You probably need cash right away and have some credit issues you would like to forget about. You may neither have the ability to get a traditional bank loan or a new credit card. Such bank loans would take weeks to get approved, which will not help your urgent cash requirement.
Instead, you probably want a 1-hour payday loan or a fast payday loan.
1-hour payday loans are loans that you request by completing and submitting a short, secure loan request form and then get a loan decision in 1 hour or less. In fact, you can get a loan decision in seconds! If your request is approved (which more than 80% of all requests do), your 1-hour payday loan money will get deposited in your bank account in one business day.
When you have poor credit scores, 1-hour payday loans are among the easiest and quickest ways to get some extra money to tide you over and pay for urgent or emergency expenses.
When you have immediate emergency expenses that have to be paid, it is the optimal time to request a 1-hour payday loan. Maybe your car broke down, your electric bill is overdue (and you risk shutoff), you have a medical bill due, or you just need some grocery money right away.
When you look at the cost of having a utility cut you off and restarting it or NSF fees from your bank for a few bounced checks, you will find that the cost of your loan may be far less than the loan itself. 1-hour payday loans have high fees ranging from $15-30 per $100 borrowed (in most states), so they should only be used for emergency situations.
Of course, you should consider more traditional loans, credit cards, or a personal loan from family or friends first because of the lower costs. However, you may have probably already tried all of that and have run out of options. Most borrowers get a 1-hour payday loan as a last resort that is relatively fast and easy to qualify for.
Yes, you can get 1-hour payday loans with bad credit. Direct payday loan lenders know that most people requesting a loan have poor or bad credit. Lenders focus on your ability to repay your loan, so they do not do hard credit checks. Instead, they look carefully at your monthly income, both current and future. Your income is the best indicator of your ability to repay your loan on time and a major factor in loan decisions.
When people have credit issues, they often have no other option to get a loan, much less a loan where they get the money fast.
Before you think about a 1-hour payday loan, make sure you can pay the money back when it is due. Never borrow more than what you absolutely need.
Remember, the 1-hour designation is for the process of requesting and getting approval for a loan and not the time within which you will get the actual loan amount. Direct payday lenders do not perform hard credit checks because they know they are of little value, if any, in their decision-making process. They check your recent payment history and income using sophisticated databases that can be accessed electronically to avoid delays in decision making.
Storefront lenders are disappearing in most states due to regulations. But why drive around wasting a lot of time and gas money going from one storefront to another. You can have your loan request reviewed by more than 100 direct lenders online.
Talk about saving time! The process of completing your loan request online and getting an answer normally takes less than 5 minutes, and it can be done from your smartphone, pad, or PC.
If you go to one storefront and cannot get a loan, you have to go find another. Imagine how long it would take to find 100? Of course, there are not even 100 lenders within your driving distance, to begin with.
Just pick up your smartphone and apply quickly (usually in 1-3 minutes) and get an answer within 90 seconds or less. Rest assured, your request will be seen by over 100 lenders, not just 1.
It is no secret that payday loan direct lenders charge higher fees than traditional banks. But you get to know exactly what you will pay before you accept the loan offer and can always reject the offer if you do not agree with the fees.
However, for consumers who are fully aware of the fees and are willing to accept the 1-hour payday loan offer, these loans can prove to be powerful tools that offer emergency financial relief.