FAQs About One Hour Payday Loans

When life presents an unexpected emergency, many of us turn to family or friends to borrow the money we need. Sometimes, however, this is not practical or comfortable; in these cases, payday loans may be the answer. Online companies offering one hour payday loans can get you the cash you need quickly without a lengthy application period, regardless of your past credit history. Below are the answers to some of the most frequently asked questions about one hour payday loans.

What are one hour payday loans?

A payday loan is a short-term cash advance that is intended to provide cash in an emergency. Most payday loans are written for a term of less than a month, and are generally paid back on your next pay date. One hour payday loans are the fastest type of cash advance loans; once your application has been approved, the cash can be wired to your bank account immediately.

How much can I borrow?

Depending on your income, you may be eligible to borrow up to $1,500. Most one hour payday loans range from $100 to $1,000; higher loan amounts may be available for customers who establish a good payment record with the company.

How do I repay the loan?

There are several options for repayment of your loan. You can do nothing; in this case, the full amount of the loan plus applicable fees will be deducted from your bank account on the due date, usually your next pay date. In many cases, you can arrange to extend your loan for an additional fee. Some lenders limit the number of times you can extend your loan, or require a payment toward the principal after one or more extensions. This is intended to protect you financially by ensuring that your loan is paid off in a timely fashion.

What are the requirements for these quick loans?

Typically, applicants must meet very minimal requirements in order to qualify for one hour payday loans. Minimum monthly income, verifiable employment and banking information, and direct deposit of paychecks are required by most payday loan companies.

How much will I pay for the loan?

The rates for one hour payday loans are higher than for traditional loans; this is due to the speed of processing and additional services provided by the online payday loan company. Quick approvals and a streamlined application process represent added expense to the company while providing convenience to you. Additionally, payday loans are considered high-risk because they are unsecured and are not based on credit scores; this added risk is compensated by the additional fees charged for your loan. In most cases, the fees associated with a $200 loan are less than the fees traditional banks charge for just one returned check.

When will my money be deposited?

In most cases, your money will be deposited overnight and will be in your account the next business day after your application is approved and your loan is finalized. If the next day is a Saturday, Sunday, or banking holiday, your money may not show up in your account until the next business day when your bank reopens for business.

Will I be approved for a one hour payday loan?

It depends on whether you meet the minimum income, employment, and other requirements, but your chances are good. Statistics show that about 90% of applicants for one hour payday loans are approved, providing they give complete and accurate information on their initial application.

For many consumers, one hour payday loans can provide a valuable source of emergency cash. These loans should be used only for short-term financial shortfalls, and are not a long-term solution to serious financial problems. Responsible use of payday loans can provide significant benefits to consumers and ensure that cash is available for all of life’s little emergencies, even when your next payday is a week or two away.

Note: “Instant cash,” “cash today,” or other time estimates as to loan disbursal may indicate the fastest time your funds will be disbursed, extending no further than the following business day.