Deferred Deposit

Written by Jeremy Horelick
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Deferred deposit is just another name for payday loans. Payday advances, bad credit loans, same day cash advances--call them what you will. A rose is a rose is a rose; the concept is still the same no matter how you look at it. Either way, borrowers agree to part with a share of their earnings in return for receiving those earnings up front.

Before opting for a deferred deposit, you might want to check with your employer. In a lot of cases, employees who have been dedicated, hard working, and trustworthy will have earned their way into their bosses' good graces. Some managers and owners will gladly make a one-time advance to their employees, though this is probably more likely at an independent business than a major corporation that's "by the book."

More Details about Direct Deposit

If your employer refuses to spot you the money, be sure to mention that you intend to pay it back with interest. This will be enough to sway some employers but not others. For those who remain unmoved by your plight, there's probably little you can do or say to change his or her mind. But if it's that much trouble to do so, why would you even persist in the struggle? Especially when there are deferred deposit companies who are sympathetic to your needs?

The first thing a lot of deferred deposit companies will do is get your bank's routing number as well as your personal checking account number. This allows them to make the deduction themselves once payday rolls around instead of relying on your good word. That's why such businesses are known as deferred deposit companies; the money is still being automatically sent, only it's ending up in your creditor's coffers instead of yours, which is a fair price to pay for those who are strapped.

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