One hour payday loans are for those who need cash fast for unexpected expenses. These loans are for emergency cash quick, often within an hour of approval so perfect for those in a financial emergency. Unlike traditional loans one hour payday loans don’t require lengthy credit checks or extensive paperwork. These loans are great for those with bad credit or poor credit scores. Traditional lenders do credit checks which can be a barrier for those with a poor credit history. But one hour payday loans are offered by direct lenders who offer loans with no credit check so even those with bad credit scores can get cash quick.

Features

• Quick Cash. One hour payday loans are for fast cash often within an hour of approval. This quick and easy access is for emergency expenses like medical bills or mortgage payments.

• No Credit Check. Unlike traditional loans that involve a long credit check process one hour payday loans are often loans with no credit check. So those with poor credit scores or bad credit can apply and get financial help without the credit check hurdle.

• Online Application. Borrowers can fill up an online loan application form through an online lending platform. This streamlined loan process eliminates the need to visit a bank and can be done from home.

• Flexible Repayment Terms. One hour payday loans have flexible repayment options. These flexible terms allow borrowers to manage their repayment schedule better than traditional loan’s rigid terms.

Pros and Cons

Pros

1. Quick Cash. One hour payday loans are for quick payday loans that gives you access to cash within an hour for emergency funds and unexpected expenses.

2. No Credit Check. These are payday loans no credit so more people can borrow money without going through a long credit check process.

3. Online Application. Borrowers can fill up an online loan application form through an online lending platform.

Cons

1. High Interest Rates. One hour payday loans have competitive interest rates higher than traditional bank loan or other online lenders. This can be costly in the long run.

2. Short Repayment Terms. These are short term loans so the borrower must pay the loan quick. This can be tough for those who are already financially struggling.

3. Hidden Fees. Some loan lenders may include hidden fees in the loan terms. These additional costs can make it harder for borrowers to manage their finances and pay the loan.

How to Apply for 1 Hour Payday Loan?

1. Choose A Lender. Select a reputable payday lender whether online or physical location, make sure they comply with state laws and federal regulations.

2. Prepare Documents. Gather required documents like pay stub, social security number, bank account information and proof of income.

3. Fill Up The Application. Fill up the payday loan application form with personal details, employment information and loan amount. Submit online or in person.

4. Review The Loan Agreement. Review the payday loan agreement carefully, check interest rates, fees, repayment terms and due date.

5. Get Loan Proceeds. Once approved get the loan proceeds directly to your bank account or prepaid card account, usually on the same business day.

Requirements

According to the U.S. government’s Consumer Financial Protection Bureau (CFPB), to qualify for a loan most payday lenders only require that borrowers:

1. Age. Applicants must be at least the age of majority which is 18 in most states, although some states require 19 or 21 years old.

2. Active Checking Account. A valid and active bank account for deposit of loan proceeds and for lender to withdraw repayments.

3. Proof Of Income. Borrowers must show proof of regular income like pay stubs to show they can repay the loan.

4. Valid ID. Borrowers must present valid ID which is usually social security number to verify their identity.

How to Get the Money

1. Direct Deposit. The most common is direct deposit into your bank account. Once your payday loan application is approved the payday lender will deposit the loan proceeds to your active checking account usually on the same business day.

2. Prepaid Debit Card. Some payday lenders offer to load the borrowed amount to your prepaid card account. This is convenient for those who don’t want to use their bank account.

3. Cash. In some cases especially with in-person payday lenders you can get the borrowed amount in cash. But this is less common than direct deposit or prepaid card.

4. Check. A few payday lenders may give you a check for the loan amount which you can cash or deposit to your bank account.

Payday Loan Rates

Payday loan rates usually has fees ranging from $10 to $30 per $100 borrowed depending on state laws and borrowing limits. A typical fee is $15 per $100 borrowed which translates to an annual percentage rate (APR) of 400% for a 2 week loan. For example if you borrow $300 you will need to repay around $345 by next payday. These rates are way higher than other types of loans like personal loans or secured personal loans.

Payday lending is allowed in 37 states while 11 states including Connecticut, Maryland and New York have strict regulations or interest rate caps that limit or prohibit payday lending. Some states like Arkansas and North Carolina have repealed their payday lending statutes and others like District of Columbia have banned it completely.

18 states and District of Columbia have usury rate caps, usually 36% APR to curb high cost payday lending. States like Nebraska, Hawaii, Illinois and New Mexico have recently enacted such caps, which is a trend towards regulating payday loan rates.

The highest payday loan rates are in states like Texas (662%), Missouri (652%) and Delaware (639%). On the other hand states like Oregon (140%), Maine (228%) and Iowa (247%) have lower rates. Some states like Washington and Virginia have additional regulations to limit the number of payday loans or extend repayment terms to prevent debt traps.

1-Hour Payday Loans. Apply Online