1-hour payday loans can be a lifesaver when you run into a difficult situation or an emergency. Many of us don’t have spare cash with us at all times, so a loan is a good way to change that. If you’re looking for a fast short-term loan, here’s what you need to know about it.
What Are 1-Hour Payday Loans?
A 1-hour payday loan is a short-term loan that you can get almost instantly. The name “1-hour,” comes from the fact that you can get a sum of money in roughly an hour or two. It’s essentially a same-day loan but has a quicker response time when it comes to the approval process. You’ll also have to pay back the loan in about two weeks or when you get your paycheck for the month.
You should also note that the interest rate in this type of loan is fairly high (higher than long-term loans like personal loans). This means that you’ll have to repay a larger amount than what you borrowed. That said, the advantage of a short-term loan is that you can pay it back soon and get the debt out of your mind.
How Do 1-Hour Payday Loans Work?
To acquire this type of loan, you’ll have to contact a lender. Once you and the lender agree on a specific amount of money for you to borrow, they’ll let you know how much time you’ll have to repay the loan. The lender will also charge you interest on the amount you borrow.
On average, the interest rate is $15 for every $100 you borrow. However, this number may vary depending on the state you’re residing in and on your lender. So, if you’re borrowing $300, you’ll have to repay the original amount, i.e., $300, plus an additional $45 as interest. Therefore, make sure that you can pay back the amount before you opt for a loan. If the interest amount is too steep, lower the amount you borrow.
How to Qualify for 1-Hour Payday Loans Online
You have two options when applying for a one-hour payday loan. Your first option is that you can choose to deal with a lender directly by visiting their website and applying through an online form. Your second option is to visit an online platform that has various lenders in their network. There, you can apply for the loan through an online application form, and the platform will find a suitable lender for you.
The advantage of the second option is that you won’t have to go through the hassle of finding a trustworthy lender who offers 24-hour payday loans. This can save you time, especially when you need money right away. In the online application form, you’ll have to mention how much money you wish to borrow along with some relevant personal details. These include your name, social security number, and bank account details. After you fill the form, you’ll have to wait to get approved by the lender before you can receive the money. However, considering this is a fast loan, the approval process is quick, too.
Who Can Apply for 1-Hour Payday Loans?
Anyone who is 18 years or older can apply for this form of same-day payday loan. In addition to that, you must be employed and have a steady monthly income. You cannot borrow a loan if you don’t have money to pay it back.
Can You Get 1-Hour Payday Loans with Bad Credit?
You can usually get this form of short-term loan even if you have bad credit. One of the reasons why a lot of people opt for these types of loans is that lenders don’t perform a traditional credit check through the major three credit bureaus when considering applications. This means that you can often get a loan even if your history of repaying debts is less-than perfect.
How Long Does It Take to Get Approved for 1-Hour Payday Loans?
One of the main advantages of a 1-hour cash advance loan is that the approval process is quick. Some lenders will approve your loan request minutes after you apply for it. However, many take longer than that. Even if the approval process takes longer than an hour, you can expect to receive your money on the same day that you apply for the loan.
How Much Cash Can I Get With 1-Hour Payday Loans?
The amount of money you can borrow through short-term loans is significantly lower than that of long-term loans. Nevertheless, you can borrow about $500 on average. However, there are some lenders who’ll even lend you up to $1,000. The maximum amount you can borrow also varies from one state to another.
A payday loan can be useful when used carefully. You just have to do a bit of research to find a legitimate lender. At GetCash, we take care of the research portion for you. Learn more. .