Many direct deposit loan lenders conduct their business online, which means applying for one of these loans can be as quick and easy as filling out some forms. You may also still be able to apply for direct deposit payday loans at storefront locations.
Although your lender will guide you through their specific process, here are the general steps.
1. Find a legitimate lender (and look for the best rates)
The first step toward applying for any loan is determining who your lender is. In the case of direct deposit loans, chances are you will encounter higher-than-average interest and fees no matter which lender you go with. However, it’s still important to do some research to ensure the lender is legitimate and has a fairly decent reputation.
2. Complete your application
Your lender will provide you with an application, which will ask for information like your name, date of birth, address, income information, and more. This application is used to determine how much of a loan you’re eligible for, as well as determine your precise interest rate, loan term, and fee schedule.
For the direct deposit to go through, you’ll also need to provide your bank details during this stage.
3. Wait for approval
Even direct deposit loans usually aren’t literally instant. Your application will need to be processed and approved, which may take a few minutes, hours, or business days.
4. Receive your money
Once your application has been approved, you’ll receive the funds you’ve borrowed as a direct deposit into the bank account you’ve provided. Now, all you have to do is spend the money and repay it back, along with interest, on time.
