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Anyone who knows anything about personal finance understands the importance of planning. You probably already know that you should have an emergency fund saved up. Sometimes it isn’t feasible to set aside money for the future.
But what happens when an emergency pops up, and you don’t have the money to deal with it? What happens when you need cash fast to avoid a physical or financial crisis?
In these scenarios, you may consider taking out a direct-deposit loan. Direct deposit loans are loans that are deposited into your bank account. This makes them an easy and fast option when time is of the essence.
Direct deposit loans tend to be available extremely quickly, with funds being available in as little as a few minutes in some instances. This makes them highly appealing when you’re facing a pressing financial problem.
Unfortunately, direct deposit loans can be rife with hidden fees, and there are plenty of scammers who will happily capitalize on someone’s panic. To help you avoid scams and bad deals, we’ve compiled a list of the best direct deposit loans available. Let’s take a closer look at direct deposit loan lenders and marketplaces, so you can better understand the pros and cons of each.
The following is a list of safe, reliable, and fair direct deposit loan options. The right provider will depend on your specific situation.
Personalloans.com is a platform that connects those seeking personal loans to a wide network of lenders. As a leader in the industry, this network has lenders who offer favorable terms, great rates, and are entirely online.
Borrowers can take out anywhere from $500 to $35,000, which they can repay over 3 to 72 months. APRs are the same at 5.99% to 35.99%. Despite having access to larger loans, we encourage you to only take a direct deposit loan if you are able to pay it off on time. Loans with high APRs can quickly become a problem if you miss payments. That said, Personalloans.com is the best place for consumers to compare lenders and see what opportunities are available.
>> More: Personalloans.com Review
CashUSA is a well-established, well-renowned lending network. While they don’t provide loans directly, they function by connecting applicants to lenders that are best suited to their specific financial situation.
Once connected, applicants will be provided lending options that they are free to accept or refuse. The benefit of this setup is that CashUSA essentially functions as a screening process for lenders, so you don’t have to worry about things like scams and predatory offers.
The details of these offers will depend on factors like credit score and geographic location. CashUSA does provide some metrics so you can know what to expect going in. The size of the loans on offer from CashUSA range from $500 to $10,000. This is a sizeable range, and the relatively low minimum makes CashUSA one of the best options for those who need a quick cash injection for a minor emergency.
Loan terms range from as short as 3 months to as long as 72 months. This means you can pay your loan off quickly to avoid paying too much interest. Interest rates can be very high, but CashUSA is open and honest about this. They offer a tool that shows you the long-term impact of your loan before you commit, allowing you to make a smart financial choice. As a bonus, CashUSA is highly secure, employing industry-standard encryption to guard your information against hackers.
>> More: CashUSA Review
Badcreditloans.com is a network that connects users to lenders. This explains many of the similarities between the two.
Badcreditloans.com differentiates itself in that it is aimed distinctly at people with bad credit. Their loans are easy to qualify for, and you can do so with little to no credit history. This makes Badcreditloans.com a fantastic choice for those who can’t qualify for a credit card or for other loans.
When you borrow with Badcreditloans.com, you can receive anywhere from $500 to $10,000. Repayment plans are flexible, with options between 3 to 60 months. Interest rates range from 5.99% to 35.99%. This will depend on many factors like your credit score and income.>> >> More: Badcreditloans.com Review
MoneyMutual is a big name in the personal loan space. They are a highly reputable and widely trusted provider of direct deposit loans. At this point, you’ll be noticing a theme. MoneyMutual doesn’t provide loans directly but instead links applicants to lenders throughout the country.
The benefit of this setup is that applicants have more flexibility on what qualifications they have to meet to receive an offer. That said, the variability in MoneyMutual is greater than that of any other entry on this list. You truly don’t know what you’re going to get.
This may mean you get a very low rate, which would be great. However, it is equally likely you get a very high rate, in which case your loan could wind up costing you quite a bit. On the bright side, MoneyMutual doesn’t have a lower limit on loan size, meaning your direct deposit loan can be small. Taking out a small loan is the best way to reduce the overall cost you’ll incur.
>> More: MoneyMutual Review
Departing from the usual structure of a network of lenders, Payoff is a company with the aim of helping you consolidate your debt. Payoff works by essentially buying your debt and offering it at a lower APR than you would pay to the original lender. While they don’t offer loans that you can use for whatever you’d like, they do provide direct deposits for your funds.
Payoff may not be the right choice if you have absolutely no credit and are actively facing a financial emergency. That being, they can help you through financial emergencies after the fact.
If you can put your emergency on a credit card, a Payoff personal loan can then help you pay that card off with a more reasonable interest rate. APRs range from 5.99% to 24.99%, with loan amounts of $5,000 to $40,000 and repayment plans between 24 and 60 months.
Something to consider before consolidating with Payoff is that they can charge origination fees up to 5%. If you’re already tight on cash, this might dissuade you from using their services.
>> More: Payoff Personal Loans Review
Like Payoff, Avant is a debt consolidation lender. They function by essentially buying your debt to help you make payments to your original lenders. You may choose to do this to get a lower APR or to protect your credit. If you’re suddenly in a situation where you can’t make your monthly payments, Avant can help you stay afloat. They offer loans ranging from $2,000 to $35,000. This makes them better suited to smaller emergencies than Payoff, as you can take out a smaller amount.
Repayment plans range from 2 to 5 years, with APRs from 9.95% to 35.95%. Payoff does have a significantly lower minimum interest rate, so you may want to consolidate with them if you think you can qualify for low rates. For those with no credit history or poor credit, it probably won’t matter much. Avant also has potential origination fees, though they state that they aren’t included very often.
>> More: Avant Personal Loans Review
Upstart is a loan provider that caters specifically to those with no credit history or a low credit score. Most loan providers evaluate applicants using credit scores. Upstart provides direct deposit loan offers through its own independent analysis. They consider things like education and earning potential and use these criteria to underwrite credit checks.
This can allow access to direct deposit loans that would otherwise be off the table for those with bad credit. Loans can be as low as $1,000 or as high as $50,000. APRs are between 6.95% and 35.99%, and repayment plans range from 3 to 5 years. Upstart can provide you with funds in as little as a day, and these funds can be used for whatever it is you need.
>> More: Upstart Personal Loans Review
OneMain Financial is similar to Upstart. They aim to provide direct deposit loans to those with poor credit histories access to otherwise unreachable loans. They do this by foregoing traditional credit checks in favor of their own unique evaluation. Their particular screening heavily favors the ability to repay loans. If you are looking for a direct deposit loan because you aren’t currently making much, this may pose an issue.
If you do qualify, you can receive a direct deposit ranging from $1,500 to $20,000 delivered in as little as a day. You can repay your loan with plans ranging from 2 to 5 years. That said, the minimum APR is very high compared to the rest of the market. Combined with the long repayment plans, this can wind up costing you quite a bit. Additionally, OneMain can charge origination fees of up to 10%. This makes them one of the most costly options on the list.
Upgrade is another lender that helps those with poor credit scores qualify for direct deposit loans. While the overall idea is similar, Upgrade uniquely goes about this. Where other lenders’ underwriting analyses are concerned solely with their ability to get their money back, Upgrade keeps you in mind. They put a lot of weight on the amount of free cash you have at the end of each month. By free cash, they mean the amount of money you saved after your bills are paid.
They then use this to provide you loan offers that you can actually afford. By doing so, they keep you from taking out loans that will ultimately worsen your financial situation. Additionally, Upgrade allows you to co-sign, making it even easier for those who can’t qualify on their own to get a direct deposit loan. With Upgrade, you can receive anywhere from $1,000 to $50,000 to spend on whatever you need. Repayment plans range from 3 to 5 years, with APRs from 5.44% to 35.47%. They do charge origination fees as well. These can be anywhere from 2.9% to 8%.
>> More: Upgrade Personal Loan Review