Posts Tagged ‘obtain a one hour cash advance’

What Are The Credit Score Requirements To Qualify For A One Hour Cash Advance?

A one hour cash advance, as the term suggests, is a specific type of payday loan that is usually approved within a matter of just an hour. The money requested by the applicant is either transferred directly to their bank account or a check is issued in the name of the borrower. In case, it is a bank to bank transfer, the banks may take one to two business days to perform the transaction. Likewise, if the lender has issued a check, the borrower will have to wait until the bank collects the check; this again can take somewhere around 1-2 business days. Overall, it is very important for you to keep in mind that despite the very feature of this type of loan where your application for a cash advance is approved within just an hour, you will have to wait at least one to two business days to get access to the actual money. As far as the credit score requirements are concerned, you will be glad to know, there are none. It means even if you have bad credit, you can still qualify for this type of payday loan. Following is a brief rundown on it.

No Credit Checking Required

Just like most other types of payday loans, even one hour cash advance programs do not require you to have a high credit score to be eligible for it. There are only four basic requirements, which include US citizenship, at least 18 years of age, a good employment record and a checking bank account. If you meet these four criteria, there is no reason why your application for the loan should be rejected. No credit checking is done by the lenders. In case of conventional loans, the first thing the lenders do is to access your credit report and check how good or bad your FICO score is; your fico score becomes the primary factor to determine whether your loan should be approved or rejected. But, the situation is different with payday loans. Since these are very small amount of loans that are issued for a very short period of time, lenders do not care about your credit score; all they care about is a regular monthly income with good employment record.

What If You Are Not Employed But Have A Regular Monthly Income?

There are many payday loan companies that are approving the one hour cash advance programs to even those applicants who earn a regular monthly income (such as, through alimony payments) but are not employed. It is your income that ensures the lenders that you are financially able to repay the loan in time, not your employment. Therefore, even if you are unemployed, you can still qualify for one hour payday loan as long as you can provide proof for regular monthly income. The amount of loan that can be approved to you will depend on the amount of income you receive every month.

What If You Do Not Have A Checking Bank Account?

Having a bank account in your name is an essential criterion; the type of bank account usually does not matter a lot. Though many lenders will still reject your application, as they require you to have a checking bank account only, there are several other lenders as well that will approve your loan application as long as you have a savings bank account in your name with a proof of regular monthly income.

When Should You Take Advantage Of These Easy Lending Programs?

NEVER. Despite the lucrative feature of one hour cash advance that it is approved within an hour, you are strongly recommended never to borrow it because there are lots of risk factors associated with the same. To start with, the cost of borrowing these loans is extremely high. Does it make any financial sense to pay back $160 or more for a $100 of loan taken for a meager period of fourteen days? Obviously, not. There are a few facts that you must be well aware of about payday loans, include the one hour payday lending programs. For example, this type of lending has been banned in 16 states as well as in the District of Columbia. Other states, where these loans are legal, there are strict laws to regulate payday lenders; it is a different thing that payday loans are still very expensive and risky. The most important thing to note here is that even the Federal Trade Commission and various consumer protection organizations have warned consumers against these types of loans. The predatory nature of these loans usually traps borrowers into a nasty cycle of debt; many of them eventually get bankrupt.

In order to find detailed information about the risk factors associated with one hour cash advance, you may like to visit the ‘risk factors’ section in the ‘payday loan’ category on this blog.

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