Liza Lambert

Most of us have heard the expression "living from payday to payday," some of us have even lived it. But what happens when demands on your resources won't wait until payday? Payday one hour loans are a quick and easy way to handle the occasional financial crisis. Acquiring a payday loan is a simple Google search away to finding a qualified lender to serve you and your needs. Generally, all that is needed is to provide your personal information on an online form. Financial information is also shared so the funds can be deposited directly into your account. After the form is submitted and your information has been verified you are than approved. In most cases the approval process takes just minutes to complete. The funds are then directed into your account and available to you for immediate withdrawal.

The four major requirements that lenders have for buyers are: at least 18 years of age, employed for at least six months, an income of $1200 - $1500 a month and a bank account with direct deposit capabilities. These four things are key as you will definitely not be approved without any of these few essentials. Other factors may also come into play such as whether or not you are employed or just unemployed and collecting benefits, self employed or on active military duty. The customer can not be in default on any other payday one hour loan or have an active loan account with any other lender at the time of request. These are short term loans for amounts ranging from $100 - $1000 and are meant to be paid back quickly, usually in not more than two weeks.

Because payday one hour loans are secured against your next paycheck a credit check is not necessary and not a factor in determining your eligibility. Because these loans are so short term the interest rate is very high. In fact the cost can vary from $15 - $30 for every $100 that you borrow which is a steep price but this is most likely just a one time payment and the emergency relief this quick cash brings makes it worth it. You, as the borrower in effect are writing a post dated check to the lender for the amount of the loan plus fees.

Summary

On the established payback date the lending institution withdraws the amount of the loan from your bank account. If the required amount is not available to them then more late fees and penalties are tacked on to your total.