By Wendy Clay on November 22, 2011
.jpg.aspx?width=75&height=75) One hour payday loans can provide a quick means of cash in emergency situations, but there are many negative aspects to one hour payday loans that borrowers must consider before applying for one. These one hour payday loans are unsecured loans that are typically applied for over the internet and allow loan amounts to be deposited directly into your checking account within sixty minutes of approval for the loan. Loan amounts range anywhere from $100-$1500 based upon your income, and the rates charged on one hour payday loans are typically $15-$35 per $100 borrowed.
The requirements to get a one hour payday loan are very simple—no credit check is performed and there is no need to fax financial documents to lenders, instead a borrower must simply reside in a U.S. state that does not prohibit one hour payday loans, be at least eighteen years of age, and have a legal source of income totaling $1000 or more a month. These lax requirements allow the loans to be processed quickly and make them a viable option for people in need of quick cash or with bad credit.
Despite these seemingly positive aspects of one hour payday loans, most of these loans come with extremely high fees, as mentioned above, that can make these loans very expensive, especially if they are not repaid on time. Also, many lending companies have inadequate customer service departments that can be unwilling to cooperate with you if you encounter problems repaying your loan.
The federal government has established regulations and guidelines to monitor lenders that offer one hour payday loans, but there are still many untrustworthy lenders. If you find yourself in need of a payday loan compare the rates of multiple lenders (avoid those that require upfront payments or application fees) and check each lender’s licensing. Once you have decided on a lender, be sure to get every detail of your loan in writing and review it closely before accepting the loan. The written agreement should include the cost of the payday loan, finance charges as actual dollar amounts, and the annual percentage rate (APR).
Once again, one hour payday loans should only be used in emergency situations, so weigh the information above before making the decision to apply for one.
Sources:
1 Hour Cash Advance 1 Hour Cash Advance Loans – Learn Both the Good and the Bad. 2010. Web. 3
Nov. 2011 <http://1-hour-cash-advance.net/author/admin/>.
Advantages and Disadvantages of Cash Advance in One Hour. Payday Loan 90, 2011. Web. 3 Nov. 2011
<http://https://www.paydayloan90.com/cash_advance_one_hour.html>.
One Hour Payday Loans with No Credit Check. Payday Loan 90, 2011. Web. 3 Nov. 2011
<http://https://www.paydayloan90.com/Loans_With_No_Credit_Check.html>.
Some Basic Know-How’s of the 1 Hour Payday Loans. 2011. 3 Nov. 2011
<http://www.paydayloansoutlet.com/1-hour-payday-loans>. |