Emergency Cash Loans in One Hour
Although many lenders claim to provide cash within 24 hours from getting accepted, only a few can fork out the entire amount you need within only one hour!
If you need to lay your hands on a fund straight away, you’ve come to the right place. In this article, we’ll give you all the details you need to know on how to get emergency cash loans in one hour.
Types of One-Hour Emergency Loans
Drawing from our experience, there are only two types of emergency loans direct lenders that can be disbursed in one hour: one-hour payday loans and one-hour short-term cash loans.
Keep in mind that not every payday or short-term loan is receivable within one hour. However, the opposite is true; loans receivable within one hour are either payday or short-term ones. This also applies to cash loans for people on newstart allowance.
Accordingly, you have to check the terms of the loan before applying to ensure you’ll receive it as soon as you’re accepted.
1. One-Hour Payday Loans
As indicated by our tests, a payday loan is a type of short-term loan that should be repaid as soon as you receive your next payment. Most lenders require the entire amount, particularly if it’s a small loan. Other lenders offer short repayment plans with a maximum of one year.
These plans are set according to your salary. Thus, if you receive your salary by the end of each month, you’ll need to make monthly payments. If you receive it by the end of the week, you’ll have to make weekly payments, etc.
The main advantage of payday loans is that they don’t depend on your credit score. This makes them a great option for anyone who has a bad credit profile yet needs to get a loan. Another advantage is that the Australian government has capped the interest rates for payday loans under $2,000 so that creditors don’t take advantage of borrowers.
Regardless, these loans are still the most expensive in terms of fees and interest rates, so we recommend keeping them as the last option.
Minimum Loan Amount: $150
Maximum Loan Amount: Usually $2,000, but some lenders can offer as much as $4,000 or $5,000.
Loan Terms: Extend between 16 days and one year.
Establishment Fee: 20% or less for loans less than $2,000.
Interest Rate: Never exceeds 4% for loans less than $2,000.
2. One-Hour Short-Term Loans
These terms are similar to emergency cash loan with only a few differences, the most important of which is that they require a good credit score.
Our team discovered through using this product that, a short-term loan is a better option for anyone who has a clear credit profile because it allows borrowers to get more funds as they offer larger amounts than payday loans.
Moreover, these loans are usually less expensive than payday loans because they have longer payment terms. Accordingly, lenders offer lower rates to make their loans more competitive.
Minimum Loan Amount: $300.
Maximum Loan Amount: Usually $10,000, but some lenders can offer up to $50,000.
Loan Terms: Never exceed one year.
Establishment Fee: 20% or less for loans less than $2,000.
Interest Rate: Capped to 4% for loans less than $2,000.
Eligibility for a One-Hour Emergency Loan
Although the eligibility criteria differ from one creditor to the other, there are some basic requirements that almost every lender asks for:
- A Proof of identity like a passport or a license
- A valid proof of Australian residency or citizenship
- A proof of income that’s more than $350 per week
- For short-term loans, a credit check is a must
Should I Get an Emergency Loan?
Taking out a loan isn’t an easy decision. However, if you have exhausted other sources of funds, this might be the best option to go for, especially that you can easily find lenders that will disburse the loan shortly after applying for the loan.
In this section, we’ll pinpoint the advantages and disadvantages of an emergency loan to help you make an informed decision.
Advantages of Emergency Cash Loans
- Fast access to funds
- You can get accepted despite a bad credit score
- The application process is less complicated
- Eligibility Criteria are easy to meet
Disadvantages of Emergency Cash Loans
- Expensive, particularly when compared to other loans
How to Apply for an Emergency Loan?
As emergency cash loans unemployed are fast loans, the application process is quite simple. After checking your eligibility, you’ll need to fill an online application to provide the creditor with the necessary information.
You’ll also need to attach the required documentation as per the terms of the lender. After reviewing your application, the lender will immediately contact you and transfer the fund to your bank amount.
Can I Get a One-hour Emergency Cash Loan If I’m Receiving Centrelink Payments?
Yes, although most lenders will require having another source of income, you can still get the loan if that’s your main source. You can ask for centrelink loan assistance here at Perfect Payday.
Do Emergency Loans Allow Early Repayments?
The majority do. Yet, you need to check the terms of the loan because some lenders will charge you extra money if you make early repayments or repay the entire amount before the agreed due date.
How Long Do Lenders Take to Review My Application?
Most lenders will review your application within a maximum of 24 hours.
Do I Need to Provide a Collateral or an Asset to Get an Emergency Cash Loan?
Not necessarily. However, some lenders require providing an asset for borrowers applying for large amounts. The good news is, these loans are the cheapest with the least interest rates because the asset is considered proof of your creditworthiness.
The perks of getting a one-hour emergency loan outweigh the drawbacks, especially if you find a trusted lender with a competitive offer. At this point, good research is what matters the most so that you can find favourable terms and the best repayment plans.