Get An Online Direct Deposit Payday Loan

Stop if you’ve asked yourself if your bank offers direct deposit payday loans. That means you’ve applied for a payday loan from a bank or tried to get a short term loan from a bank lender. If your local bank doesn’t offer online installment loans now, they probably provided them within the past few years. These direct loans are similar to cash advance products offered by many companies in the US.

Like an online finance company, your bank will allow you to borrow a set amount. With the promise, you’ll pay them back over time with interest. Luckily for the big banks, they’ve been able to dodge the consumer wrath of many direct lenders that don’t have a direct deposit option. Large financial companies have been able to deflect public pressure by calling this type of cash advance a direct deposit advance. The banks may refer to this cash advance as a typical “direct deposit advance.” But they’re no different than payday and installment loans.

Direct Deposit Payday Loans Without A High APR

Even though the big banks have tried to brand their cash advance loans differently from direct lender payday loans, the public seems to be catching on. Recently, some of the largest banks in the country dealt with high interest rates. Most of the finance charges come with these types of online loans. It’s ironic to many people in the online lending industry that banks and consumer groups would criticize the payday loan industry.

Banks themselves are getting away with offering the same type of online payday loans. Most of these online advances feature interest rates equal to or higher. Compare that to loans offered by companies in our Database of Direct Online Payday Loans. For example, a large national bank recently stopped offering “online installment loans” and instead switched to a variation of a direct deposit loan. We know these as online cash advances and they were getting hounded by public pressure. The online personal loan they stopped offering was a program that allowed a consumer to borrow up to $1,000 from their future direct deposit. This high loan limit is hundreds of dollars higher than what’s legally allowed in most states! Most states limit direct deposit loan amounts to more than $300 or $400.

Requirements for Direct Deposit Loans

All banks and personal loan lenders have different requirements that regulate who can get a loan drawn from a direct deposit payment. Some companies will allow these types of advances with few questions asked, and most will not even check your credit history. Others have strict requirements where you may need to provide credit information and proof that you have enough money each month. Many of these companies

Consider the state laws and lending caps that apply to payday loans, as they likely also factor in with direct deposit advances.  For instance, payday loans in Nevada have the same requirements as deposit advances. The same is true with California payday loans as the interest rate will often be capped at 36%. These interest rate restrictions make it difficult for some lenders to offer direct deposit payday loans as there’s simply too much risk with the rate caps. Just a few years ago, banks could provide unsecured loans with rates of 50% or higher and the high APR was often necessary because there were so many loan chargeoffs. Now, it doesn’t make sense for the companies to offer loans at those lower interest rates.

Direct Deposit Payday Loan Advances – Apply Today

Some of the largest national banks no longer offer direct deposit payday loans because of public outcry. Other banks, such as Fifth Third and Wells Fargo, initially stopped offering direct cash advance loans. These “loan products” are still being formulated, but they will likely function similarly to personal loans. Also, some banks and credit unions now offer variations of title loans, called secured loans. These loans are secured by the equity in your vehicle and lenders can charge rates that are on par with those of installment loan companies.

Cash advances from credit cards and car title loans still serve a purpose. We know there’s always a need for these types of direct lender payday loans. Many consumers have bad credit and don’t have the credit score or lending history to be eligible for a traditional bank-offered loan. Ironically, the big banks initially got a pass on their “direct deposit loan” program only because they called them something different and didn’t call them high-interest loans.

Call Direct Payday Lenders USA at 888-800-3841 today to learn more about how you can apply for a direct deposit payday loan advance. There’s no risk to see if you qualify and some loan offers have lower interest rates than what you’d get with a bank or credit union!