Why you should not apply for One Hour Pay Day Loans

One hour payday loans are quick cash which could be availed at several banks worldwide, online or offline. Cardholders who benefit from such could withdraw from ATMs and some could get it personally at banks. These kinds of fast cash loans are served with a fee depending on the amount of loan you wish to apply for. This type of loan is helpful yet unadvisable to you especially when you earn a small income. There are numbers of people who have already been a victim of one hour payday loan and have suffered from debt for the rest of their lives. Below are some of the disadvantages of applying in such loan.

One Hour Payday Loan Companies Charge High Fees

Not only are the interest rates of a one hour pay day loan are high but also the processing fees and other charges too. Fast cash loans interest rates ranges from 30 percent to 150 percent of the amount loaned. That is, if you wished to borrow 75,000 dollars multiplied by, say 50 percent, you’ll have to expect that you will only withdraw a total of 37,500 dollars or pay the interest on or before your due date. So, if you earn an income of less than 75,000 dollars a month, you’ll probably be losing too much. They have also lots of agreements to be signed and because you will only be given a short time to borrow the cash and you will not be required to submit a collateral, more fees will be charged.

“Short term” Loans Allows you to pay for a Maximum of 21 days


One hour payday loans as it is described as a short term loan has only 14 days to 21 days for repayment date. If you are a businessman, this is really not so advisable because you write your cash flow and income statement in a one-month basis if not quarterly basis. Fast cash loans will only lead you to miserable debt. Instead of earning for your business, you end up losing more than your profit.


Full Payment is a Must on or before Due Date


Unlike other types of loans, one hour pay day loans will give you headaches. Because you have only a short time to earn for the payment, you will be pressured and stressed thinking of where to get your payment. Your fast cash loan will be like a nightmare to you when the cash you expect to use to pay it will suddenly be out of nowhere. Maybe, you expected to collect that certain amount from someone who owes you. What if he suddenly appeared and tells you he doesn’t have the money because he used it in an emergency he is responsible at? You will totally be forced to withdraw your remaining savings or worst, borrow again to a one hour payday loan lender you know.
You Will possibly be Harassed until you Pay in Full

Your one hour payday loan has solved you first problem. You have paid emergency bills, and brought necessary household equipment  But, you cannot pay before due date so you have to tell your fast cash loan lender. You will then start to receive harassing calls and your record as a borrower will be in bad situation. The one hour payday loan company may leak that record to other lenders and you will be blocked. So, you did not only end up having a surprisingly high debt, but also a miserable life answering those calls and explaining yourself around other people.
Most of government employees around the world are prone to failing in good financial management because of one hour payday loans. Some businesses also went bankrupt and end up selling their investments to pay for their fast cash loans. Others fall to depression for losing their businesses. So, in order to be debt-free, you should try your best not to avail of such loans for you will only regret it in the future. There may be lists of advantages for applying for one hour payday loans and numbers of reasons to do such but remember that when you borrow fast cash, you have to be ready to face these consequences too.

Author: Charlyn June F. Lidua


Things to Consider Before Applying for One Hour Unsecured Personal Loans

Our economy has affected the people much with the taxes getting high, raising prices of goods, rapid growth of unemployment rate, and many other reasons. With this situation, the businesses offering one hour personal loans have boosted. They have attracted several business owners and government workers. Their strategy of serving quick cash loans is their number one asset. Many of their borrowers are not considering the consequences of doing so and could not refrain availing for these services.

One hour personal loans has already reached the modern technology and even marketing their services online. In this manner, more and more people are risking their income by applying in this quick cash loans. Unexpected bills such as car repair, hospitalization fees, and additional tuition fees could be your number one reason in seeking for one hour personal loan service. Your income may not be enough to handle such emergency financial needs. We have gathered you some things to consider before applying for an unsecured personal loan.

1. Your personal information will not be provided security including your house and car when you apply for quick cash loans. Your creditor will have the right to search for all of your credit history running down databases and checking your credit rating. So, it is always best to check your credit report before applying for such an unsecured personal loan so that you will know if what creditor you are qualified to apply to.
2. The interest of an unsecured quick cash loan in not deducted with tax. If you want a loan that is tax deductible, you better apply for other loans. One thing more, the interest rate of this kind of loan is much way higher than the other types of loans offered.
3. There are three C’s also to be considered by your lender before your application will be granted. These are your:
• Character (What kind of a person are you?)
• Capacity (What can you afford); and
• Credit (How well do you meet your financial obligations?)

4. Personal loans are costly so you have to have a reliable source of income to pay for it before your day of repayment. If you fail to pay this, your car or house may be endangered and repossessed by your lender. That would be a great loss.

5. Try to have a research on quick cash loan lending companies. A bank may offer lower interest rates and charges than a loaning agency.

6. Before you ask a quick cash lending company for an application, you have to make sure that you really need the money. Do you have no other alternatives like a family member who can lend you in a lower interest rate?

7. Check your budget too. Try to list everything that you spend your salary with. Rank them to the most priority and try eliminating things which are not really useful to you. You may not have a facial this month, or may not visit the gym for a while, or try to do some household chores you can handle and give your housekeeper a month vacation. Sum up what is you can save and see if it cannot still provide what you need.


Being the master of your income, you have to be the wisest man on earth to well-manage it. Organize things accordingly. Create a monthly budget and check your spending habits. If your income is low, then you should probably spend less. Consider that availing for an unsecured personal loan is like solving a major problem which needs a proper decision-making.

Author: Charlyn June F. Lidua