If you are thinking that 1 hour payday loan means that you will be able to get your payday loan amount in your account within an hour, then probably you are wrong. However, if you are thinking that 1 hour payday loan means that your payday loan application will be processed within an hour, then you are certainly right.
1 hour payday loans are loans that are processed by the bank/financial company within an hour. What it essentially means is that you fill out the loan application on the lender’s website and within an hour you get contacted over phone or email by the lender’s representative.
Following your contact with the lender’s representative, your loan shall be approved, subject to you satisfying all the criteria set by the lender in this regard. Once approved, you should be able to withdraw loan amount from your account at the most by next business day – therein lies the origin of the word 24 hour payday loan. Of course, you will get charged for all the services availed.
How Much Can I Borrow as part of 1 Hour Payday Loan?
If you are a new entrant in the field of borrowing 1 Hour Payday Loan, then you may be provided with loans up to $1,500 or slightly more depending upon your financial credentials. However, once you have established a healthy and credible relationship with the lender, then you may be able to avail loans of even higher amount.
For How Long Can I Borrow 1 Hour Payday Loan?
1 Hour Payday Loans are given under the premise that you shall payback the loan once you receive your next paycheck. Depending upon whether your paycheck cycle is fortnightly or monthly, you shall be expected to pay back the loan within 15 days or maximum a month. Of course, the longer you take to pay the loan, the higher is the interest charged.
It may be worth while here to note that 1 hour payday loans, though expensive are still cheap than many other payday loans and hence, such loans are also called cheap payday loans.
What if I am unable to Repay Complete Amount in One Installment?
There is not much to worry about if you are unable to repay your complete 1 hour payday loan in one single installment. Most lenders provide the facility of renewing your loan amount by providing a small amount of fee. Once your loan is renewed, it shall be treated like a new loan and any fee as applicable to a new loan shall be triggered. In simple terms, it means that you should not try to cling upon the loan for long or else you will keep paying fee for the loan taken.