Direct Deposit Loans in Minutes

A direct deposit loan makes it easier to get quick cash as it eliminates the need to visit a lender’s store. You can apply online and get the money transferred into your bank account within 24 business hours.

Online application process
Approval decisions are made in minutes
Direct deposits in 24 hours
Bad credit is accepted
Flexible loan amounts and repayment options

Direct Deposit Loan Explanation

Direct deposit loans are short-term borrowing options that are electronically transferred into a borrower’s bank account without any visits to a physical branch. As the loan decisions are made in a matter of minutes, approved applicants usually get their funds within 1 business day. This becomes possible due to no hard credit checks performed.

Direct deposit loans are of different kinds. Some of them allow you to get up to $1,000 and require you to repay the funds in full within just a few weeks. Others come with amounts between $1,000 and $5,000, offer more repayment flexibility, and can be repaid in affordable monthly installments over 2 to 24 months.

Types of Direct Deposit Loans

Here are a few types of direct deposit loans available through Steuben Trust Corporation:

Payday loans. These short-term loans are designed to help borrowers overcome small emergencies till their next paycheck. Payday loans are usually up to $1,000 and need to be repaid in 2 to 4 weeks. Their APRs often exceed 400%, and their short terms are the only factor that makes them manageable;
Installment loans. An installment loan is a small personal loan of up to $5,000 that allows you to split the overall amount you owe by several months or years. The repayment is made in a series of equal monthly payments within 2 to 24 months. These loans are easier to handle, but longer repayment terms often result in more overpayment over the loan life;
Lines of credit. These flexible solutions allow you to access the money when needed within a certain credit limit. Once you have repaid what you’ve used, you can access this money again. The interest is only charged on the amount you actually use, not on the entire credit limit;
Title loans. These loans allow you to borrow money against your vehicle. The best part of it is that you can drive your car while it’s pledged. The amount you can get is usually up to 50% of your car’s title. The repayment is expected within 30 days. If you default, your vehicle can be repossessed.

How Long Does It Take to Get a Direct Deposit Loan?

Direct deposit loans are disbursed quickly, usually within 1 business day. Same-day deposits are possible for individuals approved before 10:30 AM on weekdays. However, it may also depend on how fast your bank processes payments.

Benefits of Direct Deposit Loans

Direct deposit loans offer several advantages over regular personal loans:

Smooth application process. You can request a loan from the comfort of your home by providing just a few basic details. The process usually takes about 5-10 minutes;
Almost instant approval. Most direct lender loans come with soft credit checks only, allowing borrowers to process your application promptly. You will get a response within 15 minutes to 1 hour;
Quick funding. The money is transferred automatically within just 1 business day. You don’t need to visit a lender’s store to get cash;
Accessibility. You can qualify for a direct deposit loan even with bad credit, provided that you meet other lender’s eligibility criteria.

Borrow Responsibly

At Steuben Trust Corporation, we stand for responsible borrowing and forewarn borrowers against obtaining loans carelessly. Keep in mind that direct deposit loans might be more expensive than conventional options. Know your loan terms and only accept a loan offer when you fully understand what you will have to pay for.

Also, make sure you can afford this new loan without sacrificing your regular needs and mandatory expenses. Borrow only what you need and be realistic about your financial capabilities. This will help you avoid challenges down the road and ensure a pleasant borrowing experience.

Eligibility Criteria

Direct deposit loans have simple eligibility requirements, which include::

Age: at least 18 years old;
Income: stable income of at least $1,200 per month;
Citizenship: US legal citizens or permanent residents only;
Account: you need to have an active bank account in your name.

Borrowers also need to provide some documents and information to prove their age, identity, income, and address. They may include your ID or driver’s license, Social Security number, rent, lease, or mortgage agreement, utility bills, pay stubs, bank statements, etc.

Other Ways to Get Money in Minutes

In some cases, direct deposit loans may not work. If you’re looking for a faster solution or need a lower interest rate, here are a few options to consider:

Credit card cash advances. If you have a credit card with an available balance, visit an issuer’s store or ATM and withdraw money from it. This way, you will get cash on hand right away without undergoing any application or verification processes. Just note that credit card cash advances are different from regular purchases you make using the same card. They have higher APRs that accrue immediately;
Pawn shop loans. These are secured loans that allow you to get cash on hand by pledging something valuable. You can visit a pawnbroker with the item and get up to 60% of its cost. Then, you need to repay the money within 30 to 60 days to get your belongings back. Otherwise, the broker will sell your asset;
Family loans. Ask your loved ones to lend you a helping hand if you face an emergency. Loans from family members or friends are often interest-free and have more flexible repayment terms. Just make a clear agreement upfront and stick to your deadlines so as not to damage relationships;
Cash advance apps. These tools provide almost immediate assistance for employees who need small amounts by their next paychecks. Apps usually allow you to borrow between $50 and $300, often without charging any interest. However, they have very short repayment terms from 2 to 4 weeks. Additional fees for membership and instant deposits may also apply.

Get a Direct Deposit Loan in Minutes in 3 Simple Steps

Steuben Trust Corporation offers a seamless application procedure that consists of 3 simple steps:

Complete a loan request form. Prepare all the required information and documents in advance to speed up the process. It usually takes just 5 minutes.
Receive a loan decision. We will review your application for eligibility and send you a response shortly after submission.
Accept an offer. If approved, read the terms thoroughly and e-sign the contract. The money will be then deposited into your bank account within 24 business hours.

Apply Online with Steuben Trust Corporation

At Steuben Trust Corporation, we’re happy to help customers get the money they need when they need it most. We simplify the entire process to make our loans fast and accessible to almost everyone. Still, we stand for responsible lending and prioritize your safety. Dealing with us is alway secure. Here’ s what we offer:

Fair interest rates between 5.99% and 35.99% (for borrowers with good credit);
Flexibility – the repayment terms are from 7 days to 24 months;;
No extra fees;
Funding within 1 business day;
No minimum credit score requirements;
Customer-centered approach.

Have any questions left? Our friendly team is always happy to answer them! We will help you navigate the process and do our best to find the best option that suits your unique needs.