There may be many instances in an individual’s life where money might be needed urgently to pay off an expense that can’t wait. It could be rental payments, money for food, an unforeseen automotive expense, or a bill that has to be paid within a certain due date to avoid heavy fees and penalties.
When time is of the essence traditional loans are often no good. Taking out personal loans from a bank for example can take days if not weeks due to lengthy application processes. Luckily, they are options available for those looking to secure a loan as quickly as possible. In some cases, in less than an hour!
If you are seeking information on ways you can secure money quickly you have come to the right place. In this article, we will take a look at all the options available to individuals looking to secure a loan in under an hour, here in the US.
Thanks to advancements in technology the financial sector has seen immense changes in the past century alone. Traditional lending has given way to more modern methods of lending and borrowing. Today, you can be sitting in the comfort of your home and within a few minutes have the money you need directly deposited into your account.
So, let’s take a look at these modern loan-giving services and whether they fit your financial needs.
One of the most popular forms of urgent short-term loans in America is payday loans. Nearly 12 million American households depend upon 1 hour payday loans to get themselves out of sticky financial situations.
This unsecured loan requires no collateral, is easy to apply for, and takes minutes to be approved with funds instantly deposited in the associated bank account or offered in cash.
Depending on the state you live in you could simply walk to a cash advance store and get a payday loan approved with cash in hand in less than half an hour! There are plenty of online sources as well that offer quick approval and instant release of funds.
As payday loans require no collateral, background check, or credit checks they are often associated with high-interest rates, fees, and penalties in the event that the loan isn’t paid back on time or in full.
Typically payday loans have a payback period of 14 days or until your next paycheck is due (whichever comes first). One to pay back the principal amount along with any associated fees in full. Failure to do so can result in an extremely high cost of borrowing that can lead to a debt cycle.
Therefore, it is always advisable to take out a payday loan only in the event of a temporary cash-flow problem. This type of loan works best when you are certain that the amount borrowed can be paid back in full with fees on your next paycheck; without compromising your ability to pay for basic needs.
If you already have a credit card and have not maxed out its limit you can simply take a trip to the nearest ATM and withdraw cash through your credit card. Depending on your credit card provider, limitations on how much you can withdraw at a time, and the fees and interest charged on the amount borrowed, can all vary.
The best thing about a credit card cash advance is that you don’t have to fill out any paperwork at all. This makes it the most convenient way to get a loan almost instantly. If you are in good credit standing the fees and interest paid on the cash advance can also be a lot lower than what you would pay for a payday loan.
However, if you don’t have good credit taking out a credit card cash advance can prove to be quite expensive as the interest on the money taken out in cash can be almost twice that of what you would otherwise pay normally. In such instances, it might be better to opt for a payday loan instead, as the cost of borrowing can end up being less than a credit card cash advance.
Only in extremely dire situations should you ever turn toward a pawn shop loan. These loans are often the most expensive (in terms of the cost of borrowing) and require collateral in order to be approved for one.
Depending on the value of the collateral you provide a loan amount equating to a maximum of 40% of its value can be attained. The pawn shop will hold on to the item until the loan amount is paid back in full along with associated interest and fees.
Items such as expensive watches, jewelry, musical instruments, collectibles, gadgets, or anything of value can be put up as collateral in order to secure a pawn shop loan. The great the value of the collateral the higher the loan amount you can withdraw in cash.
The need for urgent cash can arrive at any instance. In cases when you are in need of urgent cash and don’t have the means or the time to borrow from friends or family, Payday LV options are your best bet to getting cash quickly
These loans require little to no paperwork and the entire process can take less than a few minutes. In the case of payday loans, you didn’t even need to leave the comfort of your home to borrow the money you need. Plenty of trusted online sources are available that offer payday loan services with applications being approved in less than an hour.
As long as you are fairly certain you can pay back the full amount of the loan on your next paycheck, payday loans are by far your best option when it comes to securing a loan in less than an hour. So, the next time you are in urgent need of cash – don’t fret! Simply do a quick online search and you will likely find plenty of sources for quick loans that could be ideally suited to your needs.