Payday Loans Online Same-Day Deposit

Writer and editor - Joseph Smith | Updated on 2020-11-27
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About Payday loans online same-day deposit

There are many companies to choose from that offer payday loans, and most of them do only a few background checks on your credit history. Companies typically give these loans to individuals who do not have a good enough credit score to get a regular loan, such as a personal loan. If you want to secure a payday loan online with same day deposit, you will have to meet just a few requirements, such as having a basic level of income.

Per industry guidelines, it’s important to note that companies cannot automatically guarantee instant approval for your loan. While the loans can occur very quickly, especially if they are loans for smaller sums of money, they are not instantaneous. Typically, when you get a payday loan, it will be deposited as quickly as the next business day. While it can be deposited the same day as the approval process, there are industry practices that prevent lenders from guaranteeing same-day deposit into your bank account; they also cannot ensure instant approval of your loan.

Best Payday Loans Online

Loans Amount Cost / APR ? Bad Credit Features
CashUSA
$500 - $10,000
Individual rates
Bad credit allowed
Allowed
  • Loan terms start at 3 months.
  • Next-day deposit: In some cases ?
  • High approval rates ?
  • Time for decision: 1.5 min ?
  • Type of service ?
CreditLoan (Personal loan) $100 - $40,000 APR:
Starting at 5.34% ?
Bad credit allowed
Allowed
  • Loan term 2 months to 7 years
  • Same-day deposit: In some cases ?
  • High approval rates ?
  • Time for decision: 1.5 min ?
  • Type of service ?
HonestLoans
$400 - $5,000
$30 - $750 ?
Bad credit allowed
Allowed
  • Same-day deposit: In some cases ?
  • High approval rates ?
  • Time for decision: 1.5 min ?
  • Type of service ?
LifeLoans (Personal loan) $500 - $40,000 APR:
Starting at 5.99% ?
Bad credit allowed
Allowed
  • Loan term 2 months to 5 years
  • Credit check type: Both ?
  • Next-day deposit: In some cases ?
  • Min creditscore: 580
  • High approval rates ?
  • Time for decision: 1.5 min ?
  • Type of service ?
OppLoans (Direct Lender)
(Personal loan)
$1,000 - $5,000 APR:
Starting at 99.00% ?
Bad credit allowed
Allowed
  • Loan term 9 months to 3 years
  • Next-day deposit: In some cases ?
  • Low approval rates ?
  • Time for decision: 1.5 min ?
QuickLoanLink (Personal loan) $300 - $35,000 APR:
Starting at 6.90% ?
Bad credit allowed
Allowed
  • Loan term 2 months to 7 years
  • Credit check type: Soft ?
  • Next-day deposit: In some cases ?
  • Min creditscore: 550
  • High approval rates ?
  • Time for decision: 1.5 min ?
  • Type of service ?
GazelleLoans
$300 - $5,000
Individual rates
Bad credit allowed
Allowed
  • Same-day deposit: In some cases ?
  • High approval rates ?
  • Time for decision: 1.5 min ?
  • Type of service ?
RubikLoan
$100 - $1,000
$1,000 - $5,000
$15 - $300 ?
APR from 6.9% ?
Bad credit allowed
Allowed
  • Same-day deposit: In some cases ?
  • High approval rates ?
  • Time for decision: 1.5 min ?
  • Type of service ?
Personal Loans (Personal loan) $500 - $35,000 APR:
Starting at 5.99% ?
Bad credit allowed
Allowed
  • Loan term 3 months to 6 years
  • Credit check type: Soft ?
  • Next-day deposit: In some cases ?
  • Min creditscore: 580
  • High approval rates ?
  • Time for decision: 1.5 min ?
  • Type of service ?
BadCredit.com
$100 - $5,000
Individual rates
Bad credit allowed
Allowed
  • Next-day deposit: In some cases ?
  • High approval rates ?
  • Time for decision: 1.5 min ?
  • Type of service ?
OpenCashAdvance
$200 - $5,000
Individual rates
Bad credit allowed
Allowed
  • Same-day deposit: In some cases ?
  • High approval rates ?
  • Time for decision: 1.5 min ?
  • Type of service ?

Payday loans will typically involve a higher interest rate than traditional loans. The larger the loan, the larger the interest rate will be, so the lender feels safe in justifying the riskiness of their loan. Many companies that people turn to for traditional personal loans may want to do a hard credit check before they approve your loan. For individuals with poor credit, you will want to look for lenders who only perform a soft credit check.

Soft credit checks do not negatively affect your credit score, while a hard credit check can weaken your already-damaged credit score. So you would want to stay away from hard credit checks when looking to borrow money. The money you can get from a loan varies, but typically you can go into debt for as much as 200 percent of your total income before tax.

For example:

  • If you make, $22,000 a year, you can go into debt for as much as $44,000
  • If you make 35,000 a year, you can go into debt for as much as $70,000
  • And so on

When you want to get a certain amount of money that may go over that 200 percent mark, you may have to borrow from multiple lenders. For example, if you need $55,000, but you only make $20,000 a year, you may need to go to another company to get the rest of the money after the initial $40,000 loan. Just make sure you are keeping track of the interest rates on these loans so that they don’t get out of hand.

How to get a payday loan online with same-day deposit

The best way to get a payday loan with a quick deposit is to shop around your loan to various lenders. Like we discussed, make sure that these are lenders who only perform soft credit checks, so you do not damage your credit score further. After checking out your options and looking at their requirements, you will be able to find the best loan for your unique set of needs.

The larger the loan is, the longer you may have to wait for it to go through. You’ll have to go through some checks and paperwork as the loan amount rises. When you are just looking for a loan of a few thousand dollars, it is not unreasonable to expect that the loan will be placed into your account fairly quickly. To get it the same day, the lender will need to approve it and submit it before the closing of banking hours on the day in question.

Requirements – Payday loans online

As opposed to personal loans, which may require a deeper dive into your credit history, many online payday loans simply look to see if you have proof of income. Additionally, they need you to meet the following requirements:

  • You have to be at least 18 years old
  • You need to have an active bank account
  • You need a form of identification like a passport or driver’s license
  • You need to be earning a monthly income of at least $800 (this number is $2,000 for most personal loans)
  • You must provide proof of income such as a pay stub or direct deposit form

A couple of pros and cons of payday loans online

How much the pros outweigh the cons when you’re looking for a payday loan generally depends on how badly you need the money. If you are in a real bind, then you can’t put a price on fixing the problem at hand. Typically, payday loans are a way to get money fast when you need it most.

Pros

  • They are helpful when you need money very quickly for emergencies
  • You do not need a credit report to secure a payday loan
  • Payday loans let borrows be financially independent
  • These loans can help prevent other lines of credit from gathering late fees and costly penalties

Cons

  • Payday loans can lead to bad credit when they are not paid back properly
  • They can accrue late fees and penalties of their own that quickly add up
  • The biggest problem is that payday loans generally have very high-interest rates, which see the borrower spending more money than other loans

Best alternatives to payday loans

Instead of getting a payday loan you can look to:

  • Raise your credit score so you can get a personal loan or open a new credit card to get your desired finances
  • You can get a debt consolidation loan to help pay off all your debts at once, as this will allow you to make payments to one lump sum instead of many different moving lines of credit
  • Take out a mortgage on your home if it makes sense for you financially

Whatever loan option you choose, make sure that you will be able to keep up with the payments. After all, interest rates can quickly sneak up on you. Payday loans are risky partly because the money is due over a shorter period than personal loans, which may be harder for you to manage. Here at US Loan Options, we aim to help our clients find the best sources for their loans. Browse our website to find out more information.

Joseph Smith

Joseph Smith
Writer and editor

Joseph Smith is an experienced freelance writer with over 11 years of experience. His area of expertise includes finance, loans and lending. His work has been featured on various large websites including this one.
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