Easy Approval Student Loans Bad Credit Direct Deposit

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As the name suggests, direct deposit loans are loans that are directly deposited into your bank account.

However, while loan companies often market direct deposit payday loans as a fast way to get cash in an emergency, the interest rates on these loans can be sky-high.

Here's what you should know about direct deposit loans (and less expensive alternatives):

• What are direct deposit loans?
• 10 alternatives to direct deposit loans for quick cash
• What are the pros and cons of direct deposit loans?
• Online personal loans vs. direct deposit loans
• How to get an online personal loan
• Other alternatives to a direct deposit loan

What are direct deposit loans?

Direct deposit loans are payday loans that are quickly deposited into your bank account. You might be able to get a direct deposit loan online or from a storefront lender, often without a credit check.

Requirements for direct deposit loans vary from lender to lender, but in general, you'll need to:

• Be 18 years or older
• Have a bank account
• Have pay stubs that show a recurring source of income
• Live in a state where payday loans are legal

Keep in mind: While fast funding through direct deposit might sound appealing, these small loans are notoriously expensive.

Depending on the lender, you might end up paying 400% APR or more on a direct deposit loan.

Learn More: Best Personal Loan Lenders

10 alternatives to direct deposit loans for quick cash

There are other options to quickly borrow cash besides direct deposit loans. For example, you might qualify for a personal loan with better terms.

If you're approved, you could get your loan funds as soon as the same or next business day, depending on the lender.

Here are Credible's partner lenders that offer fast loan funding:

Lender	Fixed rates	Loan amounts	Min. credit score	Time to fund	Loan terms (years)
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	9.95% - 35.99% APR	$2,000 to $35,000 **	550	As soon as the next business day (if approved by 4:30 p.m. CT on a weekday)	2, 3, 4, 5*
Fixed APR: 9.95% - 35.99% APR Variable APR: N/A Min. credit score: 550 Loan amount: $2,000 to $35,000** Loan terms (years): 2, 3, 4, 5* Time to fund: As soon as the next business day (if approved by 4:30 p.m. CT on a weekday) Fees: Origination fee Discounts: Autopay Eligibility: Available in all states except CO, IA, HI, VT, NV NY, WV Customer service: Phone, email Soft credit check: Yes Loan servicer: Avant Loan Uses: Debt consolidation, emergency expense, life event, home improvement, and other purposes Min. Income: $1,200 monthly
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	7.99% - 15.19% APR	$10,000 to $50,000	700	Next business day	3, 4, 5, 6
Fixed APR: 7.99% - 15.19% APR Variable APR: N/A Min. credit score: 700 Loan amount: $10,000 to $50,000 Loan terms (years): 3 to 6 Time to fund: Next business day Fees: No prepayment penalty Discounts: None Eligibility: Available in all 50 states Customer service: Phone Soft credit check: Yes Min. Income: Does not disclose Loan Uses: Debt consolidation, home improvement, self-employment, and other purposes
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	7.99% - 35.99% APR	$5,000 to $50,000	600	As soon as 1 to 3 business days after successful verification	3, 5
Fixed APR: 7.99% - 35.99% APR Variable APR: N/A Min. credit score: 600 Loan amount: $2,000 to $50,000 Loan terms (years): 2, 3, 4, 5 Time to fund: As soon as 1 to 3 business days after successful verification Fees: Origination fee Discounts: None Eligibility: Available in all states except DC, IA, VT, and WV Customer service: Phone Soft credit check: Yes Loan servicer: Best Egg and Blue Ridge Bank Min. Income: None Loan Uses: Credit card refinancing, debt consolidation, home improvement, and other purposes
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	5.99% - 24.99% APR	$2,500 to $35,000	660	As soon as the next business day after acceptance	3, 4, 5, 6, 7
Fixed APR: 5.99% - 24.99% APR Min. credit score: 660 Loan amount: $2,500 to $35,000 Loan terms (years): 3, 4, 5, 6, 7 Time to fund: As soon as the next business day after acceptance Fees: Late fee Discounts: None Eligibility: Available in all 50 states Customer service: Phone Soft credit check: Yes Loan Uses: Auto repair, credit card refinancing, debt consolidation, home remodel or repair, major purchase, medical expenses, taxes, vacation, and wedding
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	7.99% - 35.99% APR	$2,000 to $36,500	580	As soon as the next business day	2, 3, 4, 5, 6
Fixed APR: 7.99% - 35.99% APR Min. credit score: 580 Loan amount: $2,000 to $36,500 Loan terms (years): 2, 3, 4, 5, 6 Time to fund: As soon as the next business day Fees: Origination fee Discounts: Autopay Eligibility: Available in all states except NV and WV Customer service: Phone, email Soft credit check: Yes Min. Income: $20,000 Loan Uses: Home improvement, consolidate debt, credit card refinancing, relocate, make a large purchase, and other purposes
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	5.24% - 19.99% APR	$5,000 to $100,000	660	As soon as the same business day	2, 3, 4, 5, 6, 7 (up to 12 years for home improvement loans)
Fixed APR: 5.24% - 19.99% APR Min. credit score: 660 Loan amount: $5,000 to $100,000 Loan terms (years): 2, 3, 4, 5, 6, 7* Time to fund: As soon as the same business day Fees: None Discounts: Autopay Eligibility: Available in all states except RI and VT Customer service: Phone, email Soft credit check: No Loan servicer: LightStream Min. Income: Does not disclose Loan Uses: Credit card refinancing, debt consolidation, home improvement, and other purposes
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	18.0% - 35.99% APR	$1,500 to $20,000	None	As soon as the same day, but usually requires a visit to a branch office	2, 3, 4, 5
Fixed APR: 7.99% - 29.99% APR Min. credit score: 600 Loan amount: $5,000 to $40,000 Loan terms (years): 2, 3, 4, 5 Time to fund: As soon as 2 to 5 business days after verification Fees: Origination fee Discounts: None Eligibility: Available in all states except MA and NV Customer service: Phone, email, chat Soft credit check: Yes Min. Income: None Loan Uses: Debt consolidation and credit card consolidation only
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	6.99% - 35.99% APR	$2,000 to $50,000	640	As soon as one business day	2, 3, 4, 5
Fixed APR: 6.99% - 35.99% APR Min. credit score: 640 Loan amount: $2,000 to $50,000 Loan terms (years): 2, 3, 4, 5 Time to fund: As soon as one business day Fees: Origination fee Discounts: None Eligibility: Available in all states except IA, ND, WV Customer service: Phone, email Soft credit check: Yes Min. Income: None Loan Uses: Debt consolidation, home improvement, vehicles, small business, new baby expenses, and other purposes
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	11.69% - 35.93% APR7	$1,000 to $20,000	560	Within one day, once approved9	3,5
Fixed APR: 11.69% - 35.93% APR7 Min. credit score: 560 Loan amount: $1,000 to $50,000 Loan terms: 3 to 5 years 8 Time to fund: Within one day, once approved9 Loan types: Debt consolidation, pay off credit cards, home improvements, unexpected expenses, home and auto repairs, weddings, and other major purchases Fees: Origination fee Discounts: Autopay Eligibility: A U.S. citizen or permanent resident; not available in DC, SC, WV Customer service: Phone, email Soft credit check: Yes
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	7.46% - 35.97% APR	$1,000 to $50,000	560	Within a day of clearing necessary verifications	2, 3, 5, 6
Fixed APR: 7.46% - 35.97% APR Min. credit score: 560 Loan amount: $1,000 to $50,000* Loan terms (years): 2, 3, 5, 6 Time to fund: Within a day of clearing necessary verifications Fees: Origination fee Discounts: Autopay Eligibility: Available in all states except West Virginia Customer service: Email Soft credit check: Yes Min. Income: Does not disclose Loan Uses: Debt consolidation, credit card refinancing, home improvement, and other purposes
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	5.4% - 35.99% APR4	$1,000 to $50,0005	580	As fast as 1 business day6	3 to 5 years4
Fixed APR: 5.4% - 35.99% APR4 Min. credit score: 580 Loan amount: $1,000 to $50,0005 Loan terms (years): 3 to 5 years4 Time to fund: As fast as 1 business day6 Fees: Origination fee Discounts: None Eligibility: Available in all 50 states Customer service: Phone, email Soft credit check: Yes Min. Income: $12,000 Loan Uses: Payoff credit cards, consolidate debt, take a course or bootcamp, relocate, make a large purchase, and other purposes
Compare rates from these lenders without affecting your credit score. 100% free! Get Rates Now
All APRs reflect autopay and loyalty discounts where available | LightStream disclosure | 10SoFi Disclosures | Read more about Rates and Terms

Avant

If you have less-than-perfect credit, Avant might be a good choice. If you're approved, you could have your loan funded as soon as the next business day.

Axos Bank

Axos Bank offers personal loans ranging from $10,000 to $50,000. With Axos Bank, you could have your funds deposited by the next business day after loan approval.

Best Egg

Best Egg offers loans for a wide variety of uses, including debt consolidation, major purchases, credit card refinancing, and more.

You can borrow $2,000 to $50,000 through Best Egg and could get your funds within one to three business days after successful verification.

Discover

Discover could be a good option if you're looking for longer repayment terms — you could have up to seven years to repay a Discover loan.

You'll likely get a decision on your application on the same day you apply and might have your loan funded as soon as the next business day if you're approved.

LendingPoint

LendingPoint specializes in working with borrowers who have near-prime credit, which could make it a good choice if you have a credit score in the upper 500s to 600s.

If you're approved, your loan could be funded as soon as the next business day.

LightStream

LightStream might be a good option if you're looking to borrow a large loan amount — personal loans from LightStream range from $5,000 to $100,000.

Plus, if you're approved, you could have your loan funded as soon as the same business day.

OneMain Financial

If you prefer taking out a personal loan in person, OneMain Financial could be a good choice — it has 1,500 branch locations in 44 states.

Loans approved in person at a branch office could be funded on the spot with a check, while online loans will generally be funded within one to two business days by direct deposit.

Prosper

With Prosper, you can borrow $2,000 to $50,000 with repayment terms from two to five years. If you're approved, you could have your loan funded in as little as one business day.

Universal Credit

Universal Credit is another lender that could have your loan funded in as little as one business day, once approved. You can borrow $1,000 to $20,000 with a repayment term of three or five years.

Upgrade

Upgrade offers personal loans ranging from $1,000 to $50,000. If you're approved, you could have your loan funds within a day of clearing the necessary verifications.

Upstart

With Upstart, you can borrow $1,000 to $50,000⁵. Keep in mind that Upstart considers education and job history in addition to credit score, which means that you might qualify for a loan even if you have limited credit history.

Learn More: How to Get a Fast Personal Loan for Quick Cash

What are the pros and cons of direct deposit loans?

If you're considering a direct deposit loan, here are some points to keep in mind:

Pros

• Could get approved even with bad credit: In many cases, you only need to be 18 or older and have a job to get a direct deposit loan. This means you could get approved even if you have bad credit.
• Easy application: Applying for a direct deposit loan online might take just a few minutes.
• Fast loan funding: Depending on the lender, you could have your money as soon as the next business day — or even instantly.

Cons

• High rates and fees: It's not uncommon for direct deposit loans to have APRs of 400% or higher.
• Can borrow only a small amount: Direct deposit loan amounts are generally only a few hundred dollars — typically $500 or less. If you need to borrow more (such as for a car repair or major purchase), this might not be enough.
• Payment could be taken from your account: Unless you opt for a direct deposit installment loan, you'll typically give the lender a post-dated check or provide authorization for them to debit the funds from your bank account. If the due date rolls around and you don't have the cash, this could put you in a financial bind.

Check Out: How to Get a Personal Loan With Fair Credit

Online personal loans vs. direct deposit loans

Both online personal loans and direct deposit loans can come with fast loan funding. However, they each have different loan terms, amounts, and rates, as well as varying eligibility requirements.

Here's a look at several important features of online personal loans vs. direct deposit loans:

	Direct deposit loan	Personal loan
Rates	Could be up to 400% APR or even higher	Varies
Loan amounts	Typically up to $500 (might be able to borrow $1,000 or more with a direct deposit installment loan)	$600 to $100,000 (with Credible partner lenders)
Loan terms	Usually until your next payday	1 to 7 years (depending on the lender)
Time to fund	Immediate or within a few business days	Typically one week or less (some lenders offer same- or next-day funding)
Credit score	Any	Usually need good to excellent credit (670 and up), though some lenders offer loans for poor or fair credit

If you're looking for next- or same-day loans, be careful — while you can get cash from a direct deposit loan quickly, the high APR could land you in a deeper financial rut.

Here's what you might expect to pay if you borrow $1,000 with a direct deposit loan vs. a personal loan:

• If you take out a $1,000 direct deposit loan with a 150% interest rate and one-year term, you'd pay a whopping $982 in interest.
• If you take out a $1,000 personal loan with a 5% interest rate and one-year term, you'd pay just $164 in interest.

No matter which type of loan you choose, it's a good idea to consider how much a loan will cost you over time. You can estimate how much you'll pay for a loan using our personal loan calculator below.

Enter your loan information to calculate how much you could pay

Loan amount ? Enter the total amount borrowed $

Interest rate ? Enter your annual interest rate %

or

Loan term ? Enter the amount of time you have to repay your loan years

With a $ loan, you will pay $ monthly and a total of $ in interest over the life of your loan. You will pay a total of $ over the life of the loan.

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How to get an online personal loan

If you're ready to take out a personal loan, follow these four steps:

1. Shop around and compare lenders. Be sure to compare as many lenders as possible to find the right loan for you. Compare not only rates but also repayment terms and any fees charged by the lender.
2. Choose your loan option. After comparing lenders, pick the loan option that best suits your needs.
3. Fill out the application. You'll need to complete a full application and submit any required documentation, such as tax returns or pay stubs.
4. Get your funds. If you're approved, the lender will have you sign for the loan so they can send you the funds. The time to fund for a personal loan is typically a week or less — though some lenders might fund your loan as soon as the same or next business day.

Tip: While you'll generally need good to excellent credit to qualify for a personal loan, there are some lenders that offer personal loans for bad credit.

However, these typically come with higher interest rates compared to the rates given to borrowers with good credit.

If you're struggling to get approved for a personal loan, another option is applying with a cosigner. Not all lenders allow cosigners on personal loans, but some do.

Even if you don't need a cosigner to qualify, having one could get a lower rate than you'd get on your own.

Check Out: Credit-Builder Loans

Other alternatives to a direct deposit loan

There are also other options besides personal loans if you need quick cash. Here are a few alternatives to consider:

• Pawn shop loans: These types of loans are available from pawn shops and are secured by a valuable item that you own, such as jewelry or machinery. However, pawn shop loans can also come with extremely high rates and fees. Plus, if you can't repay the loan, the pawn shop can sell your item.
• Cash advance apps: Apps like Earnin and MoneyLion offer members small, interest-free cash advances. Keep in mind that this type of cash advance might be limited to a few hundred dollars or less.
• Credit cards: A credit card could be a simple way to cover small, recurring expenses. Some credit cards even come with 0% APR introductory offers, which means you won't have to pay interest if you repay your balance by the time this period ends. However, if you can't repay the card in time, you could be stuck with some hefty interest charges.
• Loans from friends or family: If you have friends or family willing to lend you the money you need, you might be able to avoid interest charges. However, be sure to stick to the repayment terms you agree upon to avoid any damage to your relationships.

If you decide to take out a personal loan, remember to consider as many lenders as you can to find the right loan for your needs. Credible makes this easy — you can compare your prequalified rates from multiple lenders in two minutes.

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Keep Reading: How to Get a $5,000 Personal Loan Fast

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About Rates and Terms:Rates for personal loans provided by lenders on the Credible platform range between 5.24%-35.99% APR with terms from 12 to 84 months. Rates presented include lender discounts for enrolling in autopay and loyalty programs, where applicable. Actual rates may be different from the rates advertised and/or shown and will be based on the lender's eligibility criteria, which include factors such as credit score, loan amount, loan term, credit usage and history, and vary based on loan purpose. The lowest rates available typically require excellent credit, and for some lenders, may be reserved for specific loan purposes and/or shorter loan terms. The origination fee charged by the lenders on our platform ranges from 0% to 10%. Each lender has their own qualification criteria with respect to their autopay and loyalty discounts (e.g., some lenders require the borrower to elect autopay prior to loan funding in order to qualify for the autopay discount). All rates are determined by the lender and must be agreed upon between the borrower and the borrower's chosen lender. For a loan of $10,000 with a three year repayment period, an interest rate of 7.99%, a $350 origination fee and an APR of 11.51%, the borrower will receive $9,650 at the time of loan funding and will make 36 monthly payments of $313.32. Assuming all on-time payments, and full performance of all terms and conditions of the loan contract and any discount programs enrolled in included in the APR/interest rate throughout the life of the loan, the borrower will pay a total of $11,279.43. As of March 12, 2019, none of the lenders on our platform require a down payment nor do they charge any prepayment penalties.

About the author

Taylor Medine

Taylor Medine is a Credible authority on personal finance. Her work has been featured on Bankrate, Experian, The Balance, Business Insider, Credit Karma, and more. She's also the author of The 60-Minute Money Plan, a self-published intro to budgeting guide for people who hate budgeting.

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Source: https://www.credible.com/blog/personal-loan/direct-deposit-loans/

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