Features of one hour payday loan

The financial emergencies can get converted into serious crisis if the financial resources are limited. One may need to pay off the bills or awaiting debts on urgent basis. In such case the person needs to shell his income for the payment of the bills and debts. Sometimes the financial emergencies may wash off the savings completely. In such conditions a loan can become the financial support. In all these loans, the one hour payday loan is the fastest and the most convenient loan.

Eligibility of the one hour payday loan

In order to apply for a one hour payday loan, the applicant must be at least 18 years and above. The borrower must be able to produce the proof of fixed income source. There are two categories of income in this. The person, who is a regular employee, must have a minimum income of $ 1000 per month. On the other hand, if the person is not employed then he must have a regular income source of $ 800 per month. The borrower must possess a bank account that has direct deposit facility. When the borrower accomplishes these basic requirements, he can apply for a payday loan.

Features of one hour payday loan

The one hour payday loan is the cash advance loan that gets approved within an hour. The people who are in great need of quick cash can apply to this loan. The one hour payday loan possesses following features.

Fastest approval of the loan: As the name suggests, this payday loan is approved within an hour. Generally the payday loans are applied and processed online. The lenders are available online. As soon as the person submits the application form, the lenders study it. This whole procedure takes nearly an hour. Later on the lender approves the loan and transfers the amount into the borrower’s account automatically. The borrower can withdraw the amount after some time.

Unsecured loans: The one hour payday loan is an unsecured type of loan. This means the loan is approved without any security against the loan. This simplifies the whole procedure. The time of searching for collateral for the loan is saved. Actually the lenders consider the next paycheque of the borrower as the security. Hence the loan is not completely unsecured one. If the borrower fails to pay back the loan by himself, the amount of loan automatically gets transferred from borrower’s account into lender’s account. Thus the due date for the one hour payday loan is the next payday.

Large number of options: Most of the lenders offering one hour payday loan are available online. There are several websites which work with large number of lenders in the nation. Hence the borrowers get wider range of options to choose from.

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