A 1 hour payday loan can save the day in an emergency! The name “payday” may lead some borrowers to feel like they are getting a windfall, but in reality these types of loans do carry a very high interest rate, up to 456% APR. This is buffered by the fact that they are usually only one to four weeks in duration, lasting only until the borrower’s next actual payday.
For most people, payday loans offer a great way to borrow cash immediately without the embarrassment of going to family or friends for a loan, and there is not a lot of paperwork or hassle involved to qualify. Fees are less than the overdraft fee a bank would charge if you bounce a check. It can become a habit, and may be difficult to get out of, but they are very useful for emergencies.
These loans are available at many websites on the internet. You also can get them at a land based payday loan store. Both feature fast processing, and you will know if you are approved quickly. Online payday loan approvals may take up to an hour, and the store payday loan approvals are made while you wait, almost instantly. With online payday loans, money borrowed is transferred instantly into your checking account. At the payday store, you are given cash on the spot. Loan amounts can vary from $100 to $1500.
You must provide proof of employment, such as your last pay record, and proof that you have a current bank account with a positive balance and not too many insufficient funds entries. By recent or current bank statement they mean within 30 days. Many online 1 hour payday loan websites offer “faxless” processing, meaning you do not have to fax your ID and papers to them. At the land based stores, they will copy your paperwork and maintain a file at the store for your account with them.
Due dates normally are your next payday, which is where the name “payday loan” comes from. These loans help you stretch your finances in a pinch until you get paid again. The drawback is that on your next payday you must repay the loan, or rework it by renewing for another pay period. There are some limits to renewals, and some 1 hour payday loan lenders also offer payment plans. If you do too many payment plans, however, you may be refused future loans. The main idea is not to live on these types of loans, but rather, to use them in a short term manner for personal emergencies.
The only collateral you need is your word and your check or automatic debit approval that you give them. If you do not return with their money on the due date, they will go ahead and process your check or automatic debit from your bank account. If you have insufficient funds at that point in time, normal collection procedures would apply. The payday loan system is regulated, and monitored. Different states have slightly different rules. You usually cannot get more than two or three at any concurrent time, and you may be denied if a loan is overdue at one place and you try to apply at another. This is only good business practice, and in your best interest.
Now the question is do you want $500 or $1,500 in 60 minutes?