Payout Options for Short-Term Loans

For people living on a tight budget, the time between paychecks can spread out leave them with little to no cash for emergencies or even groceries. If you’re facing a cash shortage and payday is still a week away, you can take out a short-term payday loan to help you cover your immediate needs. Before you contact a lender for your loan, it’s important to learn about the different options for receiving the funds.

Cash in the Store
When payday loans first became popular, people went to the store and could have their cash before walking out again. However, technology has brought about drastic improvements. While some lenders may still offer this option, it’s not necessary to travel to a loan center because most loans can be processed online and completed electronically

Direct Deposit to Your Account
The most common option currently is to complete the application online and have the funds deposited directly into your account. You can then access the money with your debit card or by writing checks. This has been the method of choice for many years, and people appreciate the fast response times and quick access to the cash.

The Revolving Option
If you take out short term loans on a regular basis, then the loan debit card may be the best option. The card can be mailed to you, and it can be reused anytime you need immediate cash through a payday loan. However, the debit cards aren’t just for taking out loans. They can also be used for receiving direct deposits from your employer, and you can add funds to the card any time if you don’t like carrying cash.

It’s easy to manage your card through a toll-free number, and it can be used at any location to make purchases. You can also head to the ATM to get some cash out if necessary. The money on your card will be FDIC insured, and it’s completely secure provided you don’t give anyone your PIN.

The next time you need a payday loan, consider going with the more versatile payment option. While direct deposits are the standard, a debit card provides you with greater flexibility now and in the future. It’s a viable option that can help you take better control of your finances.

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