Direct deposit payday loans are designed to serve as an immediate cash solution to unexpected expenses. We all know, emergencies sometimes pop up when nobody is waiting for them; moreover, they can demand instant repayment, causing trouble and inconvenience. Direct deposit payday loans will not allow such bills to ruin your financial health.
How Direct Deposit Payday Loans Work
For direct deposit payday loans, lenders directly send money into the borrower’s bank account. This is a hassle-free process, as having your cash directly transferred into your active checking account eliminates the fees that are sometimes required for sending paper checks into your account. Furthermore, you can apply for such loans directly from your place and even on weekends and holidays. The only disadvantage of direct deposit payday loans can seem their interest rates, which may cost a little higher. However, interest rates are calculated annually when they appear so high. As direct deposit loans are short-term credits with the term of a maximum of 35 days, interest rates will not have a tangible influence on your financial strength.
How to Apply for Direct Deposit Payday Loans
The very first step for getting a direct deposit payday loan is to determine whose services you are going to take. Search through the internet. There are ample opportunities that can seem one better than the other. However, make your choice based on APR rates, lenders’ decision period, and the nonexistence of additional fees. After you have chosen the Website whose loan services best suit you, you should fill out an online application form. Usually, such forms require specific personal information that includes:
- Date of birth (not less than 18 years old)
- Home address (legal residency in the United States of America)
- Social Security number and government-issued ID (for the lenders to be sure they work with a legal person)
- Phone number and email address (to get more information on loan procedures)
- Income source (as a guarantee that you can cover the debt)
- Active bank account (for the lenders to transfer the money).
As long as you complete the application form, you should submit it and wait for the lender’s decision. The website will gather your data and provide it to its lenders’ network, who will look through your claim. As soon as one of the lenders approves your case, he may send money directly into your bank account. However, it is highly recommended to contact the lender before the deal, as lenders sometimes may have more requirements and specific regulations on loan procedures.
How Much Can I Borrow with My Bad Credit Scores?
Direct deposit payday loans are not significant sums of money; the amount can range from $100 to $2500. Some lenders may sometimes offer direct deposits up to $5000. However, note that the amount is not based on your credit scores, as the lenders never run a hard credit history verification before approving your case. On top of that, they never require collateral (a pledge against the debt like a house or a car) and make a decision based on your employment information or income source. Thus, if you don’t have fair credit scores or have never had time to build a credit history, do not hesitate to apply for a direct deposit payday loan.