It is now a normally practice that payday loan applications can be acted on within 24 hours. Although there are online lenders who can approve a loan in just an hour, it is still safe to assume that crediting of the loan is completed the same day the loan was filed. This is the most logical time frame which is both workable and reasonable to both parties. The borrower is given an assurance that within the day he can receive the cash and that the lender will have sufficient time to review the application and bank account to deposit the loan. This procedure is applicable to payday loans with low interest which are the most sought after cash advance tools in the market today.
Fast but High Cost
It is usually the case that in the business world everything has a price. This is true with online loans which you can use instantly. The faster the loan is serviced, the higher the charges would be. You are paying the cost of efficient service which is critical when you need cash very urgently. A few dollars for a quick service are sometimes overlooked by the borrower strained by the urgency of the problem that needs to be solved. And this is understandable especially when you are racing against time. This is the main justification why payday loans with no credit check and low interest are priced differently in the market. While you can perhaps find the low interest rate, still the cost of payday loans is really sky high.
In Just An Hour
The high interest rate is equated with prompt service. In one hour, you can have the cash you need. You can withdraw the money directly from your bank account if that is what you want. You can also have the cash or a check if you wish to go directly to the lender’s store. However, if you want it directly credited to your bank account you can always instruct the lender to do the same. One hour loan is possible only with online payday loans and with a no credit check requirement. Otherwise, you have to wait a couple of days before you can get the cash you want.
What Are Payday Loans?
Instant cash loans are the fastest cash advances you can take out with no hassles. What you need is an application form with complete data regarding your personal, employment and banking history. This will be the basis for evaluating your eligibility for the loan. If you qualify, you will be granted cash loans ranging from $100 to $1,500 depending on the ceiling set by the lender.
These loans with no credit check are payable in 14 days. You can renew the loan if you cannot pay the account on the due date. The payday loans have very high interest although it is possible that you can find cash loans with a low interest rate instead. Just stick to your search results and don’t grab the first lender that will offer you a cash advance.