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[P141]Payday Loans One Hour

by Joseph Kenny, Jos

They Are Quick

Probably the best thing about a payday loan is the speed that you can get one. Lenders that offer payday loans will often even promise that you can have your cash in as little as 30 minutes. They do not take long to apply for one, often less than 10 minutes, and you can soon have the cash you need. Nearly all lenders will have the cash you need within 24 hours.

No Credit Rating Needed

Lenders that provide cash for payday loans will not check your credit rating - it just does not matter to them. This means that you could have the worst credit rating imaginable, but still could be able to get a payday loan if you meet the simple qualifications. No collateral will be asked for, either.

Simple Qualifications

In order for you to get a payday loan, you just need to meet a couple of requirements. They are simple. The first one is that you need to be working somewhere and you need to have been employed there for at least two months. They will verify your place of employment and how long you have worked there. In addition, you will need to make at least $1,000 per month - some may require $1,500 per month.

A final qualification is that you will need a checking account. To get your money, it will need to be deposited into this account, and they will also take it out of this account on payday. You will need to authorize them to make the withdrawal on a specified day, or, write them a check for the amount borrowed plus interest.

The Interest

The interest is usually between 25 to 30% - some may be as low as 15%. It will be stated on the application when you fill it out, so there will be no surprises later on. There may be the option to roll the loan over an additional payday, which means that the interest will now be doubled. If you want to do this, you generally will need to pay the interest on the first loan before it will be extended. While it is an option, but as you can see, it is not something you really want to do.

Before you apply, be sure to shop around a little bit to find one that has the lowest interest rate and will give you the quickest service. While certainly not for extended loans, a payday loan could be just right because of their ease and convenience. It is an easy way to get that extra cash to hold you over, or buy that item you want that just came on sale until payday.

When do you need fast loans? It is not hard to sift the chaff from the grain. Not all emergency must send you running to get those ever ready payday loans. True, situations that need money really need money. But you don't run to the lender everytime you need some cash.

Lenders are quick to remind borrowers that payday loans are short term loans for emergency solutions such as:

-- An emergency car repair
-- Unexpected dental appointment
-- A check that is going to bounce
-- Bail money
-- Medical expenses

Cash advances are not for big ticket expenses. The bigger the amount you borrow, the likelihood of not paying the loan on time is great. The $500 cash advance swells to unmanageable proportions, imagine $10,000! You'll be paying this for years because you can't pay the entire loan in one go and you still got to eat.

Don't take out a loan if you are going to spend it on:

-- An expensive dinner for friends.
-- A new dress and you have nowhere to go when you have it
-- A new cell phone just to keep up with the Joneses

From the moment you borrow the money, there might be pressing emergencies that won't wait. So you request for a rollover and another rollover while fees and other charges pile up. You already know this, so take heed.

More Reasons to Avoid Payday Loans

Here are more reasons why you shouldn't get quick payday loans:

-- You earn just enough for your needs; paying a loan for years can rob you of the joy of living and working
-- You have a mortgage; additional bills can cripple your budgeting
-- You have other loans and they're all screaming to be paid
-- Your job is endangered

You have heard sob stories of loans gone bad. The culprit is you, not the loans. Have you calculated the entire cost of the loan if you fail to pay it on time? Multiply that with several rollovers and add the surcharges, you have a dynamite on your hands waiting to blow up your finances to kingdom come.

How to Handle Your Fast Loans

With everything said and done, you still need a loan. Okay go get it but don't allow it to push you to the corner. Here's what you can do to manage your loans:

-- Get a loan with all the realistic numbers in your head
-- Give a margin for two rollovers just in case
-- Admit you'll have to live on less until the loan is paid
-- Have plan A and B ready if an emergency crops up
-- Give up some luxuries and stick to a Spartan budget

Don't go charging to the lender until you have all these aspects on the table. If you still have the time, try to get a loan from your parents if you can wheedle a hundred dollars from them but if the lender is the last resource, compare lenders first before you seek quick solutions from payday loans.

Article Source : Pg. 6

About Author

Both Joseph Kenny & Brendon Heins are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.

Joseph Kenny has sinced written about articles on various topics from Credit Cards, Debt Consolidation and Credit Cards. Joe Kenny writes for Rebuild.org, offering , or read the article on. Joseph Kenny's top article generates over 550000 views. to your Favourites.

Brendon Heins has sinced written about articles on various topics from Credit Check, Finances and Debts Loans. If you need , trust lenders to give you. Brendon Heins's top article generates over 27100 views. to your Favourites.