Not everyone completely understands the process of a payday loan. Those who have never got one before tend to have questions when it comes to these loans. Here are some common questions that people have when it comes to payday loans, and some answers to help you understand payday loans a little bit more.
There are payday loans online that are called one hour payday loans. Many people ask what a one hour payday loan is. These are just loans that are advertised to have your money in your account within an hour. There is something else that you should know about these loans though. You will not receive your money in an hour if you failed to either completely or honestly fill out your application, fail to turn in your application during business hours, and if you are not available when the lender tries to make contact.
Another common question is how much money someone can get with one of these loans. In general you can expect to get anything from one hundred to fifteen hundred dollars. This does depend on your states regulations. Some states do not allow their residents to borrow more than a specified amount. This is the state’s way to regulate payday loans.
Many people want to know when it comes to these loans, how do you receive them. Most online one hour payday lenders require that you have an active checking account. This is because they want to be able to deposit your loan directly into your account, and then take the money directly out of your account on the date that you agreed upon.
How long do you have to repay the loan is another common question people have when it comes to these loans. Typically the loan must be paid back within fourteen to twenty one days. There are some that have a longer loan time, but again some of the timing does depend on your states regulations.
Many people want to know about interest rates. One thing that you should try is to think of it as a fee not an interest rate. If you think of it as an interest rate then you would see that sometimes the interest rate can be high. If you think of it as a fee, after all you pay so much to borrow so much, then you will see that it is fairly reasonable to get these loans.
The last question that people have that is common is what do you have to have to qualify for one of these loans. First you must be of legal age to obtain one of these payday loans. You also must have a steady job. If you have no job then how does the company know you will be able to pay them back? You must have a checking account to obtain one of these loans. Most of these companies want to be able to directly deposit your loan into your account and then directly take their money out when it is time. The last thing that you need in order to qualify for one of these loans is that you must be a United States citizen.
These are the most common questions asked when dealing with one hour payday loans. If you have a question that was not listed and answered here, then contact the company that you are thinking of getting a loan from and ask them. They may take some time getting back to you as they are busy and have many questions being sent to them every day, but they will be able to answer any question that you may have.
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