What is Direct Deposit?
Most lenders offer direct deposit of your loan funds. A direct deposit means the loan goes straight into your bank account after you are approved for the loan. It also may mean the loan payment is automatically withdrawn from your account when the time comes to pay back the loan.
Benefits of Direct Deposit
Direct deposit is beneficial because it means you’ll never have to worry about cashing a check before you get your loan funds. Instead, the money will be in your account automatically, and ready for immediate use.
Likewise, having an automatic withdrawal of your loan payments is helpful because you are guaranteed to never miss a payment. By not missing any payments, you’ll avoid paying greater interest on the loan and won’t have to pay any penalties for late payments.
How to Set Up Direct Deposit
Setting up direct deposit is usually a simple process. To do so, most lenders will ask for some bank account details on the loan paperwork, such as your bank account number and routing number. You can find this information at the bottom of our checks, or by asking your bank.
Is It Safe to Give Out Bank Account Details?
Yes, giving out your bank account details is safe, as long as you’re working with a reputable lender. Do your research and make sure you’re working with a reliable lender by reading any reviews and thoroughly examining the paperwork before you fill anything out.
A reliable lender will not ask for account login information over the phone or email. They will have a secure website and will not ask you to pay a fee before applying.
For more information about our safe, reliable lending practices visit LiftCredit.com.