What is a direct cash deposit?
From time to time some people run out of money long before they run out of account to pay. In this case, the person may need quick access to additional cash to buying food, shopping, repairing cars or paying an account for services before coming further payouts. In this case, it can contact a company that provides a direct cash deposit. It allows one to borrow money, usually about seven days to four weeks. If the debtor is approved for this type of loan, the money is automatically stored on its control or savings account. This means there is no loan check that you should wait in the post office. The borrowed money is automatically deposited on the debtor's account on the agreed date, which is often up to 24 hours after the loan is approved. Payment of the loan. In this case, the repayment is established as an automatic withdrawal and the debtor does not have to raise his finger to repay the loan. On the day agreed, usually in the next payer pay, Cash Advance Company AutoMatically discarded repayment from the debtors' account, along with any fees he charges for the loan financing.
Direct deposit loans in cash may seem like a good choice when the money is tight and the possibilities are few. However, these loans usually charge for financing that are incredibly high. In fact, a typical range of interest rates in cash is 300 to 1,000 percent.
If you want to understand what kind of fees one can face with a direct deposit advance loan, consider $ 500 in cash (USD) cash advance for 15 days; The debtor may have to pay $ 150 or more for renting money for 15 days. When the due date comes, he would have to pay $ 500 plus $ 150 USD for financial fees.
If the credit for credit in cash cannot pay the entire loan back to the due date, it may extend the loan for another 15 days while after afterHe bits to come with a payable balance. If the loan extends twice, it will only pay fees for fees of $ 300. If it extends it four times, which is only 60 days, it will pay fees for $ 500 per loan $ 500. In the end, even if all these fees paid for the entire period, it is still mandatory to make a final payment of $ 500 plus a financial fee of $ 150. This can cause terrible straits to someone who is already in financial custody.