Nowadays with frequent changes in employment and wages changing frenetically most of us cannot seem to be able to put aside enough money for cases of emergencies or immediate financial needs.
This is why the private money market is flourishing with new loan concepts every year, such a 1-hour payday loans.
These 1 hour payday loans take payday loans one step further in those extreme emergency cases when you simply need the money available the moment you ask for it.
Payday loans work on the basis of short term loans, which are usually paid back after a two week or thirty-day time frame.
These funds are for reasonably small amounts that can vary from 100 to 1500 that you will usually pay back when your first paycheck comes in, hence the term payday loan.
These types of loans do not require collateral such as your car or house as a guarantee of repayment, which explains why the loan amounts are not substantial.
One hour loans, also known as faxless payday loans can usually be obtained online, this is why they work so rapidly.
In order to receive your funds as quickly as possible only general information is requested, such as your name, salary, employment position, and a few other basic pieces of information on your finances.
Once you have made your application online, the loaning company will immediately consider your request and decide if they will issue the fund and the amount they have decided to lend you.
Once your loan has been approved it is up to you to choose the payment method, either in cash or directly into your bank account.
Most of the time these online payday loaning companies will not run a check on your credit history, which means that anyone who does have a bad credit history will be at an advantage when applying and have an equal chance of obtaining a loan than a person with a good credit history.
Some payday loaning companies may ask you to sign a post-dated check for the refunding of the loan as well as the fees and interests, as a guarantee of repayment.
This check will be dated and signed then held by the loaning company that will cash it on the day of the agreed reimbursement.
One hour payday loans can help you out for relatively small sums of money when you need to pay for an emergency expense that you had not expected would turn up.
These can typically by the hospital or auto repair expenses or any house repair you may have that simply was not planned for.
The obvious advantage of these one-hour payday loans is that you can obtain them fast without having to go through time-losing procedures that most other traditional loans will require and get you the money you need on short notice.