1 Hour Cash Advance Loans – A Shocking Review

 It seems that many people often make mistakes when using these 1 hour cash advance loans. These payday loans don’t make sense for everyone and they certainly are not intended for every situation. These emergency cash advance loans should really be used just for emergencies. You may find that those times when you need money immediately to pay for some unexpected expenses that just can’t wait are exactly the times when a cash advance loan might not only be your best choice but perhaps your only option. However, you must always keep in mind that these loans are intended to be for short-term emergency needs and should never be used just because you want some quick money to go clothes shopping or buy some fun new gadget.

Why Use a 1 Hour Cash Advance ?

 They’re fast! While banks and other lenders may usually take days to process a loan application, a payday lender can often have your loan approved and the cash in your bank account in an hour or so. Also, 1 hour cash advance loans are extremely easy to get approved for as these lenders do not do credit checks and require very little information to approve your 1 hour cash advance request.

1 Hour Cash Advance Loans
       What to Look For

 As of this writing, there are over 14,000 companies engaged in the 1 hour cash advance or payday loan business. They are all highly regulated and supervised by the Federal Government through the FTC and the FDIC. However, that does not mean that all of these lenders actually follow the rules as closely as they should. After all, the streets in my neighborhood are all highly regulated as to speed limits but just like many of the payday lenders, those laws are also often ignored.

When choosing a 1 hour cash advance lender you absolutely must make certain that all aspects of the loan are fully disclosed *in writing* before you agree to accept the funds and obligate yourself to the loan.  It is also important that you get quotes from at least 2 or 3 sources to make certain you are getting the best deal possible on your cash advance loan. As I said in an earlier post:

“…. it is a very good idea to get quotes from at least 2 different sources (3 is even better) to see exactly what their interest rate and fees are going to be as you will very often find a huge difference in fees charged by different lenders and even by the same lender at different times. It really mostly depends on how much they have in funds at the time and how eager they are to get those funds loaned out and making money for them and those are both situations that change from time to time.” 

Final Thoughts on Cash Advance Loans  

• Make certain that you truly need the money right now – a real emergency and not just to buy something that could wait.
• Read all loan documents very carefully to make sure you are completely clear on interest rates, payback arrangements, provisions for extending the loan repayment if necessary and all other loan requirements.
• Compare rates and terms with at least 2 or 3 one hour cash advance funding organization to make sure you are getting the best terms available in the 1 hour cash advance loan market at the time.

1 Hour Payday Loans – No Credit Check, No Faxing

We all know that our economy is in horrible shape and see many cases where 1 hour payday loans have been virtually a “life saver”. Where else can someone go when they absolutely must have some immediate cash for an emergency situation and their credit cards are maxed out , their credit score isn’t good enough for a traditional unsecured bank loan and they have no friends or family that can loan them the money they need right now?

This situation has caused many people to suffer in their credit ratings and these same people often worry that they won’t be able to get an unsecured 1 hour cash advance loan for the money they desperately need. What you should understand is that these 1 Hour Payday Loan lenders have structured their businesses for exactly these circumstances meaning your credit score or credit history are not even taken into consideration when making their loans. These cash advance or payday lenders are well aware of the fact that most of their borrowers have credit problems and that they will have a hard time getting paid back on some of their loans. Which is exactly why they typically charge such high interest on these payday loans.

1 Hour Payday Loans with no Credit Check or Faxing 

This type of lender already believes their applicants have bad credit or they would be at their bank seeking a loan instead of looking for 1 hour payday loans. Along the same school of thought is that many of them do not require you to fax any documents to prove the statements you have made on your loan application. The truth is that they already know that they are making a “high risk” loan and have already programmed that fact into their overall business operating plan.

1 Hour Payday Loans – What is Required? 

Not much! The normal requirements for 1 Hour Payday loans are that you be a resident of the United States but not live in one of the states where these payday loans are not allowed. (Currently Ohio, Georgia, Virginia and West Virginia). They require their borrowers to be at least 18 years old and have a legal source of income of at least $800 a month. That’s it as far as requirements go for most of these 1 hour payday loans.

1 Hour Cash Advance Loans – Are They Scams?

“Are these 1 Hour Cash Advance loans really just a scam” seems to be a common question that almost everybody I have talked with has asked me. The rather funny part is that their main reason for asking this was because often they knew that their credit was already so bad that it was almost impossible for them to believe that any legitimate company was going to loan them $1000 or even $1500 considering their past credit history.

The truth is that most of these 1 hour payday advance lenders are not a scam. These short-term personal lenders have been supervised and regulated by the Federal Government since 1955 and operate under strict guidelines set down for them by the FDIC. HOWEVER, that does not mean they all operate the same or that all of these lenders should be trusted.

One negative feature that all of the payday loan companies have in common is that they all have very expensive loans. That is why they don’t bother with a Credit Check as they already assume the applicant’s credit is not good or they wouldn’t be looking at a 1 hour cash advance but would be getting a loan from their local bank at a much lower interest rate.

Their fees for these loans can be so high as to violate usury laws in some states like Georgia. Therefore, it is a very good idea to get quotes from at least 2 different sources (3 is even better) to see exactly what their interest rate and fees are going to be as you will very often find a huge difference in fees charged by different lenders and even by the same lender at different times. It really mostly depends on how much they have in funds at the time and how eager they are to get those funds loaned out and making money for them and those are both situations that change from time to time.

Although not actually a scam, it is a sad fact that many of the payday lenders seem to have very poor customer service departments which can become quite a problem if you need help with your loan or to arrange for an extension on the payback of the borrowed money.

1 Hour Cash Advance Warning 

One Red Flag you should be alert for is being asked to pay any kind of an upfront or application fee. No legitimate payday loan company will ever ask you for an application fee any more than your local bank would if you were applying for a loan through them. Under the Federal Truth in Lending Act, the cost of payday loans must be disclosed. Among other information, you must receive, in writing:

• The “finance charge” (the actual dollar amount)
• The annual percentage rate (” APR”) (the cost of credit on a yearly basis)

and this information will be disclosed upfront by any legitimate payday lender.

Final Thoughts on 1 Hour Cash Advance Loans as Scams 

So no, 1 hour cash advance loans are usually not any kind of a scam but they are expensive and you could end up being really sorry if you don’t shop around first to be certain you are getting the very best deal possible concerning interest rates, full disclosure and repayment arrangements before you agree to accept any lender’s payday loan offer.