Are personal loans directly deposited?

Yes, personal loans are usually, but not always, directly deposited. Personal lenders will ask for your banking information if you want to receive your funds through a bank account. However, many personal lenders will allow loans to be directly paid out to the borrower’s existing creditors or to the final recipient. For example, if you’re using a personal loan to consolidate credit card debts, you can choose to have the funds sent directly to the credit card issuers, thereby paying the debts as quickly as possible.