If cash within an hour is what you are in need of then 1 hour loans are what you can choose. Before you apply for this loan there are a few questions that you may have. Read below to know more about the queries you might have had about this loan.
How Long Is 1 Hour Loan Really For?
You can borrow this loan for anywhere from 16 days up to until a year. So, it is important that you work out your budget and set you repayment schedule based on your pay date.
Do I Need To Pledge Collateral?
1 hour loans are unsecured form of loans. Therefore, there is no need to use any asset of value against the loan.
Can This Loan Be Used To Pay Off Previous Debt?
This loan is offered for a short duration and has high interest rate. It is best to apply for this loan to fix short term emergencies and should be avoided to pay off previous debts.
Can This Loan Be Used To Build Credit Rating?
Any form of credit you apply shall be listed on your credit file as an enquiry. So, if you keep up with your repayments and manage to pay the loan off, it will definitely have a positive impact on your credit file.
What Information Do I Have To Give Before Applying?
When you apply for 1 Hour Loans, you are required to show the lender that you are currently employed and get paid regularly. This will prove your repayment ability. In addition to this, lenders will collect other information which includes your bank account details, age proof, identity proof, and so on.