How Can You Get a Direct-Deposit Personal Loan?
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What Are Direct-Deposit Personal Loans?
How Do Direct-Deposit Personal Loans Work?
Can You Get a Direct-Deposit Personal Loan Online?
How Long Does a Direct-Deposit Personal Loan Take to Process in Your Account?
Are There Multiple Types of Direct-Deposit Personal Loans?
Pawn Shop Loan
Deferred-Deposit/ Post-Dated Check Loan
Pros of Direct-Deposit Personal Loans
Easy to qualify for: Direct-deposit personal loan lenders often work with borrowers with low credit scores. Fast cash: Many lenders are able to quickly deposit a loan amount into a borrower’s bank account, even on the same day Quick and easy application: Borrowers are typically able to complete the application within minutes.
Cons of Direct-Deposit Personal Loans
High interest rates: Direct-deposit personal loans generally have much higher interest rates than standard personal loans. In some states, the interest could be as much as 644%. Even if you have a strong credit score, you can expect to pay much more for a direct-deposit loan than you would with a standard personal loan. Fees if you can’t make the payment: The payment for direct-deposit personal loans may be automatic—meaning the lender takes it from your account on the due date. If you don’t have enough money in the bank to cover the full amount, the lender will likely charge you late-payment fees. In addition, your bank might charge you an overdraft fee. Low loan amount: Personal loan direct deposits aren’t ideal if you need more than a small sum of money. You can often only borrow a portion of your next paycheck, and many states set borrowing caps on these loans. If you have a large emergency expense, such as a medical procedure you need to pay for, a direct deposit personal loan may not be suitable for your needs. Short repayment period: Many personal loan direct deposits require full repayment in just two weeks. Because of this, a borrower could get caught in a cycle of debt after taking out a direct-deposit loan.
Getting a Direct-Deposit Personal Loan
Frequently Asked Questions
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