How to Apply and Get Small Payday Loans in 1 Hour

It’s not month’s end yet, but you have an emergency and need urgent cash. Taking out a payday loan can save the day, especially when you’ve exhausted your options or can’t get a loan due to poor credit. 

In this article, you’ll learn how to apply for and get small payday loans directly from online lenders within an hour.

What this article covers:

What Are Payday Loans?

Payday loans are online cash advances you can take out as an income earner. Online lenders offer these loans on a short-term basis, usually to be repaid by the end of the month.

Online cash advance loans like this often don’t require security. In other words, you don’t have to deposit collateral before getting it. 

small payday loans

However, payday loans from direct lenders have fixed rates. You can expect to pay between a $15 to $20 flat fee for every $100 you take out. 

While this can be relatively high compared to other personal loan options, an online cash advance loan has a fast approval process. So, you can apply now and get cash in your account within an hour. 

Can Payday Loans Affect My Credit Score?

When you take out short-term payday loans, the lender doesn’t file it with the credit bureaus – the organisations that calculate credit scores. So, the loan isn’t recorded, even if your payment is overdue. 

However, the lender can sell off your debt to a collection agency if you don’t repay it within the agreed period. Only then can your debt be filed with the credit bureaus.

How to Get Small Payday Loans in 1 Hour

You can get payday cash advances online within an hour. Below, we’ve outlined a few steps to walk you through the process. 

Step 1: Search For Lenders

You can find several lenders offering fast cash payday loans online. However, carefully spot those with outrageous offers that intend to lure you into a debt cycle. 

To find a reliable lender, check for an Australian Credit License. The Australian Securities and Investments Commission (ASIC) is the government agency responsible for providing this licence. They help keep borrowing rates in check.

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Another thing you should check while searching for a lender is the loan terms. You can find this in the terms and condition section on their website. 

You can choose a lender with terms you find more comfortable. 

Step 2: Register and Apply

Register a profile with the lender to apply for new cash loans. This process requires you to fill out an online form. However, this should only take a few minutes, so don’t fret. 

The form will include sections for personal details, contact information, Tax filing number and income statement. So, fill out the spaces and submit.

To validate your urgent payday loans, the lender sends a short code to your mobile number. Once the validation is complete, you can apply for the loan amount you want. Depending on the lender, you can apply for up to a $5,000 payday loan.

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Step 3: Receive Cash in Your Account

After sending your application request, the lender compares your details to those on your tax filing number. Then, they check your net income in a month to determine how much loan you can take out at once. 

For instance, some lenders might allow you to take 50% of your income. However, this means you can only get $500 if your income is $1,000. 

The process is usually automated, so you should get the 1hr payday loan if everything fits. 

Conclusion

Payday loans can be helpful when you need cash urgently but have fewer options. You can take out a small payday loan from an online lender and get it in your account within an hour. However, getting a reliable lender to borrow from is as important as how fast the money comes. So, take care to find a reliable licensed lender online. 

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