If you find yourself in a financial emergency, time is probably a big factor. Some of the most common financial emergencies are things like broken down cars, broken home appliances, unexpected medical bills, or other unplanned expenses. For all of these situations, the faster you can get cash in your bank account, the sooner you can get your life back on track.
If you’re in one of these situations right now, you’re probably wondering which type of personal loan to choose, how it works, and most importantly, how fast you’ll be able to get the cash.
Luckily, CreditNinja has the answers you’re looking for. Below we explain exactly what direct deposit is, what the requirements are, how it works, and how fast you might be able to get your cash.
What is Direct Deposit?
Direct deposit is an electronic deposit of money into a bank account. It’s become quite common for employers to use direct deposit to pay employees. It’s also used by the government to send tax returns, or for loan companies to deposit money into customer’s bank accounts. This method is popular because it’s much easier and faster than depositing money using paper checks or cash.
Direct deposit is made possible by an electronic network that exists between banks that allows them to pass funds back and forth. This network is referred to as the automated clearing house, or ACH for short. Because direct deposit or ACH payments are sent electronically, they arrive in the customer’s bank account almost immediately after being sent, and are ready to be used right away.
How Does Direct Deposit Work?
This form of payment is becoming much more common due to its speed and convenience. This is how many employees now receive their paychecks. In order to set up direct deposit you’ll need to provide some basic information about your bank and your bank account.
You’ll likely need to provide your bank’s name, your account number, and the routing number associated with your bank account. Some places will accept a voided paper check which has all of that information on it, in order to set up the direct deposit transactions. Once the business or payer has the information it can take several days for it to be processed and completely set up.
Once direct deposit has been set up, the business or payer can send payments electronically. Oftentimes payments arrive at midnight on the date of payment, and the customer is usually able to access the funds immediately upon their arrival.
What is A Personal Installment Loan?
A personal installment loan is one example of a loan that may be deposited using direct deposit. Ultimately, it depends on the lender that you choose. But direct deposit is becoming much more common for loans just like these.
A personal installment loan is an unsecured personal loan that borrowers repay through a series of monthly payments or “installments.” Because these loans are unsecured, borrowers are able to apply and be approved for one without offering up any collateral. Personal installment loans are often used as an alternative to more expensive loans like title loans or payday loans.
With a personal installment loan, borrowers can get higher amounts of money (up to a few thousand dollars in some cases), and pay it back over a longer period of time (up to a couple of years, depending on the loan and the lender).
How Long Do Direct Deposits Take for Installment Loans?
Because direct deposit is a much faster process for getting funds to customers, many lenders have switched over to only using that and not sending paper checks or cash. CreditNinja is a good example of this, as we always directly deposit funds into customer’s bank accounts so that they can get their cash as quickly as possible.
So how long does it take for you to get your CreditNinja funds deposited? Once your loan is approved, and you provide us with all of your necessary bank account information, we deposit the funds right away. Many CreditNinja customers will receive their funds by the next business day, assuming they are approved the same day they apply.
Like many other direct deposits, once the funds are sent to your account, you can access them immediately. CreditNinja is here to help you when you find yourself in an emergency financial situation. The application process is quick and easy, and customers can apply online, from the comfort of their homes. And because CreditNinja strives to make things as easy as possible, you can apply, get funded, and make payments completely online.