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    Fill out simple online request form. It asks for information such as your personal details, employment and banking information.
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    We will immediately work to find you the funding that you need. Once your details have been verified, one of our lenders may be in contact with you to finalize your loan.
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    If approved, your cash will be available in your bank account in as little as just one business day in most cases.

Direct Deposit Payday Loans

direct deposit loans at www.ElcLoans.comEven the best of us experience financial struggles from time to time, and require extra help to tide us over until our next payday. When you face unforeseen expenses or budgetary oversights it can be especially difficult to get cash in to your account in time to solve the problem.

However one safety net that an increasing number of people are turning to are Direct Deposit Loans, which can be easily applied for online!

If you use our loan request form you can tap in to a network of 100+ direct lenders offering this fast and easy form of credit!

What Is A Direct Deposit Loan?

It is the perfect solution when you need cash quickly, because if you are accepted by a lender the funds will be deposited directly in to your bank account in as fast as one business day. Sometimes called a payday loan or cash advance, this form of credit comes with a short term commitment, as you will be expected to pay it back in one lump sum around two weeks after it's issued (or just after your next pay check). Amounts available from lenders in our network usually fall between $100 and $1,000, and as long as you pay the loan back in time you will only be faced with one single finance charge.

Benefits of Direct Deposits

The benefit of a direct deposit is that it saves time. When you apply online you will be required to provide details for a basic checking account, which is where the loan will be deposited. If the lender accepts your application and you sign the agreement the deposit process will begin right away, and this usually means you'll receive the funds as soon as on the next business day. The repayment will also be automatically taken from this account, meaning you won't have to waste time writing a check or manually carrying out the transaction.

The problem with traditional loans from banks and store-front lenders is that the application process takes far too long when your situation is dire. There's waiting in lines, all sorts of paperwork, and approval can take days. By time you receive the loan it can be too late. When applying for loans online the majority of the process can be completed from your laptop or other internet connected device, with faxing only required if you don't have access to paperless statements and documents that you can attach to the web form.

If you're in an emergency, don't have access to a credit card and need cash fast, it doesn't get any easier than online loans with direct deposit!

Who Can Apply?

Our lenders recognize that everyone deserves access to credit in an emergency and will therefore fairly assess all applications so long as they meet some basic requirements.

Firstly all applicants must be at least 18 years of age, as it is illegal to lend to minors. They must also be a legal US resident within the state they are applying from. To ensure their ability to pay back the loan, borrowers must also be able to demonstrate an income of at least $1,000 per month.

That's it! If you can meet these simple terms, your online application will be considered.

Is 24 Hour Deposit Guaranteed?

While no lender will guarantee that you will receive your loan within 24 hours, most accepted borrowers will indeed see the cash in their account within one business day. This means that if you apply and sign the contact during the working week and there are no issues at your bank, the funds are likely to arrive the very next day. Note that if you apply on a Friday you won't see the funds until at least Monday. There are also a number of national holidays when the banks do not process transactions, so take this in to account when applying.

Understanding APR and the Loan Cost

APR is the Annual Percentage Rate, or the rate of interest you would be charged on your loan if you had taken it out for a year. This can be confusing as payday loans are only taken out for a couple of weeks, thus the amount you actually pay is roughly the APR divided by the actual term.

In practise all you need to know is that you will be charged a single fee, which will be provided to you in monetary terms and APR at the time of application. As long as you make the repayment on time this is all you are required to pay, but should you miss the repayment interest at the APR may continue to be applied for as long as the loan is outstanding (depending on your local laws).

You will not know the exact rates and fees unless you are matched with a lender and your application is approved. It is then up to you whether you want to accept the offer and move forward with the deposit.

We have an article dedicated to APR. You will find it here.

Repaying Your Loan

The date of your repayment is clearly displayed in the loan agreement and will be provided to you before you sign the contract by the lender. Because you have given access to your checking account the repayment will be taken automatically on this date, so be make sure enough funds are there to cover it. Failure to make the repayment may result in fees from your bank account for going overdrawn, and extra interest or finance charges from the lender. In some cases you may be able to arrange an extension or renewal, but this is dependent on the individual lender and the regulations of the state you are applying in.

Legalities

Before seeking out a loan it is worth reading over the laws and regulations that govern payday lending in your state, as these can vary and some states do not permit payday loans at all. Your state will govern aspects such as the total amount you can borrow, how much interest can be charged up front and if you fail to repay, whether the loan can be extended or renewed, and how often you can take out such loans.

Fortunately it is a legal requirement for all lenders to disclose all the terms of the loan prior to you signing the contract, so you will not be faced with any hidden fees or shady loopholes. It is your responsibility to read and understand these, as ignorance is not an excuse for failing to meet your financial obligations.

The Best Solution

Regardless of why you need money fast, a payday loan can be great in emergencies. The application process is quick and easy, there are only a few basic requirements, and the funds are deposited directly in to your designated bank account usually in one business day. If you don't have access to any other forms of credit, it might be the best solution to get you back on track!