We never know when emergencies requiring financial attention would strike. There are occasions when they hit us at inopportune times, and we are left reeling from the problems they bring. Thankfully, there are what many people call as hour payday loans to save us from these situations. Hour payday loans are named as such because, quite simply, they are payday loans processed within an hour. The amazing speed by which hour payday loans can be granted has made them popular options for those trying times.
Indeed, the appeal of hour payday loans can primarily be found in the expediency of their approval. Within a mere hour after your application is submitted, you would already know if your hour pay day loan would be granted or not. The grant of hour payday loans depends on some factors, namely:
* The applicant for the hour payday loan should be able to prove that he is regularly employed. An hour payday loan is conditioned on an applicant’s regular employment because an hour payday loan, basically, is an advance on the said applicant’s salary. For this requirement of an hour payday loan, you could show some employment records like employment contract, your pay sheet, or a letter from your employer verifying your regular employment.
* Since the hour payday loan is an advance on the applicant’s wage, it is also required that the applicant show evidence of regular income. You would have to show your latest income tax return, pay sheet, or bank passbook before an hour payday loan can be granted. A hour payday loan would need proof of regular income as soon as possible so that any and all payday loans may expediently be granted.
* It goes without saying that the applicant should submit a duly-accomplished application for the hour payday loan. This hour payday loan application should include, among other entries, the personal details of the applicant as well as the amount of the hour payday loan he seeks. The maximum amount of the hour payday loan should not exceed $800 in some states, and $1,200 in others. Also, the application for an hour payday loan should indicate the next scheduled payday, as this would determine the maturity date of the said hour payday loan.
If you need cash really fast, then they can’t come any faster than hour payday loans. An hour payday loan does have its share of disadvantages, like short maturity periods and higher interests rates, but the sheer speed by which they could be processed more than makes up for the problems usually attributed to hour payday loans.