A direct deposit payday loan is a fast and secure way to get a cash advance through an extremely quick process. All the applicant has to do is to apply through a simple online procedure and upon approval, the money is transferred into his account within hours.
A cash advance is meant to ease out mid-month financial troubles, like emergency medical expenses or car repairs etc. Under no circumstances should one feel that they can ask for a paycheck advance as and when they fall short of money. This is because along with this fast cash comes an extremely high interest rate that is levied on these loans.
Here are some advantages of a cash advance:
o The first advantage of this quick money offer is that the procedure to apply for it is extremely fast and the amount is received within a few hours.
o Secondly, the lender does not ask for any sort of credit check of the applicant. This makes it much easier for those who have a bad credit history.
o Next, the procedure is paperless and fax less. Thus it is very convenient and quick to apply for such options.
o Also, the entire procedure is carried out online and the applicant doesn't have to bother about visiting the lender for any purpose.
Besides the above advantages, there are also many disadvantages associated with a direct deposit payday advance.
Things to Consider
You may want to take some considerations before you apply for the loan:
o The interest rates levied on these loans is reasonably high and if an individual requires an extension due to certain reasons, then he would have to incur an even higher rate.
o If the applicant fails to return the amount even after numerous reminders, then he might be harassed into paying up by the lending company.
So, if you do not wish to undergo any of the above, then consider a paycheck advance only if you have no other alternative. These short-term amounts are meant to ease out financial troubles, not add more burdens to your life.
If you still wish to apply for the direct deposit payday loan, then make sure that you fulfill the following criteria:
o You should be above 18 years of age and should be a citizen of the US.
o You should have a regular income of a minimum of $1000 per month.
o You should also possess a valid checking account and should hold no other outstanding personal advances.
In case you fulfill all the above requirements, then you too are eligible for the direct deposit payday loan.