Payday loans may be a way of getting your hands on cash – and fast. A sort of cash advance on your next pay day, a payday loan, once approved, can be in your bank account very quickly. Yet are 1 hour payday loans really possible?
The process
If you need a fast payday loan for something such as an unexpected domestic emergency or bill, you’ll obviously have to make an application.
That’s typically done online through the site of a specialist provider of payday loans.
As this form of loan is typically for smaller amounts (around $100-5000 but this varies depending on your payday loan company) that are repaid in full when you next get paid, some providers may perform only a reduced credit history check. That may mean not only that you can obtain a loan even if you have some credit blemishes on your record, but also that it may take less time.
A decision on your application will typically be taken very quickly indeed and if successful, the funds made ready for transmission.
Your bank or card
All the above can happen very quickly but then things leave the domain of the loan provider and the timescales start to depend on your bank.
You can ask the loan provider to send the loan to your bank, which may or may not be able to accept instant inbound transfers – if it can’t then the money will typically be in your account the following day;
It’s also worth noting that weekends and bank holidays may increase the amount of time required for the money to appear in your bank account.
1 hour payday loans
So, how quickly could a fast payday loan make funds available to you?
The answer is – very quickly but an hour couldn’t be guaranteed. And while some providers promise that you can receive your funds within two hours of a successful application, asking for 1 hour payday loans might be a little optimistic – though it may not take a huge amount longer than that!