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

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Top Stories from One-Hour Payday Loan Customers

Availing of fast cash payday loans is a lot of help to people who are very much in need of cash in a short period of time. You may have no other alternatives to fulfill your financial needs and have a short span of time to look for other types of lending agencies which could offer you other kinds of loans aside from quick cash loans. Because we want to help you realize that availing of these loans are inadvisable and too much costly, we have gathered here stories from people who have experienced how hard it is to be trapped in a debt they never imagined to become traumatic.

 
1. These loans are for people who have low income. Most earners who receive more do not need to apply for such loans because they have their savings account where they could withdraw amounts of money they need in times of emergencies. One customer has applied to a quick cash payday loan because he needed to fix his house that was damaged by natural calamity. He is earning less than 15,000 dollars a month and he applied for a one hour payday loan which has an interest rate of 400% a year. He has failed to pay this on the due date which has caused him to have more liabilities. He has suffered from his quick cash payday loan for more than ten years and has paid more interest than what he has borrowed.

 
2. Beware of one hour payday loan scams. Several clients have already been victims of scams from quick cash loan lending companies. Here are some ways to check of the agency is not a scam.
• No upfront payment – Of course you will be applying for a fast cash payday loan because you need that amount of money immediately. You will then be surprised if you will be required to deposit any upfront payment. Upfront payments are fees to be paid in advance like payment of say 5% of the loan amount aside from the interest rate and other charges. Remember, most scams really ask for upfront payment so once you encounter such, be warned and think twice.
• Spam emails – Legit payday loan companies do not send spam messages to e-mails. They publish their advertisements to reputable websites and wait for you to go directly to their page and personally send your queries. Availing of one hour payday loans directly to the company responsible is a great suggestion.
• Do research – Be patient in searching for top agencies which offers quick cash payday loans. Join forums of customers who have already availed of their services. Of course, the agency will not publish negative comments about them so you will just see positive reviews. Try to find the customer’s personal e-mails and send them private messages to ask more information about the services of that company you wish to apply your fast cash payday loan to.
• Try to apply for other online financial companies who could help you transact with the lending agency. It is advisable for you to have a PayPal account or Western Union branch in the place exclusively for your payday loan transactions. You will not be dealing with your legit lending company face to face so you better not give your banking information to avoid hackers.

 
3. Another story involves a borrower who trusted a lending agency and gave his personal banking information for the purpose of his fast cash payday loan. The company asked for an upfront payment of 12% of his loan amount which is huge. The customer, who is much in need of cash did not hesitate and gave the upfront payment. Later, he found out that the agency has once been sued for offering a scam quick cash loan business. He filed another complaint and ended unpaid.
It is true that one hour payday loans offer help to people who use it but we could see that there are more consequences that the benefits. Let us learn from these stories and try not to be one of them.

Author: Charlyn June F. Lidua