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Pros and Cons of a One Hour Payday Loan

A one hour payday loan can be a great option if you need a little extra cash before your next payday.  However, payday loans are definitely not without their faults.  Before you apply for a one hour payday loan, you should understand all of the pros and cons.

Pros:

• Short term loan- Banks are great when you need a large loan that you want to pay off over months or years.  With a one hour payday loan, you can get a small loan to pay for whatever you need just until your next payday. 

• Cash available day or night- When you need cash now, a one hour payday loan can help you.  Many lenders for these types of loans are available 24 hours a day, and since it only takes an hour, you won’t have to wait days for your money.

• Easy approval process- With most lenders, all you have to do is fill out a short application providing them with the necessary information.  Once competed, you will usually know immediately if you’re approved and how much you’re approved for.

• No credit check- If you don’t have the best credit, you probably know how hard it is to get money when you need it.  With a one hour payday loan, you can get the cash you need without a credit check. 

Cons:

• High interest- When you apply for a one hour payday loan, you should understand that these are not like normal loans.  Since they don’t require credit checks, they are considered high risk.  To make up for the risk, payday loan lenders charge very high interest rates. 

• No small monthly payments- Typical loans or even credit cards allow you to pay off the money you owe with small monthly payments.  With a one hour payday loan, the entire loan will be due in full on the date of your next payday. 

These are just some of the pros and cons you should consider when deciding to apply for a one hour payday loan.  If you do decide to get a loan, make sure that you’ll have the money to pay it back and can do so on time to avoid unnecessary fees and interest.