All the payday loan companies advertise that ability to get you quick cash when you apply for a loan. This is such a helpful thing and can have really large benefits. But do you have to get quick cash? Can you have your money deposited directly into your bank account? Many people love the ability to get cash as they walk out of the building, but may also like the ability to get a direct deposit.
Getting Money Deposited Directly
If you do not want cash then direct deposit is a great option for you. It can be done by the payday loan company and it will not cost you anything. Maybe you do not think you will treat your cash responsibly, or maybe you just like using your card better. Just know that it might take a day or so to clear into your account, whereas you will get your cash right away. This may be the only main difference.
So how will they deposit it? When you go into the payday loan office you need to show them a few things. You need to prove that you are an American citizen who is at least 18 years old. Then you need to show them you have a job from which you can pay the money back. Finally you give them a voided check that will allow them to take the money out of your account when the time comes. So you are already bringing in a check which has your account number on it, they can just take that number you are giving them and put the money right into the account. It is not a difficult process for you and them to undertake.
Still the Same Payday Loan
If you get your payday loan direct deposited you must know that the loan still works the same way it would work if you got quick cash. You still need to pay back the loan on time, every time you get a payday loan. You need to set reminders for yourself as to when the money will be drawn from your account, and what specific day it is. The last thing you want is for them to go into your account to draw out money, only to find that there is no money left. You will then be subject to large fees and higher interest rates. This only leads to negative events. It is a great way to damage your finances. A payday loan offers you short term relief, but if you mismanage it then it can really turn into something that begins to harm you.