Wire Transfer Payday Loans

Wire Transfer Payday LoansGetting wire transfer payday loans is as easy as going with an online lender that will EFT the money right into your account. This is why most lenders will have you enter your bank account information during the application process. They are verifying that you have an eligible account so that they can deposit and then withdraw the funds on your payday, check online here.

That’s the main difference between going with an online lender and a brick and mortar lender. When you opt for online you will have the money go right into your account rather than being handed the cash like you do when you go in person. The only drawback to this method is if your bank account is overdrawn and you have other things to pay off other than your NSF fees at the bank. The bank will get their money first and you’ll only have what’s left.

In person you’d write the lender an actual check which they’d hold until your next payday, at which time you return to the lender with cash and they give you back your canceled check. The online process is pretty much the same, but you don’t have to write them a check, and you don’t have to go anywhere on your payday. The flip side to that coin is that you’re giving them authorization to both put money in and take money out of your account, so if the funds aren’t there when they go to take them, you’ll suffer overdraft fees on top of all your other financial problems.

Wire Transfer Payday Loans – How It Works

The concept of a payday loan is that they’re giving you your future pay today, and then getting their money back plus the fee on your payday. The reason that they wire it to your account is so that they can establish the transfer agreement to take the money out of your account when it’s your payday. That’s why you won’t have to worry whether or not you get the money right into your account, since it’s the place that 99% of lenders will send it to once you agree to the terms and conditions. Most people prefer the convenience of having everything automated.

Other Options

Some lenders allow you to control where your money goes, depositing it onto a prepaid debit card, or sending it using a service like MoneyGram. But that is not the case with the majority of lenders that like to know where they are going to get the money from when it comes time to get paid. One thing you’ll also notice is that they will require that your pay be directly deposited into the bank account where they are wiring the money. This is so that they know the day and time that you’ll be paid so they can be the first one in line to collect.

Things to Avoid

One thing we’ve seen is that when you enter your bank account information during the application process the lender will approve you and send the money to your account even before you confirm that you want the loan. This is one tactic they use, so be sure to read the terms and conditions and make sure that you aren’t automatically accepting their offer when you submit your application. You should be able to review the specific rates and charges you’ll be paying before agreeing to go ahead with the loan.

Our Recommendation

If you need the money to pay for things immediately, the best thing to do is go in person to a local branch and walk out with cash in your pocket. From there you can get money orders to pay off any immediate needs, or you can load the money on a prepaid debit card to make online purchases or pay off bills with online bill pay. Then when your paycheck comes in you can clear up matters at the bank and be all squared up, except that you’ll now have to pay off your payday loan. This is why most people end up in the payday loan trap and end up reloaning the money a few times before they’re clear.