What Are 1-Hour Payday Loans?
When you make a budget, it’s important to leave room for the unexpected: the car repair, houseguest, or price hike on something essential that you just didn’t see coming. But if you live paycheck to paycheck, it can be fiendishly difficult to find even a little bit of breathing room in your budget.
You could find a little extra by asking for a raise or finding a side hustle. Sometimes friends or family might be able to help you. Even these sources, however, might not yield enough cash to fund an emergency.
Another option? A one-hour loan. These quickly disbursed loans are ideal when the unexpected crops up. Available without a hard credit check, one-hour loans are repaid by your next payday. iPaydayLoans can help you find one.
How Legit Are One-Hour Loans?
In the financial world, businesses earn more when they take on more risk. Banks lend using a relatively low-risk model. They spend days or weeks checking loan applicants’ credit histories and backgrounds, writing loans to those who present the least risk. Because they avoid risk, banks can offer borrowers lower interest rates.
One-hour lenders, on the other hand, take on more risk. They make decisions quickly, pulling only soft credit checks and regularly lending to borrowers who have spotty repayment histories. Loan amounts are usually small, which helps lower the risk. Even so, one-hour lenders charge higher interest rates than banks.
Is It Possible to Get a 1-Hour Payday Loans With No Credit Check?
Not entirely. The Consumer Financial Protection Bureau and other U.S. financial regulators require that lenders run credit checks on all loan applicants. But your credit score only drops when lenders report that credit check to the major credit bureaus.
Lenders that partner with loan broker services such as iPaydayLoans don’t report their credit checks. These so-called “soft credit checks” have no effect on applicants’ credit scores.
Learn more: 10 Best No Credit Check Payday Loans >>
 | Why Us | |
|---|---|---|
| How much can I borrow? | $50-$35,000 | No hidden fees or charges |
| I have bad credit. Can I apply? | Yes | Bad credit is considered |
| Over how long can I spread the repayments? | 1-36 months | Fast decisions |
| Are credit checks involved? | Yes | Soft credit checks only |
| Chances of getting approvals | Good | 256-bit encryption protocol |
| How to apply? | Apply online | Easy application |
Why I Might Need a 1-Hour Payday Loan?
A one-hour payday loan can help you out of just about any financial tight spot. Possibilities include:
Not-good credit
Traditional lenders such as banks try to avoid writing loans to people with poor credit quality. One-hour payday lenders are less concerned about credit scores. Instead they consider income as the main measure of whether someone can repay a loan. Our network of lenders specializes in lending money to people with bad credit.
Long application process
The usual bank loan application process is tedious and long. When you need a small sum to cover a short-term emergency, slogging through that application process and risking non-approval might seem to be a long walk for very little reward. A one-hour payday loan has an easy, convenient, online application process and you’re very likely to be rewarded for your efforts with the loan you need.
Emergencies
When you have time to spare, a bank loan’s long approval process might not be a problem. But when you need extra cash immediately, faster approval and disbursement can be just what you’re after.
How Can I Get 1 Hour Payday Loans With Instant Approval?
Getting payday loans with iPaydayLoans is easy, fast, and paperwork-free.
- Go to the application page and answer the short, basic questions. It should take you less than five minutes and you won’t need a fax machine.
- Submit your application. iPaydayLoans will pair you with lenders that have loans designed for your financial needs.
- Choose the offer that’s the best fit for you.
- Wait for your money. These lenders typically pay very quickly — typically within one business day.
How much would you like?
Characteristics of 1-Hour Payday Loans
Zero credit checks
Credit checks are a requirement for every lender and lending institution. However, some lenders opt for soft credit checks to curb the dip in credit scores that multiple hard credit checks cause. The lenders in the network of iPaydayLoans do not report these checks to the major credit bureaus. Therefore, they cannot hurt your credit.
Near-instant approval
Borrowers can expect to get approved within a few minutes when they make a loan request through established loan broker service names. iPaydayLoans, in particular, connects you with lenders who can approve you for a loan in as quickly as five minutes.
Easily accessible to all and sundry
1-hour payday loans are accessible to nearly everyone since the basic requirements are so easy to get past. The usual more difficult requirements to meet, like good credit score, etc, are not required here.
No faxing
The entire process can be done in less than thirty minutes, a time frame alien to fax-dependent processes. Borrowers do not need to fax any documents either via an office or electronically. In a few, simple steps, you are done.
Quick disbursement
1-hour payday loans are about the quickest loans you can get. You can get funded anytime from when you have been approved for the loan. So you may just want to keep calm or keep your mind busy with more important things.
Is Getting a 1-Hour Loan a Great Option?
It depends on your viewpoint. It is a great option if you look at it from the bad credit borrower’s perspective. So also is it if you looked at it from the standpoint of someone who needs to sort out an emergency. But your position might be a little shaky if you consider the interest rates. The interest rates on 1-hour payday loans can be quite high. So, you may want to consider it as a last resort.
If you’ve exhausted other options, or these alternatives can’t provide you cash in time for your emergency, then you should get started with the loan request process right away.
What Other Options Do I Have If I Need Money Fast?
Your lending options do not need to have a prefix like “1-hour” or “2-hour” to be quick, do they? These may work too:
Title loans
Title loans let you use a vehicle you own outright as collateral for your loan. You can get higher loan amounts at lower interest rates by using your paid-off car as collateral. The lender can’t repossess your car unless you default on the loan.
Installment Loans
Installment loans let you borrow a lump sum, then repay the loan in fixed monthly payments called installments. A car loan or home mortgage are both installment loans. The balance on a one-hour payday loan, on the other hand, is due on your next payday.
Borrowing from friends or family
Your family or network of friends might be able to help you if you’re strapped for cash. Ask politely and take either a “yes” or “no” answer calmly. Repay the loan as agreed, or you risk hurting your relationship.
Because one-hour payday loans can have quite high interest rates, they’re probably best as a last resort for getting emergency funds, when you’ve exhausted other options.
FAQs:
How to Qualify for a 1 Hour Payday Loan?
You must be at least 18 years old to qualify for a one-hour payday loan and have a regular income, a government-issued ID, and an active checking account. You may be asked for proof of identity, income, and nationality.
How Fast Can I Get the Money?
Funds typically can arrive as quickly as within the hour after approval. At most, they arrive the next business day. Your bank’s deposit processing speed also affects how quickly you get your cash.
With Bad Credit, Am I Eligible for 1-Hour Payday Loans?
No. Your bad credit is not a problem. Some lenders offer loans that are designed for people with bad credit. Many of these lenders offer one-hour payday loans, and iPaydayLoans can connect you with some of the best through its lender network. However, your credit may limit the number of loan offers you receive and increase the interest rate you pay.
Can I Get Unemployment Payday Loans in 1 hour?
Probably not. An unemployed borrower doesn’t have a reliable income, so lenders can’t be sure of repayment. You may get a loan but finding one can take some time.