Just when you think you have a little extra money, here comes an unexpected expense you did not count on. If you do not have any saved this can throw a real monkey wrench in your finances. This is where 1 hour money loans come in.
Cash advance loans are borrowed by people who have ran out of money and payday is a week away. An unexpected bill pops up, like an unexpected trip, a medical emergency, or if there has been a death in the family..
With some of these small cash loans, some lenders offer no fax payday loans to get you your money faster. There are some advantages and disadvantages to getting these types of loans. Let's look at some of them.
#1 Advantage: This can also be a disadvantage for some. You can get the quick cash you need until your next payday. In other words, you have to repay the full amount you borrow and other fees attached in full when your next paycheck arrives.
#2 Advantage: 1 hour is all that is needed to get your money to you quickly.. It's nice that you don't have to wait long.. This is why payday loan companies are popular with consumers..
#3 Advantage: 1 hour payday loans can boost your credit rating when it is paid off on time.
#4 Advantage: There are no faxes required and having bad credit will not hinder you from qualification.. Most conventional loans require you to have A-1 credit. If you do not fall into this category, getting a loan from a bank or other financial institution will be next to impossible to do.. People who fall into this criteria can also acquire the funds they need..
#5 Advantage: No faxing of any kind is required to apply for a 1 hour loan.. Many people do not have a fax machine or are they near one when they need cash in an emergency.
#6 Advantage: These loans are easy and fast to get. There is little chance of getting rejected because applicants are almost usually approved.
Submit a one-page simple form located on the money lender's website and sit back and await approval.. The usual criteria that must be met is that you have proof of income of at least $800/month, you are a U.S. citizen over 18 years old, and you have a checking account in good standing.
#7 Advantage: Since these loans are fairly small, there should be no problem in paying them back.. #8 Advantage: When you pay off smaller loan amounts on time, you will easily qualify to borrow more in the future with the comapany.
OK, now for the Disadvantages of a 1 hour loan
#1 Disadvantage: Since these are unsecured loans, meaning no collateral is needed like a title loan, the interest rates can be steep. The payday loan company can charge anywhere from $10-$30 per one hundred dollars. For instance, if you decide to borrow $400 and the cash advance company's fees are $15 for every $100 borrowed, you will end up paying $460 for a four hundred dollar loan and any other processing fees the lender charges..
#2 Disadvantage: The loan needs to be repaid in full by your next payday. This can put some people further in a financial hole.
#3 Disadvantage: Your credit score will plummet if you fail to repay the loan in full and on time.. You could start getting menacing phone calls to pony up the money, and interest fees could rack up quickly..
As you can see there are more advantages than disadvantages to a 1 hour payday loan but these few disadvantages can make you think twice about other alternatives. It is nice to know that when you need cash fast in an emergency these types of loans are available, remember borrow responsibly.
Martha Matthews has been working in the financial industry for over twenty five years. She knows that financial emergencies can crop up at anytime and catch us off guard. If you need cash now and you do not qualify for a conventional loan, apply now for a quick loan. Learn more information about the type of loans we offer to fit your needs.