1 Hour Payday Loans - No Hard Credit Check

Get your 1-hour payday loan in minutes from our lenders without hard credit checks and delays.

If you’ve ever been met by a sudden unforeseen expense in the middle of the month, or a few days or weeks after you just got your previous paycheck, then you’d know how stressful things can get. And when you remember it’s not until after a couple more weeks before you get the other paycheck, and your expense can’t wait, you can’t help but be puzzled about where you’ll find the money you need to settle the expense.

1-hour payday online loans are slowly emerging to be a reliably effective source of cash during such moments. Considering their quick release of money to the borrowers’ accounts and other convenient features, lenders of these loans are becoming the borrowers’ friends indeed. Let’s have an up-close look at the good and bad side of 1-hour payday loans and see how worthy they are for borrowers.

An Overview of 1-hour Payday Loans

Like the name hints, a 1-hour payday loan is a small loan that’s offered by online lenders where the lenders receive, review, approve, and disburse the loan in under an hour.

The loan plays the role of a cash advance that the borrower uses to meet the financial needs they get along the way as they await their upcoming payment. And most often, borrowers intend to repay the loan using the money they’d have used from their paycheck to pay the unexpected expense.

A 1-hour payday loan is a form of an emergency loan where lenders speed things fast for borrowers so they can meet their financial obligations when they have limited time.

1-hour payday loans have the least demands when it comes to requirements and paperwork. In fact, some lenders don’t require any paperwork to approve a loan application since everything is done online. Collateral here isn’t needed either.

Also, no serious credit checks are done by most lenders as they consider borrowers for this loan. This means, while a good credit score goes a long way, borrowers with bad credit can also get this type of loan.

However, the loans attract extremely high-interest rates, especially for borrowers with bad credit, and the time given by lenders to pay back the loan is often limited.

Nevertheless, 1-hour payday online loans are by far more convenient than traditional bank loans in terms of the time taken to process the loan as many banks take at least a day to approve and pay out.

Method of Operation For 1-hour Payday Loans

When it comes to repaying a 1-hour payday loan, the borrower can get a period ranging from a week to a month, or sometimes more depending on several factors. The amount available for loaning also ranges from $100 to $5,000.

The interest rates are a bit on the higher side but they also depend on the lender’s rates. For some lenders, they may be as low as 10% or less and as high as 300% or more.

When lenders process loans there are charges like origination fees that are made towards the loan. Origination fees represent the fees lenders require to move a loan request to the approval and payout status.

Plus, after approving a loan and sending money to the borrower, other charges that the borrower may accrue while servicing the loan are late repayment penalties and rollover fees in case they have trouble repaying.

When the borrower doesn’t make the required loan repayment on the agreed date, lenders have the right to add charges to the loan as penalties. This could be $10 per day or more. Other lenders penalize in terms of percentages where a certain percentage of the total amount due is increased after every given period.

If you, the borrower, decides to let your lender know that you may not be able to pay your loan on time due to some issues that arose with your money, you won’t be penalized. Instead, the lender may decide to formulate a plan that will be more flexible for you to repay without accumulating penalties. However, the loan repayment’s flexibility will come with a cost.

As earlier mentioned, 1-hour payday loan lenders don’t do intense checks. They mostly work with soft credit checks that don’t interfere with your credit score as opposed to intense checks that may make your financial reputation not credible enough to get a loan.

The reason why lenders don’t pay much attention to serious credit checks is that they have several other factors they consider before qualifying your application. These factors mostly aim to show a lender how currently able you, the borrower, are to pay back the loan amount they wish to get.

Key Characteristics of 1-hour Payday Loans

Other than the above-mentioned features, here are some other characteristics of 1-hour payday loans:

Fast release of money - When your application gets approved, lenders will transfer the money to the bank account you added to your application quickly. Most lenders will have the money ready for your use in about 60 minutes, while others may take less time than that.
No need to fax - A few years back, you had to send your application using a fax machine and this could take up more time. With payday loans, things have been simplified and digitized in a way that you don’t need faxing anymore to acquire a loan.
Immediate feedback - Lenders get to evaluate the documents you send along with the application in a matter of minutes and send you feedback on whether you’ve been approved or rejected right away.

The Application Process

Applying for a one-hour payday loan online isn’t that hectic. All you have to do is:

Assess your financial need and establish how much you’ll need - Take your time to consider closely the amount the emergency you have requires you to get a loan needs to be fully settled. Try as much as possible to figure out the least amount possible that will help solve the problem completely. Having a specific figure of the loan amount you want in mind helps with financial planning and avoids wastage.
Apply to lenders - Now you should send your loan application to as many lenders as you can so you can increase your odds of getting approved and receiving favorable offers. A quick way to do that is to use lending networks such as Cash Payday Loans that only require you to turn in one loan application which they’ll then send to many of their reliable lenders who will get back to you in minutes.
Compare loan offers - After lenders take a look at your application and see that you’re fit for a 1-hour payday loan, they’ll send you loan offers, with each offer having a unique approved amount, interest rate, and repayment date. Review all the offers and select the one that has a fairly okay repayment date, low-interest rates, and the amount that’s close to what you’re looking for, if not the exact amount.
Sign your loan agreement and get your money - Upon selecting the best offer for your case, the lender whose offer you picked will get back to you with a loan agreement that highlights all the details of the loan and you’ll be required to sign it. Once you’ve done that, your money should be sent to your side a short while after that.

What it Takes to Get a 1-hour Payday Loan

Before you get to fill out the online loan application form, you should first see that you have all the requirements lenders look at when approving loans. The general requirements are:

Ensuring you’ve attained the age of 18 years or more
Having a clear income proof
Having a registered phone number and genuine email address
Having a valid identity card like your passport, social security card, or driving license
Having a verifiable home address using utility bills
Having a bank account with a good flow of transactions

The Positives and Negatives

As with almost every product out there, one hour payday loans have their more appealing and less appealing side. Let’s have a look at both sides:

The Positives

No need to worry about credit checks barring the borrower’s ability to get the loan
Quick decision-making and approval process
Fast transfer of money to borrower’s account
Access to loans at any time of the day
Few and simple requirements needed to be considered by lenders
A fast and easy fill-out application form

The Negatives

Can be a bit more expensive than other loan options in terms of interest rates
The Annual Percentage Rate is more than in traditional bank loans
Limited repayment period
Presents a risk of harming your credit score in case of a default

Frequently Asked Questions (FAQS) on 1-hour payday loans

You may have specific questions about 1 hour payday loans, which can be answered below:

On which occasions should I consider 1-hour payday loans?

One-hour payday loans can be used for various needs and lenders don’t have limitations as to what you can spend the money on. Most borrowers go for these loans when they’re faced with urgent vehicle expenses or medical bills. However, you’re not limited to those two options only. You can still consider same day loans option if you have any due utility bills, medical expenses for your pets, house, and appliance repairs, and any other needs that can’t be kept on hold until the next paycheck comes in.

Will I really get the loan in less than 60 minutes?

In some cases, yes. Lenders have designed this loan product to be fast and simple to apply and process. Unless you have some inconsistencies in your application that require more time to assess the application or there are red flags preventing the lender from lending to you, you may be able to have everything done in an hour.

Will I need to be employed to get approved for a 1-hour payday loan?

Not really. Employment is not a must. As far as you have some regular income hitting your bank every so often that you can comfortably use to offset the loan, lenders can still approve your loan request. Lenders know that people earn a living in different ways and they accommodate those other money-making methods in their loan products.

I don’t want a direct deposit for my loan. Can I still get a loan?

The majority of lenders prefer using banks to transact. It’s going to be tedious to get a lender who doesn’t work with bank accounts, but it may still be possible. Some lenders have several options that can accommodate your preferred payment method. Be sure to check with your lender on this issue beforehand.

Can I make an early repayment for my one-hour payday loan without any issues?

Many lenders don’t have a problem with early repayments. The earlier you can pay, the better. It shows you’re a good borrower. However, confirm with your lender before making the payment to make sure they’re okay with it as you may be charged by other lenders for paying on a different date other than the set due date.

Is it recommended to take a one-hour payday loan?

Borrowing is not a good way to meet your expenses because you end up paying more than you borrow due to the interest rates and fees charged for loans. Nevertheless, there are times when an expense catches you unprepared and you only have a short window of time to deal with the expense. In such times, a one-hour payday loan can be of great use. But be sure to take the minimum amount possible for a period that matches the date you’re set to receive the next payment from your income source. It’ll help you pay the loan and get out of debt fast.

What does APR (Annual Percentage Rate) on one-hour payday loans mean?

The APR is simply the interest charged on a loan per year. For one-hour payday loans, the APR may be as little as 6% of the principal amount or less, and as much as 400% to 780% depending on the lender and the state you reside in. Most states have laws that regulate the activities of online lenders to ensure they operate in a way that doesn’t make the borrower’s burden heavier. So be sure to check your state laws and see how much you’re supposed to pay in APR.

How can I reduce delays for my one-hour payday loan application?

Most delays come due to irregularities in your loan application. There are also other reasons why your loan may end up taking more than an hour to process. So here are some things to keep in mind to accelerate the process:

Enter correct information on your application - When filling out your online application, if you enter details that don’t add up, there are high chances lenders will take time to understand what’s happening. They may contact you for further clarification or spend more time doing calculations. So be sure you’re providing all the correct details along with their proof and backup documents straightforwardly, for verification purposes.

Send your application during morning hours - there are benefits of being the early bird even in loan applications. Since many people like you want instant loans, being among the first on the list on your day of application will make your application a top priority. Aim for around 8 a.m. to 10 a.m.

Ensure you have all the requirements - Lenders are very strict on the requirements and they won’t push your application to the next step until they’re sure you meet the eligibility criteria.

Be available to answer additional questions - Upon reviewing your application, the lender may have some follow-up questions for you. So, when you fill out and submit your application, make sure you stay online and keep your phone and email address close at hand in case they decide to reach out shortly afterward to confirm a few things with you.

What are affordability checks and why are they important?

Lenders perform affordability checks to see if borrowers can pay back the loans they’re requesting easily without interfering with their regular expenses. In essence, lenders want to be sure that, aside from paying the loan, you’ll be able to live your life as you’ve been doing without feeling stretched by the loan. These checks protect both the lender and the borrower as they help lenders be sure that borrowers will manage to repay the loan. For the borrower, the checks protect them from getting into a debt cycle.

Are one-hour payday loans guaranteed approval loans?

No loan comes with guaranteed approval. Lenders have to look through your application before making the final approval. Guaranteed approval loans are a marketing gag used by ill-intentioned lenders to lure in more borrowers with the hope of getting loans, only to be disappointed afterward. If you see any promises of guaranteed approval on any loan product from a lender you’re considering, that’s a sure sign not to work with them as they’re not honest.

How does Cash Payday Loans help me get a loan faster?

At Cash Payday Loans, we connect you with many lenders in minutes - whether you are looking for instant cash advances, short duration loans, or any other online cash advance. Normally, if you applied to each lender at a time, it may take you hours to fill out each application, upload supporting documents, and wait for their approval. Instead of all that hassle, we give you one loan request form which we send to all our lenders on your behalf, upon your submission. This saves you effort and time and maximizes your chances of getting a loan fast.

How much do I pay for using the services of Cash Payday Loans?

Nothing. Our services can be accessed for free by borrowers. We don’t charge you money that you don’t have as you’re trying to get money for your emergencies because we know you’re already in financial distress and we want to ease that for you. Our compensation comes from our lenders, and we only get compensated after you’ve received your money. Also, no extra charges will be added to your loan to cover our compensation. We make sure the loan you get is as cheap to repay as possible.

What should I keep to heart before signing the loan agreement for a one-hour payday loan?

First, ensure you go through all the loan’s terms and conditions before putting your signature on the contract. The specifics of your loan will be detailed there and you ought to be comfortable with all of them before accepting them otherwise you’ll be in trouble afterward. When you confirm that all the terms seem favorable to you, go ahead and sign. Second, don’t forget to determine the exact amount you should take for your urgent loan-requiring expense. It makes it easier to manage debt well. Third, have several options for repaying the loan. When you get the loan and you know your paycheck is coming up in a few days, you can relax. However, the unexpected can happen and you may find yourself unable to repay the loan on the due date. Having several options will ensure you’ll make it to repay on time and avoid extra charges for being late.

My income source just dried up. What will happen to me now that I can’t pay back my loan?

If you lost your employment or your business ran down the drain, or your income source is no longer able to provide the money for repaying your loan, worry not. There are still ways of managing your situation. Immediately you get to this unfortunate moment, you should contact your lender and make them aware. They can push the repayment deadline for you so you can have more time to gather up some cash as you come back up. However, it’s worth noting that pushing deadlines is often associated with additional charges, so be prepared.

How will a 1-hour payday loan influence my credit score?

The action of taking a one-hour payday loan has no direct effect on your credit score. The only way it may tamper with it, is if your lender reports to credit bureaus such as FICO that update your credit score. In such a case, how well or badly you end up repaying your loan will play a role in the new credit score after the lender sends your loan reports to the bureaus.

Which repayment options are available for one-hour payday loans?

It pretty much depends on what the lender whose offer you chose to go for, works with. Several repayment approaches exist and the most popular one is where you grant your lender permission to ask your bank to transfer an agreed amount from your account to their account at a specific date. Other lenders may prefer you grant them permission to pick the amount they should charge your account and the date they feel is best for them to withdraw the money so you don’t have to constantly remind yourself about the due date and risk missing a repayment and attract late repayment fees.

Which U.S. states don’t let their residents borrow one-hour payday loans?

There are a total of 16 states that currently prohibit any operation of payday lenders, which means you can’t get access to any payday loan if you live in any of the states. These states are Vermont, New York, New Hampshire, Maryland, New Jersey, Massachusetts, the District of Columbia, Arkansas, Georgia, Pennsylvania, South Dakota, Colorado, Connecticut, West Virginia, Montana, and North Carolina.