Get a Payday Loan in 1 Hour
Are you running short of both cash and time to get more? Have your eyes strayed towards those “payday loan in 1 hour” signs that seem to be appearing everywhere? When you're in need, they stand out to you more and you start asking yourself whether they might be a good option to take.
If you don't even know what a payday loan in 1 hour is, you can guess some of it from the name itself, but you might not be aware of the details. A payday loan is a short amount of money, usually an amount between $100 and $1,000, that is loaned for a short length of time. The average payday loan lasts ten days, but it can range from a few days to a month or even more, depending on the lender.
Your eligibility for actually getting this type of payday loan depends on a few factors. First of all, you have to be the age of majority so you can legally get into a contract to pay back the money you borrow. As long as you're over eighteen, you should be fine. If not, you may have to ask a legal adult to borrow the money for you and agree to pay them back. Second, you should hold a job. Most lenders will ask for proof of employment, typically in the form of paystubs over a certain period of time.
This ensures that they can easily be paid back, but the disadvantage is that if you aren't currently regularly employed, it can be hard to get a payday loan in 1 hour. Also, if you have bad credit, you can sometimes be rejected for traditional loans and even payday loans. There are “no credit check” payday loans in an hour that will help you out, but the interest rates are higher. This is the other main disadvantage of payday loans... the interest rates.
Lenders have to make up the loans they lose to unreliable individuals by charging high interest rates to everyone else. This means on a $100 loan, you may pay $10 to $30 in interest for a loan lasting just a week or two.
However, if you're short of cash and you have no other way of quickly getting money, the main advantage of the payday loan in 1 hour is how easy and quick it is to get money. Sometimes, having security is more important to you than getting the best interest rate or spending the least money. If you're desperate for cash, this may well be the best solution.