of services including withdrawals, deposits and bill payments.
What is a term for a Direct Deposit Payday Loan?
A term for a Direct Deposit Payday Loan is typically 14-31 days after funding.
What does it mean to sign or cosign a direct deposit payday loan?
It means that you will be responsible for the loan if the borrower does not repay it in accordance with the terms and conditions.
Is there a fee for using Direct Deposit Payday Loans?
There is no fee for using Direct Deposit Payday Loans. Note that some companies do charge fees, so it’s important to read and understand each company’s specific policies before signing up.
How does a Direct Deposit Payday Loan work?
A Direct Deposit Payday Loan can be opened online or at a branch. You can apply for a loan directly through an online application, and within a few minutes, your approval will be sent to you via email. Your loan proceeds will be deposited into your checking account within 1-2 business days of approval. Note that the funds may not actually become available until after you get paid.
The pay period varies by employer, so you should check with your employer to determine when you will receive payment. Note that some employers offer direct deposit to their employees, but they also have specific policies regarding it. You should check to see if direct deposit is available and the policy related to it before starting a payday loan application.
What is the purpose of a Direct Deposit Payday Loan?
A Direct Deposit Payday Loan is borrowed money that is used as short-term financing. The loan is repaid in full in one to two weeks after funding.
Can you give me examples of how you would use a Direct Deposit Payday Loan? Here are some examples of how you would use a Direct Deposit Payday Loan:
- You’ve had a terrible day at work and forgot your wallet on your way home from work;
- Your car broke down on the way to an important meeting;
- An important family member has fallen ill and must be hospitalized;
- You need to take care of unexpected bills or payments such as a car repair or emergency medical expenses;
- Your hot water heater unexpectedly goes out.
How do apply for a Direct Deposit Payday Loan?
You can start an online application with this link. You can also call and speak to a representative. If you already have a direct deposit account, you can simply transfer money from the account into your new loan account. You may have to supply the lender with written confirmation from your employer before they will allow you to transfer funds.
What types of loans are available through Direct Deposit Payday Loans?
Currently, all lenders allow payday loans online only, but they offer different terms and amounts for each loan program. The funds become available in two business days following approval and are returned upon completion of payments; however, check with your employer if paying by direct deposit as this may take longer.
Can you give me examples of a Direct Deposit Payday Loan?
Here are three examples of a Direct Deposit Payday Loan:
- A 14-day $250 loan, which is repaid in two $125 payments.
- A 31-day $500 loan, which is repaid in five $125 payments;
- A 35-day $1,000 loan, which is repaid in five $250 payments.
Example 3 includes an origination fee equal to one percent ($50) and is repaid in five equal payments in 45 days for a total repayment of $1,041 including $50 in origination.
What do i need to apply for a Direct Deposit Payday Loan?
To be eligible to apply for a Direct Deposit Payday Loan, you must be:
- 18 years of age or older.
- AS. citizen or resident alien.
- Able to provide proof of employment and income.
- Once the account has been opened, you will be required to provide additional documentation if you wish to increase your line of credit, or make changes to the payment terms.