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 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.
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