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Online Direct Deposit Loans

Have you ever sat down at the beginning of the month, looked ahead at all the usual bills that you need to pay, and wondered where you’re going to find the money to pay for all of it? After all, your laundry list of expenses to consider is probably a fairly long one, with groceries, rent or mortgage payments, and utility bills being at or near the top of it. Once all these regular expenses have been taken care of, you might not have much left over.

Treading water with your finances like this can be a risky game to play. For example, if your savings are bare and you run into an emergency expense that you hadn’t planned for, how are you going to deal with it? The idea of an emergency fund is all well and good, but if you haven’t been able to save money, there’s a good chance you don’t have funds set aside for these types of situations. If this sounds like you, you’ll need to look at alternatives to help you find the money you need to handle your emergency.

This is where online direct deposit loans may be able to help you. But if you’re not particularly well-versed in these financial products, it can be hard to know where to start. If you need a personal loan with direct deposit to help you out, your first step might be to go online to start your search. Finding a loan offered online may be an option if you’re looking for a quick and convenient application process and you don’t want to deal with some of the potential hurdles involved with borrowing money in person.

To help you learn more about these personal loans, we’re going to cover what a direct deposit loan is, the different options out there, and more!

What is a Loan with Direct Deposit?

Whether you’re applying for a direct deposit loan online or in person, the general idea is that if you’re approved for one, the money you receive will be deposited straight into your bank account. This may vary to some degree depending on what kind of direct deposit loan you’re approved for.

The length of time it takes for this money to find its way into your bank account can change based on the financial institution you’re borrowing from or through, as well as the policies of your bank.

In terms of the kinds of personal loans that can be considered a direct deposit loan, there’s a fairly wide spectrum of them. Some of the more common ones (which we’ll go over in more detail in the next section) include lines of credit, installment loans, and more.

What are my Potential Direct Deposit Loan Options?

If you’re facing an emergency expense, you might feel a sense of urgency when it comes to getting the money you need. But before you actually start applying for loans, you’ll need to do some research. A big part of this research process should be to learn more about what your potential options are, and how each of them work. To help you get started, here are some of the more common varieties of direct deposit loans out there.


1. Installment Loans

If you’re looking for a direct deposit loan in an emergency, online installment loans may be an option for you. If you’re approved for one, you’ll get your money in a lump sum. From there, you’ll need to start paying back what you owe over the course of several scheduled, equal installments. The amount of time it takes to pay off your loan will vary based on a few different factors, but it may generally be a longer period than some other common types of personal loans with direct deposit.


2. Payday Loans

Unlike installment loans which generally give you the ability to pay off your loan over a relatively long period of time, the turnaround time for a payday loan is a lot quicker. In fact, after receiving your funds in a lump sum, you’ll need to repay what you’ve borrowed (along with any applicable charges) by the time your next pay date rolls around. This may sometimes make them a little more difficult to repay for some people. In general, they’re also a relatively expensive type of credit. Because of how quickly you need to repay them and how expensive they can get, you should try to only view them as a last resort for emergency situations. You should also remember to never apply for credit that you aren’t going to be able to repay.


3. Lines of Credit

As a type of personal loan, online lines of credit differ in some important ways from the previous two entries on this list. For starters, if approved, you won’t get your funds in a lump sum. Instead, you’ll have a credit limit that you can draw funds from, as long as you have available credit and your account is in good standing. You can draw money from your line of credit on a continuous basis as you pay off what you owe. Another important note is that you’ll only need to pay interest and/or fees on what you’ve borrowed, not on the total amount of your line of credit limit.

Can I Get a Direct Deposit Loan Through MoneyKey?

Installment Loans and Lines of Credit are available through MoneyKey. We are a direct online lender in Delaware, Idaho, Kansas, Mississippi, Missouri, Tennessee, Utah and Wisconsin. In Texas, we arrange loans as a Credit Access Business and a Credit Services Organization.

MoneyKey also services Lines of Credit offered by CC Flow. CC Flow is a division of Capital Community Bank (CCBank), a Utah Chartered bank, located in Provo, Utah, Member FDIC.

MoneyKey will be your single point of contact for all questions and concerns with respect to loan products offered through the MoneyKey website.

Check out the Rates and Terms page to learn more about the loan product available in your state of residence.

Benefits of Personal Short Term Personal Loans Through MoneyKey


Simple Application

  • Get through an application for a personal loan online in just a few short minutes.
  • It’s a straightforward and quick borrowing option.
  • As long as you’re able to access the internet, you’ll be able to apply for personal loans through MoneyKey.

Fast Approval

  • Verify your info with our Customer Care team and you may be approved in minutes.
  • Our Customer Care agents are friendly and helpful.
  • We’re here for you 7 days a week to guide you through any part of the application process.

Quick Funds for Emergencies*

  • If you need financial help in an emergency situation, you can get the funds you need quickly.
  • If approved, you may be able to get the funds as soon as the same business day*.
  • A fast and simple way to get the cash you need, when you need it.

Why Would I Apply for Online Loans with Direct Deposit?

As we mentioned above, there may be certain hurdles that come when you want to apply for a personal loan in person. But what are these hurdles, and how can an online loan help you to potentially avoid them? Let’s take a look at some of the benefits of an online direct deposit loan.


1. They Provide a Fast Application Process

When you’re facing an emergency expense, one of the main criteria of any loan that you’re considering applying for is the speed at which you can get through the application process. Online loans tend to check this box more often than not. With an online loan, you can usually speed through an application in minutes, although this could vary depending on what organization you’re applying with or through.

How is this different from applying for a loan in person? Well, an obvious (but important) thing to keep in mind is that you’ll need to consider the travel time involved with going to a storefront. Once you arrive, you’ll need to wait in line to speak to someone and then spend however long it takes filling out an application. If you need funds as fast as possible, being able to get through the application process quickly can be a huge bonus.


2. They’re Convenient

There’s more to the online loan application process than just being fast. It’s also generally convenient. We’ve already spoken about some of the hurdles that you might face when it comes to the in-person application experience, namely the amount of time it takes to travel to a location, carving out time in your schedule, and more. Applying for an online personal loan with direct deposit can help you to bypass some of these potential problems. As long as you have internet access, all you need to do is take a few minutes out of your day – some financial institutions even allow you to apply 24/7 – and submit an application.


3. The Research Process is Straightforward

One of the most important parts of the entire borrowing process is the time you take to research your potential options. You should have an understanding of the different types of loans out there, how they work, which might be better suited to your situation, and how to apply for one. Otherwise, you could end up doing long-term damage to your financial standing.

With an online direct deposit loan, doing this research is simple. Any financial institution that lends money responsibly should have all the important information you need to know on their products clearly accessible on their website. So, all you need to do is go online, look for online loans that are offered or serviced to people who reside in your state, pull up your potential options, and compare and contrast the different personal loans that may be available to you.


4. You may Get the Money Quickly

The longer you wait to deal with your emergency expense, the worse it may get. So, not only are you going to be looking for a fast application process, you’ll also likely want to get your money as quickly as possible, if you’re approved. With fast loans with direct deposit, you might have a chance of getting money in your bank account as soon as the same business day. This will depend on the financial institution you’re borrowing from or through as well as your bank’s policies.

How Long Does it Take to Get Direct Deposit Loans?

Like we’ve already highlighted, when you look at the various financial products out there, there are going to be some important differences between what a variety of personal loan companies have to offer. There are also going to be some differences in the borrowing processes that each of them provides. This can include things like the speed of the application, how fast you can get funded, and more.

One of the most important things to look at here is how long it’s going to take you to get funds (if you’re approved) right from the onset of the application process, straight till you finally see the money you’ve been approved for in your bank account. The speed at which this can happen is largely going to depend on the financial institution that you’ve applied for a direct deposit loan with. In certain instances, you may be able to get funded the same business day you’re approved. This likely won’t be the case across the board, so it’s important that you look at all the important loan details before you submit an application.

What Do I Need to Qualify for a Personal Loan with Direct Deposit?

As we already touched on, there are going to be some differences between financial institutions in a number of areas. One of these things is the specific criteria that an organization is going to evaluate in order to determine whether to approve your application or not. While there’ll more than likely be certain things that most financial institutions look at, like your income situation, employment status, state of residence, and more, you should still spend some time looking into the specifics.

How Expensive are Direct Deposit Loans?

When it comes to borrowing money, one thing you’ll likely want to know is how much a particular personal loan is going to cost you. There are a few different factors that are going to help determine this. Things like your credit score, how much debt you currently have, your income, and more can factor into this equation. In some cases, these things may not be used to determine your interest rate, but instead will factor into the loan amount that you’re eligible for. Before you apply for a loan, make sure to look into the fees you’re going to have to pay and how much interest you’ll be charged in order to determine whether or not you can afford the loan.

What is a Secured Personal Loan with Direct Deposit?

The idea of a secured vs. unsecured personal loan is fairly simple, with the main difference being what it takes to qualify for one or the other.

So, let’s start with secured direct deposit loans. The main distinguishing feature of these loans is that if you want to qualify for one, you’re going to need to put up some sort of valuable asset as collateral. This means that if you can’t make your loan payments, the financial institution providing the loan will be within their rights to seize the asset you’ve put up in lieu of payment.

There are some instances where the asset that you’re using as collateral is also the thing you’re purchasing. How does this work? Well, let’s say you’re trying to buy a house, but like most people, you don’t have enough cash to buy it outright. In that instance, you’d likely need to apply for a mortgage to get the money you need. But in order to qualify for a mortgage, you need to use the equity in the house you’re buying as collateral.

So, why would you opt for a secured loan? In a lot of instances, it can be a route for you to get a relatively large amount of money for a big purchase. This could be to buy a house, like we outlined above, or for something like an auto loan to help you buy a car.

Loans with Direct Deposit May Help You in an Emergency

When an emergency expense comes your way, it’s not always easy to handle. If you’re caught unaware, you’re on a tight budget, and you don’t know how you’re going to get the money you need, it’s time to take action.

The first step is to learn more about what your potential funding options are. Direct deposit loans may be the short-term solution you need, but it’s important to learn as much as you can about these borrowing products to figure out which one might be best suited to your situation.

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