This is an option to consider if you need to pay some unexpected or emergency bills. Customers can immediately advance cash from their next direct deposit paycheck into their U.S. Bank Checking Account.
The Checking Account Advance service from US Bank is really a quick line of credit that individuals and families can use that will that allow them to “borrow” cash from their next eligible direct deposit paycheck from their employer. This checking account advance option is a salary advance loan product to consider if you have for short-term credit needs.
Like any time that someone needs to borrow money, there are things to be aware of. This type of financing is best used for emergency bills, such as an unexpected car repair, medical expense, or another emergency. Never use this product for everyday expenses, such as a vacation, as the interest rate is fairly high. If you decide to borrow from US Bank, always borrow only as much as you can afford to immediately pay back with your next paycheck/direct deposit in your account.
The funds you request will immediately be available for your use. After you are approved and process a successful checking advance request, the cash is immediately transferred directly to your checking account. There is no application process and no fees to apply. The product is a type of line of credit that allows US Bank customers to take as many advances for quick cash up to their credit limit.
As indicated above, this is not a cheap service, so only use it in emergencies. The specifics are that the Finance Charge is $2 for each $20 that you advance from the program. As an example, if you request $100, the fee that you will need to pay will be $10. If you borrow $500, the fee is $50. So you can see the fee quickly adds up. However the terms can change so be sure to inquire first.
But for certain types of expenses, it is worth it to pay the fee. For example, if your car breaks down and you do not have the cash to pay the car repair bill. If that then prevents you from getting to work, it is better to use this product to fix your car and pay the fee as that would allow you to return to work and continue to get paid from your employer.
U.S. Bank states that these advance loans provide their customers with very quick access to get emergency cash and credit. The majority of these direct deposit loans are repaid within weeks, and customers do not take advantage of these products are have long term issues that result from them. US Bank will even offer credit counseling and debt management plans if you need additional help. Learn more on these debt management services. Continue.
They also state that Direct Deposit Advance loans are a cheaper alternative to payday loans that are issued from the various payday lenders across the nation. They strongly encourage all customers to properly manage their saving and checking accounts. These are options for people to consider when emergency bills or expenses arise, and in those cases, the checking account advance loan service was created to help customers when they faced with these situations.
To learn more about the US Bank Checking / Direct Deposit Advance loan product, dial 800-872-2657 to speak to a representative or to apply.
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