Direct Deposit Cash Advance

What are Direct Deposit Advances?

A direct deposit advance is when a lending institution gives a borrower a loan in advance of their pending payday or other regular direct deposit into their bank account. This would be a small cash advance, redeemed by the bank on the date of the next direct paycheck or other deposit, along with the associated interest and fees. It's a short-term loan, of usually relatively small value, the amount depending on the size of your regular paycheck or other regular direct deposits to your account. The key for many borrowers is that a direct deposit advance, just like a payday loan, does not require a traditional credit check. The main difference between a direct deposit advance and a payday loan (insert link to page) is that the lending institution will be the borrower’s bank, rather than the typically small stores or franchises that offer payday loans and the criteria for the loan may be more difficult for a borrower to meet.