As the name implies, 1 hour payday loans are actually payday loans that you can get right away, within the hour. The application process takes quicker than a payday loan consolidation. With this type of same day payday loan, instead of borrowing money against any assets you have, you are borrowing money against your next paycheck. Consequently, there are no credit checks so it is rather easy to obtain a 1 hour payday loan as long as you can prove employment and income. The amounts you can borrow range from $100 to $1000, but can be higher in some cases when getting payday loan in 1 hour.
The process to gain a payday loan is quite simple, especially with all of the online services available today. Typically, the application for online payday loans will take less than five minutes and you will know in approximately an hour whether you are approved or not. If so, you can usually expect to receive the money directly in your bank account the following business day.
Because 1 hour and 30 day payday loans are so quick and do not require a credit check (1 hour payday loans no credit check), their fees and interest rates are extremely high. They also can be faxless loans too – as in the case of most all 1 hour payday loans no faxing required of any financial information. Fees can range from $10 to $30 for every $100 you borrow. As you can see, this translates to an extremely high interest rate well into the multiple hundred percents and above. Plus, loan durations are usually only fourteen days, so if you get paid biweekly, your loan will accrue interest each payday that you do not pay off the entire loan.
While many 1 hour payday loan lenders will allow you to pay just the interest every other week to renew the loan, this is not suggested because this could end up costing you substantial sums of money. Payday loans are designed to be paid off immediately with your next paycheck because the interest rates are so high. That is the nature of the payday loan business. One must be careful when dealing with loans such as these, because they can potentially be more trouble than they are worth. You should only borrow the minimum amount of money that you need and should be able to pay it in full with your next paycheck.
If 1 hour payday loans become a regular occurrence for you, perhaps you should consider some lower interest options such as traditional personal loans, a credit car, or a debt consolidation loan. If you are not sure how to do these things, talk to a financial professional or enlist the help of a credit counselor so you can take charge of your finances once again and not have to deal with the everyday stress of overdue bills.