1 Hour Payday Loans: 6 Common Questions

Are you experiencing financial difficulty and lack the funds you need to take care of an unexpected expense? Is your next payday also far enough away that what little funds you have will just not be enough? If so, then you may be able to benefit from 1 hour payday loans. However, you first need to become familiar with 6 common questions that many people have:

1. What are 1 hour payday loans?

1 hour payday loans are short-term loans that can help cover expenses between paydays. In many cases, 1 hour payday loans advertise that the funds will be released in less than an hour, although this is not always true. For instance, you may not receive the funds as quickly if you:

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• Fail to completely and honestly fill out your application
• Fail to send in your application during regular business hours
• Are not available when the lender attempts to make contact

2. How much money can you receive?

The loan amount that you receive depends on state legislations and your own personal factors, but is typically between $100 to $1,500. For most first-time borrowers, the loan amount offered is minimal. However, if you have a good standing with a lender, the next loan you apply for may have higher amounts available.

3. How do you receive loans?

Many online lenders offering 1 hour payday loans require you to have an active checking account to wire the money into. Once your application has been approved and the loan agreement has been signed, then the lender will deposit the total loan amount into the approved checking account. For repayment, the lender will withdraw the loan amount and its accumulated fees on the date outlined in the agreement.

4. How long do you have to repay a loan?

For many borrowers, loans are expected to be repaid within 14 to 21 days, although longer terms are available. In some cases, longer terms may be needed if a borrower only receives payment once a month from an employer, Social Security, or Supplemental Security Income (SSI). Both short-term and long-term loans have their advantages and disadvantages, so you will need to weigh them carefully to choose what is best for your needs.

5. What are the interest rates?

The annual percentage rate (APR) attached to payday loans are high when compared to other types of loans, such as credit card loans or bank loans. In fact, according to the Consumer Federation of America, the average APR attached to payday loans is 400%, although it can also be as high as 780%. However, since the exact APR varies between lenders and state legislations, it is beneficial to shop around.

6. What do you need to be eligible?

The exact eligibility requirements vary between lenders and state legislations. However, many lenders require you to:

• Be of legal age to sign a loan agreement
• Have steady employment
• Have a checking account
• Be a US citizen

Getting 1 hour payday loans is a decision to be taken very seriously on multiple levels. By knowing what the most common questions and answers regarding borrowing are, you can do what is best for your needs

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