Payday loan in 1 hour is a very fast loan set up against your next payday. They are named because of their availability within one hour. This fast accessibility has always been the main the reason for the huge popularity of these types of loan among the borrowers.

In brief, the need for a payday loan in 1 hour lies in the fact that we can be struck by financial crisis and having no other options left we have to go for a loan. And 1 hour cash loans will do just grand in that case. These loans are unsecured loans meaning there is no need of any type of collateral and because of the lack of paper processing has made these loans hassle-free and fast to obtain. No credit check is followed with these loans enabling bad credit also to apply for such loans with no trouble.

The borrower has to complete certain criteria to be eligible for 1 hour payday loans. You must prove up front to the lender that you have a regular source of income for the last six months by providing him with an income statements. You may also need to generate your income tax return or a bank book to prove your capability to repay the loan amount. The lender may ask for a letter from your employer stating that you have regular employment. In fact, 1 hour payday loans are some sort of cash advance on your next payday.

You can apply for these loans to get an amount up to $2000 in some cases. The money will be deducted from your checking account on your next payday. You may be charged with a high interest rate which can be as high as 25% of the amount you borrowed.

The only solution to get the cash transferred into your account fast is to go online. You must fill out the application online with other details such as your ID and proof of employment. If every thing goes as planned, you’ll know within one hour whether your loan is approved or not. If it’s approved, then cash will be transferred to your checking account immediately.