Introduction to the 1 Hour Payday Loan
There are many individuals all around the world that run into issues. This isn’t just the case with third-world countries where the entire economy might be in a dire state, either. The truth is that even in America, there is a significant amount of citizens that are one medical emergency away from having their savings completely wiped out. This means that you can be an extremely hardworking individual that works tirelessly and still have nothing to show for it. There are many that believe that this isn’t a good sign at all, and refer to the concept of a “living wage”. One of the most popular politicians in the United States, a brash newcomer by the name of Alexandria Ocasio-Cortez, who has spoken out about income inequality repeatedly, even pays her staffers more than many others in Washington D.C., hoping to publicize the idea of a living wage to the masses as a result.
We all might turn to friends and family for financial help, but what happens when they simply cannot help? The truth is that it might be a terrible time for them, or that they might not even be able to help, as well. In addition, there are bills that simply cannot wait. If you have a family; it goes without saying that you must pay the electricity and water bills to make sure that your family maintains a certain quality of life. Of course, if you owe mortgage or rent; it is understandable to see how that this must be paid before everything else. If you lose your job, you might need a bit of a financial jolt to make sure that you can look for other jobs.
This is where a 1-hour payday loan might come in. There are definitely situations for many where waiting days or a week for a loan to be approved might simply take too much time. It doesn’t matter whether you are living by yourself or support others; that 1-hour payday loan might mean everything. Of course, the 1-hour payday loan does come with certain terms, but for those who need it for food and shelter, it is easy to see how this might come in handy. Let’s say that your paycheck is coming, but that bills have to be paid first. You can see how a 1-hour payday loan might work for you in this particular situation.
The truth is that there are many banks that turn down individuals and businesses for loans, which is why there are so many institutions in neighborhoods all over the world that offer payday loans. One of the benefits of a payday loan is that you don’t have to sell objects at a pawn shop or offer up your car title to obtain a loan. Many like the fact that you can obtain a payday loan without having to actually sell your items and assets. This way, rather than sell your family heirloom, you can obtain a 1-hour payday loan that you can pay off eventually. Of course, you should make sure to choose the payday loan with the terms that you can work with.
It might actually be less work than you think. You might believe that you have to stay on the phone for hours, or fill out multiple forms, but the truth is that it can be extremely easy. You might even be able to obtain a 1-hour payday loan with bad credit, although it might affect the amount that you get and the terms associated with that amount, of course. Many who would not go to the bank might find comfort in the fact that it is much easier to obtain a 1-hour payday loan than at the bank. It doesn’t require setting appointments or sitting on multiple calls or sending multiple e-mails.
You Need Income
Even though it might be easier to obtain a 1-hour payday loan, the truth is that you do have to have some kind of stable form of income. After all, how does a payday loan business survive if they are doing nothing but lending out money to those who can never pay it back? It is important to remember that you cannot simply obtain money without any kind of income. You may have to prove this income with various documents, but it will be much easier than trying to get a loan from the bank.
Even if you are not making that much money, the 1-hour payday loan might be within your reach, but of course, you have to find out on a case-by-case basis. If you can, make sure that your credit score is as high as possible before you go applying for the loan. It’s also important to remember that you do need an active checking account. You should keep in mind that if you attempt to stop paying the loan, that your checking account might be accessed by the company since you did sign an agreement.
You might have had a rough couple months, or even couple years, where your financial situation has struggled. If you do have an income, you have a good chance of obtaining the loan that can help you deal with household expenses or an unexpected emergency. However, do not think that you can get away with not paying the loan. Either way, it is possible to obtain a 1-hour payday loan even with bad credit, as long as you have some kind of income.
One of the great things about the 1-hour payday loan is that you can use it for whatever you want. Let’s say that you have a friend or family member that needs the cash, but you don’t want others to know about it. Let’s also say that you have a business move that you believe in, but need the extra cash to make it work, and know that your income can cover it. It doesn’t matter if you want to spoil your girlfriend/wife, go on a vacation, or splurge on some sports game tickets – you can spend the money on whatever you want.
Many do appreciate this kind of flexibility, because other loans have restrictions about what you can pay for. For those who have their own personal reasons for the loan, this might be the clear advantage of a 1-hour payday loan.
The truth is that you might have heard about payday loan companies that do not act in good faith. There are some that have tried to manipulate their customers, and threaten to sue them. There are even others that lie about how much is owed, and try to pressure their customers into paying much more than they should. That’s why you should look up state laws that are trying to protect more consumers when it comes to payday loans. There is a payday loan mogul by the name of Scott Tucker that was the subject of a Netflix show “Dirty Money” who was recently sentenced to over 16 years because his company was making money off payday loans with absolutely outrageous terms. For those who might not know, there were over 4.5 million consumers involved in the scam, over the course of 15 years.
There is more mainstream attention about how payday loans have taken advantage of consumers with interest rates of 400% and more, and states are reacting. That’s why you should find out more about state laws and make sure that the terms are legal before you actually agree to anything. Thanks to the new attention on the sector, there is more regulation to protect you – the consumer. There are now caps on interest rates, which is great news for everybody who obtains a loan.
It is also important to note that many payday loan businesses are open 24/7. They understand the necessity of this. For example, if you are stranded in a city and all of a sudden realize that you don’t have money for food or a hotel; this is a good example of how a payday loan can help to make sure that you get home. This kind of convenience can help in all sorts of situations, as opposed to banks, that only have certain hours.
Another great aspect about 1-hour payday loans is that your data is secure, so you don’t have to worry about your information being shared. This is great for those who are concerned about their data privacy, which is becoming more and more of an issue these days. Your information should be yours and yours alone.
You might only need it for one incident, or you might find yourself going back, but the truth is that a 1-hour payday loan can be a great financial cushion for you. It might be because you are going through something personal, or because your professional situation isn’t where it should be. The point is that no matter who you are, or what your credit is, a 1-hour payday loan can definitely help your situation in the short-term.
David is a financial expert who graduated from the University of Fordham (Master in Finance) in 2001. He has 10+ years of experience in private equity and wealth management. With strong expertise in senior-level financial planning, personal financial analysis, and mortgages, David knows his way around personal finance. Before working at CCR he used to be a financial analyst at McKinsey.
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