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.
