Emergencies happen, and sometimes you’re just one day away from being paid and being able to cover the expenses. You may first look for a payday loan, but did you know there’s a way you could regularly get your paycheck early? By enrolling in direct deposit, you could unlock an early payday with every paycheck.*
First, what’s the difference between a payday loan and early payday?
Payday loans and early payday sound similar, but their purposes are totally different.
Payday loans without a credit check make it easy to be caught in a cycle of debt. The initial fee for borrowing often seems small, but when looked at in the long run, a payday loan comes at a huge cost.
For example, if you are late on rent, an online payday loan near you is a quick solution to get your landlord off your back. But once you receive your paycheck, you must pay back your entire loan, plus some.
This forces you to stretch your remaining income until the next paycheck. If your car suddenly breaks down the same month, you’ll find yourself going back to get an early payday loan online for more quick cash. Unfortunately, it’s easy to see how one can get stuck relying on fast payday loans.
Payday loans often have:
- High interest rates disguised as fees
- Confusing terms and conditions
- No one to help you financially improve
If you need a loan immediately, check out our personal loans for fast cash with lower rates. Our friendly loan staff in Delaware is here to help you get the cash you need without being stuck in the payday loan cycle.
Early payday is a benefit you can get when you set up direct deposit. When you set up this service at Del-One Federal Credit Union, you may be able to receive your paycheck up to 2 days early with direct deposit.
Early payday with direct deposit helps you:
- Get paid up to 2 days early without fees
- Easily manage unexpected expenses
- Avoid having to go somewhere to deposit a paycheck
If you’re stuck with emergency expenses now, setting up direct deposit with early payday is a helpful tool to prevent this from happening again. This service is a smart way to have early access to cash before you get caught up in emergency expenses.
What is direct deposit?
This service is a safe, quick, and convenient way to have your paycheck deposited into your checking or savings account. There’s no physical check, so you enjoy the convenience of an automatic deposit every payday.
Direct deposit ensures that your money is deposited on time, all the time. This helps the most on hectic days, while on vacation, during holidays and when you are away on business trips. You can use the time you would normally spend to go to the credit union to deposit your check for something more productive.
You will still get an earnings statement on payday that tells you how much money was deposited, as well as how much was withheld for taxes, company savings plans or any other withheld amounts.
This service is also safer. Checks can be easily lost or stolen, but having direct deposit set up bypasses the need for any paper copies.
How does early payday work?
You don’t need an app to allow you to get your paycheck early at Del-One. We make it easy for you to get your pay as early as possible.
Set up direct deposit by completing this form and providing it to your payor (generally your employer). You’ll need our routing number and your account number. All Del-One checking and savings accounts are eligible for direct deposits.
How early you receive your paycheck depends on the time of submission for the payment file from your payor. You will have access to your funds on the day we receive the filed payment.
So, once direct deposit is set up on your payor’s side, you can start receiving your deposits up to 2 days earlier than before.
What if you already have direct deposit set up? At Del-One, we automatically set up the early payday benefit when you enroll in direct deposit, if applicable. You don’t need to do anything to get paid early. Other banks and credit unions may not offer this benefit though.
Reminder: It’s still important to keep to your budget.
As a credit union that offers early payday, we like to remind people that your money still needs to last until your next paycheck, and it’s still important to save. One of the best ways to accomplish this is to set up automatic transfers to your savings account alongside setting up direct deposit to your checking account.
If you don’t have a budget yet, here’s a simple one to get you started:
- 50% toward necessary expenses
- 30% toward wants
- 20% toward savings
So, once direct deposit is set up, based on this example, you’d set up an automatic transfer for 20% of your paycheck to your savings account. Make the transfer recurring to pull the money the day after your paycheck is usually deposited.
Of course, not everyone can save that much every month, so it’s fine to start small. Even $20 per paycheck will make a difference.
By automatically transferring everything to the right accounts every month, you can have more confidence in your finances. Plus, it’s easy to do within online and mobile banking.
Are you ready to set up direct deposit and enjoy early paydays?
We’re ready to help you get paid earlier. If you’re already a member of Del-One, you can enroll using this form. If you’re not a member yet, check out our membership page to learn how to join.
*Conditions and restrictions apply. Early access to pay is dependent on and subject to payor submitting payroll information to the credit union before the release date. Del-One will generally make these funds available on the day the payment file is received, not to exceed 2 days prior to the scheduled payment date. Early payday posting is also dependent on the member providing accurate credit union account information to the payor.
