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The main reason why people choose emergency cash loans is speed. When you are really pressed for time, every minute matters. No surprise that in emergency situations, people don’t want to waste their time waiting. That is why 1-hour cash loans are all the rage these days.
How much time do you need to apply for a loan and get an approval? When it comes to conventional bank loans, the whole procedure can take several days; sometimes, more than one week. But what would you say if you could reduce this time to just one hour? It’s not impossible with 60-minute loans that can be obtained online and with minimum hassle.
1-hour cash loans are not provided by banking institutions. Instead, the lenders are independent companies, which can also be referred to as micro-financial companies. In Australia, their activities are regulated by the Uniform Consumer Credit Code (UCCC). These lenders have minimal requirements for potential borrowers. Thus, unlike banks, they don’t check their clients’ credit scores or credit history. They approve an application irrespective of the client’s credit score if he or she can provide a valid bank statement for the last three months and has a stable income. That is why the processing of an application doesn’t take much time. A one-hour loan is the one that is approved within one hour as from submitting an application.
Before you apply for a one-hour payday loan, make sure you understand how it works and what you should and shouldn’t do. For the sake of speed and convenience, lending companies have simplified the procedure to the maximum. You don’t need to have a degree in the Economy to understand their principle of action.
As you see, 1-hour payday loans are easy to get. Once you received the funds, you can use them as you wish, exactly like cash. Keep in mind, however, that you’ll have to repay the whole sum by the due date; otherwise, the lender can impose fines on you.
Because of high interest rates, people rarely take large 1-hour loans. The majority of fast loans are small, and they are taken for a short term. However, some people still wonder what the maximum size of an emergency payday loan is. In fact, there is no single answer to this question, as payday loans are provided by multiple companies in Australia. The limits can vary from one lender to another.
That said, there are certain rules, regulating the size of one-hour payday loans. The minimal possible sum is usually 100 Australian dollars. As for the maximum loan size, many companies have an upper limit of $2001. However, some lenders provide up to $5000 in the form of cash loans in 60 minutes. But larger payday loans are less popular. Commonly, those who need large credits, use the services of major banks or look for alternative methods of lending money, as fast loans tend to be too expensive.
One of the frequently asked questions of borrowers sounds as whether fast loans are safe or not. No surprise that some people are concerned about the need for entering sensitive data online. We know that the Internet is not the safest place in the world. Won’t it happen so that our data will be stolen by scammers one day?
While there is a grain of truth in these words, specialists say there is really nothing to be worried about. The risk of data leakage is as high as it is when you use conventional bank services. You must be aware of the fact that all banking institutions use the Internet for data transfer and storage. As for the lenders providing online loans, they use the same top-notch encryption standards to protect every bit of data.
To sum it up, using payday loans is pretty safe, as long as you deal with licensed lending operators. Also, don’t forget to use standard precaution measures, for example, using good antivirus software to protect your PC.
If you just Google-search for “loans in 60 minutes”, you’ll see that they are offered by multiple lenders both offline and online. It’s for you to decide what method of obtaining a loan to choose. You can find a reliable micro-financial company that provides same-day payday loans Australia near you. However, in many situations, it is much more convenient to apply for a loan over the Internet and get the funds directly to a bank account.
If you opt for online crediting, you’ll save a lot of time, as you won’t have to go to the lender’s office or to a bank. Make an application right from the comfort of your home or just on-the-go and get the needed sum on the next working day. Once your bank account is replenished, you can immediately start using the funds. That said, this is crucial to choose reliable licensed companies that issue loans on beneficial terms and offer transparent conditions. Don’t forget to check the loan agreement before accepting it. Also, read customer and expert reviews and check the current ranking of lending companies.
It’s a well-known fact that all cash-in-one-hour payday loans are quite expensive if compared to classic loans provided by major banks. But what are the particular costs? It depends on the sum you are applying for and the loan term. The maximum fees are regulated by the state, and no lender can charge more than it is prescribed by the law. For Australia, the fee cap is the following:
When applying for a cash loan in 1 hour, you may check the final sum you will have to repay. Always keep in mind that fast loans are pretty expensive, so don’t take more than you really need right now. Also, try to return the funds as soon as possible. The shorter the loan term, the less you overpay. So, try to treat payday loans as an emergency solution, not a financial product for regular use.
To apply for a loan you don’t need anything special. But you should make sure you are eligible for it. Basic requirements to borrows are not numerous and include the following ones:
If you meet these requirements, you can get a fast payday loan by filling an application online. Click the Apply Now button to open a standard application form. Specify the desired sum and term. After that, you’ll be requested to enter personal details (name, surname, date of birth, etc.), specify the monthly income, and provide the number of your bank account, e-mail, and mobile phone. Double-check all the fields after entering the data and submit an application. It will be reviewed and processed within several minutes. Once the application is approved, you can read and accept the loan agreement and get the funds within one working day.
Taking cash loans in 60 minutes has some advantages and disadvantages. Like any financial product (take credit cards, for example) they can be a useful tool or a cause of new problems depending on how you use them. Thus, speaking about the advantages of 1-hour loans, we can’t but mention the following ones:
However, all payday/cash advance loans have some downsides, which are a common reason for negative reviews about this product. The main disadvantages are as follows:
It’s for you to decide whether you will use fast loans or not. Experts recommend weighing up your real financial possibilities and make a wise decision.
A: A one-hour loan is a fast (payday) loan, which is approved within one hour. A distinctive feature of loans of this type is no hard credit check.
A: Not really. While applications are approved instantly, the approved funds are directed to the customer’s bank account. No bank currently processes regular transfers immediately. Usually, they need at least 24 hours to transfer the funds. It means you will get the money on the next business day.
A: Yes, they will, to some extent. It means that if you repay small payday loans on time, you can improve your credit history gradually.
A: Cash advance loans are officially and legally issued loans, which have to be repaid on time. Otherwise, a lender can impose sanctions against you: from fines to filing a complaint.
Fast payday loans are a convenient and useful tool for those who need money right now. For payday loans, 1-hour approval is a common practice. Their speed, convenience, and availability made them so popular in most countries of the world, including Australia. The best thing about 60-minute loans is the possibility of completing the whole procedure online, without the need of visiting a financial institution. However, you always need to be clear-eyed about your real capabilities and not take more than you can return.