One Hour Payday Loans

One Hour Payday LoansMany lenders boast one hour payday loans as a way to entice you to fill out the application. If you look more closely at the fine print there’s usually an asterisk that says it will take longer than one hour to complete. They may be able to approve or disapprove you in an hour, but getting the money to you will take longer than an hour.

The interesting thing is that if you go in person to your local payday loan company you can usually get your loan in about 20 minutes if it’s your first time, and in a few minutes if you’ve been there before and it’s not during a busy Friday. But most people venture online to try to get a fast payday loan, only to find out that while it may be more convenient than leaving the house it often involves delays that can cramp your finances even more.

It’s not really the lender’s fault in most cases, even though it might seem like it. When you’re in emergency mode everything seems to take longer but you have to consider that you’re a total stranger to them, so they’ve got to make sure that they’ll get their money back plus the interest and fees so they have to do their due diligence on you if they want to have an investment and not a liability on their hands.

Are There Really One Hour Payday Loans?

While some online lenders might be able to fulfill their promise of one hour payday loans by releasing the funds within that time frame, the majority of them will not be able to, and most will not get called out on it. Even though it’s akin to a bait and switch, there’s no governing body that will reprimand a lender for not living up to their claim. In fact, most of them don’t guarantee it, and don’t specify exactly what happens during that hour, or what you can expect.

The Disclaimers
The disclaimers for some one hour payday loans are quite ironic, with many lenders coming right out and saying that your loan will not be processed within the hour. There are so many conditions that they put in place to be able to wiggle out of the one hour claim that it simply boils down to a marketing ploy. People think that one hour is a reasonable time to wait for a loan, and that gets them to fill out the application. Once the application is filled out the lender knows that they’ve pretty much got you as a customer, and the website has done its job.

Lining Up the Planets
With so many conditions in place if you expect to get a one hour loan you’re going to have to hope that everything lines up in your favor. Some of these conditions might be that you have to fill out your application during certain working hours. Then it goes through the approval process. Then you have to agree to their offer. Then you’ll have to wait for the money to be transferred. Once the lender authorizes the transfer they have no control over how long it takes your bank to release the funds.

The Need for Speed
That’s why if you really need the money within the hour you should find a lender that will send you the money via MoneyGram, since that will be available immediately after they send it, and you can pick it up from hundreds of places nearby, including most Wal-Marts. But hands down the fastest way to get cash in your hands is to go to a local lender and apply in person. Their goal is to put the cash into your hands, and you’ll find that they’ll go out of their way to service you since they want your business in this competitive marketplace.

It might be hard to do, but it’s a good idea to take a breath when you’re going through all of this and try to calm down. Borrowing money in a state of panic usually leads to extending the term of your financial distress. You have to make clear and rational decisions so that you don’t end up being haunted by the choices you’re making in this difficult moment.

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