Tag Archives: hour payday loans
Bringing One Hour Payday Loans Out Of The Dark Ages
The recent revolution in the availability of one hour payday loans simply reflects the current state of the world’s economy. More and more families are having to scramble to pay their bills and make ends meet. Forbid they should ever fall prey to some type of financial emergency such as a sick child or a thrown rod in the engine of the family car. One hour payday loans of the past were often shady, back alley operations that were barley recognized much less regulated. But those days are gone with the changing times and the realization that this once looked down upon operation, with a little retooling, could provide a safe, legal and easy means to help consumers out of a financial bind.. In the bad old days cash advance lenders would take advantage of customers who obviously were not going to have the means to pay them back. Then would continue to pile interest and fees on top of the unpaid balance to the point that payback was an impossibility.
Today one hour payday loans are easily accessible on the internet eliminating even the necessity to go down to the corner pawn shop to apply. Modern online forms are quick and painless. And because you apply from the privacy of your home, gone also is the embarrassment of having to reveal your financial status to a complete stranger face to face. Simply by proving that your are 18 years of age, have verifiable income from a job that you have held for at least 90 days and have some type of active bank account that has direct deposit set up you are well on your way to becoming approved. There is no need for a credit check or any type of inquiry into your credit history and no collateral is required. The reason for this is that the lender will extend you a short term one hour payday loan solely on the promise of a post dated check that you provide online. Once approved, the funds are wire transferred to your bank account where once received they are ready for your immediate withdrawal.
Of course securing a one hour payday loan is not free. In fact the interest rate can be quite high, anywhere from 15% – 30%. Which means for every $100 you borrow on a 25% loan you will be paying back $125. Because these loans are so short term, 30 days tops and more likely a two week repay time frame, the lender must make his money quickly. But the fast turnaround time and high volume of business the lender experiences makes it well worth his while. Many one hour payday loan sites have cropped up in recent years to capitalize on the growing financial instability of our modern society. The vast majority of these operations are legitimate and above board. One hour payday loans have become a way for consumers to quickly and easily secure funds for any emergency situation and these loans are for just that quick cash for emergency situations. These are not loans to vacation on or do your Christmas shopping with. They are to help you, as they have helped millions of people just like you and I, to overcome the occasional financial obstacle that gets tossed our way.
Payday One Hour Loans – Living from Payday to Payday?
Most of us have heard the expression “living from payday to payday,” some of us have even lived it. But what happens when demands on your resources won’t wait until payday? One hour payday loans are a quick and easy way to handle the occasional financial crisis. Acquiring a payday loan is a simple Google search away to finding a qualified lender to serve you and your needs. Generally, all that is needed is to provide your personal information on an online form. Financial information is also shared so the funds can be deposited directly into your account. After the form is submitted and your information has been verified you are than approved. In most cases the approval process takes just minutes to complete. The funds are then directed into your account and available to you for immediate withdrawal.
The four major requirements that lenders have for buyers are: at least 18 years of age, employed for at least six months, an income of $1200 – $1500 a month and a bank account with direct deposit capabilities. These four things are key as you will definitely not be approved without any of these few essentials. Other factors may also come into play such as whether or not you are employed or just unemployed and collecting benefits, self employed or on active military duty. The customer can not be in default on any other one hour payday loan or have an active loan account with any other lender at the time of request. These are short term loans for amounts ranging from $100 – $1000 and are meant to be paid back quickly, usually in not more than two weeks.
Because one hour payday loans are secured against your next paycheck a credit check is not necessary and not a factor in determining your eligibility. Because these loans are so short term the interest rate is very high. In fact the cost can vary from $15 – $30 for every $100 that you borrow which is a steep price but this is most likely just a one time payment and the emergency relief this quick cash brings makes it worth it. You, as the borrower in effect are writing a post dated check to the lender for the amount of the loan plus fees. On the established payback date the lending institution withdraws the amount of the loan from your bank account. If the required amount is not available to them then more late fees and penalties are tacked on to your total.
While one hour payday loans are a handy and easily accessible source of quick emergency cash it is imperative that you repay the loan on time or your financial problems will just be compounded. Continually asking for extensions from payday to payday will eventually accumulate so much in interest and penalties that the borrower finds themselves in the position of being unable to fulfill their obligation. In extreme cases criminal prosecution is an option for the lender resulting in judgments against you. One hour payday loans are a very viable option for unforeseen expenses such as medical bills or car repair. Do your research, shop around and find the loan provider that best suits your needs. Compare rates, fees and payment options just make sure that you will have the resources to repay on time before you sign on the dotted line.