A Direct Deposit Loan Is Quick Money Without the Hassle
With a sagging economy and even the U.S. government struggling to regain control over its debt, the average consumer endures the same predicament. With an estimated 80 percent of adults carrying some sort of debt – such as credit card balances, and automotive and home loan mortgages – the challenge to control financial crisis on an individual level is even more challenging. But a quick and easy payday loan, made possible by the expert lenders of the DirectDepositLoan.com network, could make managing some of that debt a little easier.
What is a Direct Deposit Loan?
A direct deposit loan – also known as a payday loan – is exactly what it sounds like: A short loan designed to give a consumer some breathing room between paychecks that you receive quickly, either the same day the loan is approved or within 24 hours. As such, the payback term is normally measured in days, not the months or years typically associated with a traditional loan from a bank or mortgage. There is something else you should know. While the payday loan industry is legal and regulated in most states – 37 at last count – it is illegal or impractical in the remaining states, mostly due to stringent guidelines around average percentage rate.
How it Works
DirectDepositLoan.com is not a standalone lender, meaning that you cannot receive a payday loan directly through DirectDepositLoan.com as a company, but rather through the lenders who participate in the network.
Getting a loan is quick and easy. Once at the site, you will be presented with a simple form that requires your name, email address, and zip code. Other pertinent information is required also, such as your bank account information and proof of current income. As soon as that information has been submitted, DirectDepositLoan.com searches for lenders among its vast network that can meet your loan needs.
After the application has been submitted, you will be presented with a list of potential lenders that includes information on loan terms, such as fees, rates, and how long you have to pay back the loan. If you find a lender and would like to initiate a loan, simply append the lender’s loan page with your e-signature, and you are on your way. But remember, all e-signatures are regulated in the United States by the Electronic Signatures in Global and National Commerce Act of June 30, 2002 and carry the same legal responsibility as physically signing your name. Once you have selected a vendor, all rates and fees associated with your loan with go to that lender, not to DirectDepositLoan.com. Upon acceptance of the loan, the lender may require other specific information, such as a faxed copy of your last paycheck. It is important to note that unlike a loan from a bank or credit union, the key criteria of whether you qualify for a payday loan is proof of income – not your credit score, employment history, or other factors.
Laws and Disclosure
The payday loan industry is regulated by a variety of state and federal laws, each designed to protect the consumer and ensure you receive a fair loan and that your privacy is protected during the loan process. With the Truth in Lending Act of 1968, the focus is on consumer credit and requires lenders to clearly reveal rates and fees, and how each are calculated over the life of a loan.
How much a payday loan ultimately costs you, as a consumer, also heavily depends on laws in the state where the loan originates. For instance, regulations in about a dozen states not only allow payday lenders and consumers to negotiate the rate for a loan, but the length of the loan itself. Most of the 37 states where payday loans are fully legal have stringent guidelines in place to protect the consumer, and each of the lenders in the DirectDepositLoan.com network comply with those laws. More information is available through the FDIC.
In most cases, consumers who apply for a direct deposit loan must meet the following requirements:
- Be a United States citizen with proof of citizenship, or a permanent resident.
- Be 18 years of age or older when applying for the loan.
- Have a bank account in your name.
- Provide proof of income, such as a recent paystub.
- Provide contact information, such as a telephone number or email address.
Besides being quick and easy, direct deposit loans offer other advantages over other types of loans, among them:
- No credit score required
- An instant application process
- Less paperwork
- Cash directly to you
- Competition among lenders to give you the best rates
- Choice (meaning you can use the loan for whatever you want)
Perhaps the biggest pitfall a consumer will face with direct deposit loans is not paying them back on time. Because these sorts of loans generally carry a higher interest rate than a conventional loan, greater interest will accrue faster, meaning you could be creating additional debt by not paying this loan in a timely manner. DirectDepositLoan.com encourages you to educate yourself about the advantages and disadvantages of this sort of loan, and remember it is an emergency alternative to help resolve a short term financial crisis.
Use Your Money Wisely
A loan through our DirectDepositLoan.com network provides a short-term solution for a financial crisis, but it also empowers you to take control of your finances immediately. As such, it is recommended you have a specific idea of how you will use the loan – and stick to it. If there is a particular debt you need to pay immediately, then do it and begin mapping out a strategy for other debts.
Many people need a direct deposit loan because circumstances beyond their control have created financial hardship, and there may be no other alternative. But DirectDepositLoan.com is built for that reason – to search for the loan that best suits your needs, and take control of your finances. So apply today!