In order to receive your loan proceeds as early as the next business day, the final lender you select will need a bank account to wire the funds into. This information will need to be supplied at application so that the wire can be performed immediately.
In addition, many personal loan lenders will provide a discounted rate – typically 0.25% – if you authorize automatic draft payments from your bank account. It’s a less costly payment collection method for the lenders, and more convenient for you since you won’t have to write a check every month.