With 1 hour payday loans you choose to cover small, unexpected expenses while avoiding expensive rebound-checks, late fees and late payment penalties.
The relative ease of these payday loans in one hour have made them extremely popular to people nationwide. And with the Internet, you can have an easy and speedy access 1hour payday loans. You can receive amount you need in your bank account without even leaving home.
Sure, payday loans can help you out when you are facing financial crisis, but there are several serious factors that need to be considered before you actually take out such a loan.
Do 1 Hour Payday Loans Exist?
Many people ask about 1 Hour Payday Loans. In theory this can happen but from a practical standpoint it does not. When applying for your payday loan the lender must take some time to explain all the terms and conditions to you as well as get your complete approval.
Even once this is completed it takes some time to process your approval and actually get your money into your bank account. Usually it takes 4 -8 hours on a normal business day – no holidays or weekends.
So, if you apply in the morning and get approved, it is possible you would have the money in your bank account later that day. But, always assume that once you are approved you will receive the money in your account the next business day. 1 hour payday loans can happen but they are extremely rare and a result of coincidence and not the normal processes. Plan on a 1 business day turnaround for your loan.
Facts about Payday Loans
Before taking out the loan, it is extremely important to ask yourself whether you will really be able to afford to pay back the loan when it falls due. Most payday loans are made on a two week to four week basis.
First, let’s take a look at payday loans in one hour. Usually the lender will agree to lend you a specified amount of money for a certain period of time. For example, let’s say you needed $300 to cover some unforeseen expenditure. You would borrow $300 and write out a postdated check for two weeks hence to cover the amount of the loan plus the finance fee, which could be around $80 for this size of loan. So, in this example, in two weeks the lender expects to be able to cash that check for $380 to recover the loan given to you. Failure to pay on a specified date attracts more charges.Pros:
- The major advantage of a 1 hour payday loan is that it is available in case of any emergency. So whether you need a next same day cash loan or a 24 hour payday loan, you will easily get it.
- For unexpected medical emergencies, sudden bills and other unforeseen money needs the 1 hour payday loan can be a good solution. Even if the rate of interest is unusually high you do not mind paying that much when you have an urgent need.
- Nobody other than you is affected in this process. There is no need to consult a finance agent to acquire your payday loan in one hour. As it is a small loan, the lending companies do not have any problem concerning security requirements.
- Payday loans are the best option for getting instant cash like 1 hour payday loans. You can apply for it online, and the money gets deposited into your account directly.
- Another point worth to consider is that 1 hour payday loans are available to nearly everyone with a bank account and a debit card, and who have a regular job. The lender will immediately transfer the amount you ask for directly in your account, usually in less than 24 hours, sometimes the same day. Ask your lender what they can do for you.
- This kind of loan is notorious for being expensive. The interest rates/fees are usually high and the repayment time can leave a hole in your pocket.
- With 1 hour payday loans, there may be a $10 wire fee that is deducted from the loan amount you receive. For example, if you request a 1 hour payday loan for $300, the $10 fee will be deducted, and the bank wire amount you receive in your account will be $290.
So, is there any point to a 1 hour payday loans? Yes, but only really for a genuine emergency where there isn't an alternative. Using payday loans in one hour on a regular basis is not recommended. Keeping this option open only for certain financial emergencies is advisable.