These things happen at least once or twice in everyone’s life, something comes up out of nowhere, and you suddenly need a quick injection of cash to save your finances. If you’re lucky, you’ll have some money saved up somewhere or close friends and family you can rely on for money.
However, these things are a rare luxury that many don’t have, and that brings us to the subject of 1 hours loans no credit check. When lenders mention these things, they are invariably referring to “payday loans”.
One-Hour Payday Loans
Right off the bat, it’s important to make something very clear: one-hour loans simply do not exist. When this term is used, it is intentionally used deceptively, and what it actually means is the loan may be approved (pending verification of some information) within an hour. It is, dare we say, almost impossible to actually receive a loan within an hour of requesting for one.
However, that doesn’t stop lenders from making adverts using this terminology to lure in desperate customers and dissuade them from contacting other lenders who don’t make such promises but offer better rates.
It’s also important to note that the point at which a loan enters your account depends on your bank as well. Hence, direct lenders cannot guarantee they will deliver funds to you within an hour. Now that we know what one-hour loans cannot do, let’s talk about what they can.
What are Payday Loans?
Payday loans are short-term, small-sum loans, usually not exceeding five hundred dollars though they may go as high as a thousand. The term “payday” refers to the fact that they are usually meant to be paid by your next payday. However, they are flexible in that, depending on your agreement with your lender, you may pay them in installments for up to six months.
Of course, these loans come at an interest rate that may at times be higher than what certain banks charge but that is the cost of doing business with a company that is willing to take on the debt of people with poor credit scores.
That’s right folks, you don’t need a good credit score to get a payday loan, and though you can’t receive the funds in an hour, it is not uncommon to have them in your account by the next business day. However, this brings to the fore another element of deceptive advertising used by unscrupulous vendors
There Will Always be a Credit Check
When lenders say they don’t do credit checks, what they mean is they do a “soft check”. Unlike normal checks, soft checks aren’t recorded as having anything to do with a potential loan and as such do not negatively affect your credit score and history. Nevertheless, a lender still has to do some sort of credit check to confirm your identity.
In conclusion, it is possible to get a small payday loan within a working day with a bad credit score. However, the term “one-hour, no credit payday loan” is practically impossible to achieve in reality.