Direct deposit loans and 11 quick-cash alternatives

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Direct deposit loans may seem like a quick, convenient way to get cash until your next paycheck — but their sky-high fees can trap borrowers in a cycle of debt. (iStock)

Direct deposit loans are another term for payday loans but instead of receiving funds in the form of cash or a check, they’re deposited directly into your bank account.

These loans may seem like a quick and convenient way to cover immediate cash needs until your next paycheck. But their sky-high fees can trap borrowers in a cycle of debt. 

Here’s what you need to know about direct deposit payday loans, as well as some alternatives for when you need cash quickly.

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