What do I need to open a checking account?

Some direct lenders may ask for additional information from you before getting the loan process started. But most will not require anything more than your name, telephone number, and date of birth. You can even use a prepaid debit card if it has enough funds in your bank account after applying for one!

What is involved in the application process?

It’s easy to apply for these kinds of loans by filling out an electronic application or speaking with a representative over the phone. These lenders don’t need any credit checking.

How long will it take before I receive my loan money?

A direct lender should put your money into your bank account in little more than 24 hours! It’s very uncommon for corporations to provide their services in less than 24 hours.

What if I need the funds faster than that?

If you’re in a situation where timing is of the essence, then picking a direct lender that offers up their services with express approval is your best bet. These lenders usually offer loans for amounts under $1000.

How do I repay my Rixloan loan?

Most payday loan companies give borrowers two weeks to one month to pay them back. Borrowers can set their payment frequency to weekly, biweekly, or monthly.

How much interest do I end up paying in the end?

When you get a payday loan, you pay a flat fee no matter how long it takes to repay the total amount you owe. Some lenders also charge borrowers a one-time payment equal to roughly 20% of the initial repayment price.

What makes direct lender loans different from regular loans?

A typical bank loan requires applicants to submit evidence of income, employment, and financial information. Most direct lenders merely require your employer’s name. Always check loan terms and conditions.

Kimberly Chantal Parkes

Kimberly Chantal Parkes is a former contributor to Rixloans. Kimberly Chantal is a freelance copy editor and writer with a specialization in personal financial planning. After having graduated from Kansas State University with a bachelor's degree in journalism, she began her career in media wearing many hats for community newspapers within the Kansas City area: writer as well as copy editor, photographer and coffee runner among other things.