One hour payday loans are a quick loan given against your next paycheck you receive, for a small fee. Just like the name implies, one hour payday loans are a type of Internet loan service that can process your loan application is as little as one hour.
After you fill out a loan application online on the website of the lender the lender will get in touch with you by either phone or e-mail. If the loan is approved you can withdraw the cash from your account the following business day. There are a few payday loan services that will wire your loan directly to your bank account for a small fee.
Amounts for One Hour Payday Loan
The payday advance companies will consider your income when making the decision to how much you will be eligible to borrow. You may be able to borrow up to $1,500 depending payday loans no credit check on your specific situation. Many lenders will often let you borrow larger amounts of money after you have established some history with the lender.
How soon can I expect funds to be in my checking account?
You can expect to see the funds from the lending service in your checking account on the following business day. You should know that these deposits can also be made on the very same day, but for a small fee. You should also know that the funds will be wired to your bank directly and your bank may charge a fee as well.
Do lenders for a one hour payday loan run credit checks?
Most lenders do not run credit checks. If you are an individual with bad credit it will not be an issue when you apply for a payday loan.
What is the period of time for paying off a one hour payday loan?
The usual time period for repaying a cash advance is 14 days or until your next paycheck if you are paid monthly. Just because this is the repayment period you will not be required to pay the full amount of the loan back in one payment.
There are many companies that will agree to take the fee out of your checking account and then renew the loan for one or more repayment periods. You should be aware that when you receive a loan extension there are new fees for every renewal you receive.
The Interest Rates
One hour payday loans charge a financial fee instead of an interest rate. The average fee for a loan is $25 for every $100 that is borrowed. However these figures can vary with different companies.
There are some companies that will charge you only $10 and other companies will charge $30. At the end of every loan period, which is generally every 14 days, the fee is renewed.
If it is the case where the fee is $30 for every $100 that is borrowed it is equal to an Annual Percentage Rate (APR) of 782.14%. If you find that the interest rate is too high for you and you will be able to wait longer for the funds than you may want to look into applying for a personal loan.
One advantage of using personal loans is that there are not any restrictions. You can use them for whatever you want. If you are in need of some extra money for rent, bills, or anything else than a payday advance may be exactly what you are looking for.