Personal Loans Direct Deposit |‌ ACFA

Direct deposit personal loans, as the name implies, direct deposit loans, are directly deposited into your bank account.

Although loan companies often promote direct deposit payday loans easy to obtain cash quickly in an emergency, the interest rates can be high.

What are direct deposit loans?

Direct deposit loans are payday loans that are quickly deposited into your bank account. Direct deposit loans can be obtained online or at a local lender.

While the requirements for direct deposit loans can vary from one lender to another, they will generally be:

  • You must be 18 years old or older
  • Bank account
  • Pay stubs should show a recurring source of income
  • Payday loans are legal in some states

There are 10 options for direct deposit loans to get quick cash

You have other options than direct deposit loans to borrow quick cash. You might be eligible for a personal loan with more favorable terms.

If approved, your loan funds could be available the next day or the same business day, depending on the lender.


Avant may be a good option for you if your credit is not perfect. Once you are approved, your loan could be funded within the next business day.

Axos Bank

Axos Bank offers personal loans from $5,000 up to $35,000. Axos Bank can deposit your funds within the same day as loan approval.

Best Egg

Best Egg provides loans for various purposes, including debt consolidation and major purchases, credit card refinancing, and many other uses.

Best Egg allows you to borrow between $5,000 and $50,000. You could receive your funds in as little as three days after successful verification.


Discover may be an option for you if you are looking for longer repayment terms. You could have up to seven years to repay your Discover loan.

Most likely, you will receive a decision on your request the same day as you apply. If approved, your loan could be funded the next day.


LendingPoint is a lending agency that specializes in working with borrowers with near-prime credit. This could be a good option if your credit score is in the upper 500s to 600s.

Your loan may be approved as soon as the next day if you are approved.


LightStream may be an option if you are looking to borrow large amounts of money. Personal loans from LightStream range between $5,000 and $100,000.

You could get your loan funded the very same day if you are approved.

OneMain Financial

OneMain Financial has 1,500 branches in 44 states and can help you get a personal loan in person.

A branch office can approve loans on the spot, but online loans are generally funded by direct deposit within one to two days.


Prosper allows you to borrow between $2,000 and $40,000 with a three- or five-year repayment term. Once you are approved, your loan could be funded within one business day.

Universal Credit

Universal Credit could be another lender that can fund your loan in as little time as one day after approval. With a term of three to five years, you can borrow between $1,000 and $20,000


Upgrade provides personal loans from $1,000 up to $50,000. After clearing all verifications, your loan funds could be available within one day after approval.


You can borrow $1,000 up to $50,000 5 with Upstart. Upstart considers your education and work history, so you may be eligible for a loan even though you have poor credit.

What are the pros and disadvantages of direct deposit loans?

Here are some things to remember if you are considering a direct deposit loan.


  • You could get approved even if you have bad credit. In many cases, you will only need to be 18 years old and have a job to obtain a direct deposit loan. You could be approved even if your credit is not perfect.
  • Apply online for a loan by direct deposit. It might only take a few moments.
  • Quick loan funding: It all depends on the lender. You could get your money the next day, or even immediately.


  • High fees and rates: It is not unusual for direct deposit loans with APRs as high as 400%.
  • You can only borrow a small amount. Direct deposit loans amounts are usually only a few hundred dollars, typically $500. This might not suffice if you need more money (e.g., repair your car or purchase a major item).
  • Payment could be taken from your account: If you don’t opt for a direct-deposit installment loan, the lender will typically ask you to sign a postdated check or authorize them to debit your bank account. This could cause financial problems if you are unable to pay the due date.

Online personal loans vs. direct deposit loans

Fast loan funding can be provided for both direct deposit loans and online personal loans. They have different loan terms, rates, and amounts. There are also other eligibility requirements.

You should be cautious if you are looking for next-day or same-day loans. While you can quickly get cash through a direct deposit loan, the high APR could put you in deeper financial trouble.

What could you expect to pay for a $1,000 loan with a direct deposit loan instead of a personal loan?

  • A $1,000 direct deposit loan at a 150% rate and a one-year term would net you a staggering $982 in interest.
  • A $1,000 personal loan at a 5% rate with a one-year term would cost you $164.
  • It doesn’t matter what type of loan you choose. However, it is a smart idea to think about how much you will pay over the course of a loan. Use our loan calculator to estimate the cost of a loan.

How to apply online for a personal loan

These are the steps to follow if you are ready to get a personal loan.

Compare lenders and shop around. Compare as many lenders as you can to find the best loan. Compare rates, repayment terms, and fees from all lenders.

Choose your loan option. Compare lenders to find the best loan option for you.

Complete the application. Complete the application.

Receive your funds. Once approved, the lender will ask you to sign for the loan to send the funds. A personal loan typically takes one week to fund. However, some lenders may fund the loan in as little as one business day.

  • Tip While you will need to have good credit to be eligible for a personal loan, and some lenders offer personal loans to those with bad credit.
  • These rates are typically higher than those offered to borrowers with excellent credit.
  • A cosigner is a person who can help you get approved for a personal loan. Some lenders do not allow cosigners for personal loans.
  • You don’t have to have a cosigner to qualify. However, a cosigner could help you get a lower rate than if you were on your own.

There are other options to direct deposit loans.

If you require quick cash, there are other options than personal loans. These are some options to look at:

Pawnshop loans: These loans can be obtained from pawn shops. They are secured with valuable items, such as jewelry and machinery. However, Pawnshop loans may have extremely high fees and rates. The pawnshop may also be able to sell your item if you are unable to repay the loan.

Cash advance apps. Apps such as MoneyLion and Earnin offer members small, interest-free cash advances. This cash advance may only be available for a few hundred dollars.

Credit cards A credit card could be an easy way to pay for small, regular expenses. Many credit cards offer 0% APR introductory deals, meaning that you don’t have the interest to pay if your balance is repaid by the end of this period. If you don’t pay the card on time, you may be subject to high-interest rates.

Loans from family and friends: You might be eligible to avoid interest charges if you have family or friends who are willing to lend you money. To prevent any harm to your relationships, make sure you stick to the terms of repayment.

To find the best personal loan for you, you should consider all possible lenders before you decide to get one. Credible makes it easy to compare prequalified rates from multiple lenders within two minutes.


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