As their name suggests, 1 hour loans 24/7 are those that are given out within 1-hour of having your loan application approved and are available everyday, all year round. These emergency cash loans in one hour are most suitable for situations when you are in urgent need of funds, similar with the emergency loans. Although many 1 hour cash advance direct lenders in Australia claim to provide same-day funding on their loans, there are some that are able to disburse your loan amount within one hour of approving your loan application online.
On one hand, there are two types of 1-hour loans available in Australia, including quick cash loans, and payday loans. Although both these loan types are pretty similar in nature, payday loans tend to be more expensive than short-term loans. On the other hand there are the 1 hour cash loans no credit check, which are the type of loan that people get when seeking for "1 hour cash loans very quick funds Australia no credit check" and are primarly designed for people with no credit history or bad credit, as well as people looking for Centrelink Loans.
1-hour loans operate just like any other loan, except they are given by loan providers that have a very efficient process. The documentation requirements for 1-hour loans are typically less compared to personal loans, usually basing decisions on readily available factors such as the borrower’s credit history, age, residential status, and income.
Since these factors don’t require much assessment, lenders are able to approve your loan very quickly, and the loan funds are instantly released to your bank account. Some lenders might also provide 1-hour loans in cash, so you can instantly access the funds.To be eligible for a 1-hour loan, applicants must
Be over the age of 18. Have a valid residential status in Australia, such as permanent residence or citizenship. Have a reasonable credit score. Provide sufficient proof of income that shows affordability for the loan.*For eligibility and details for applicants residing in South Africa, go to Viva Payday Loans South Africa.
The following lenders are providing 1-hour loans in Australia.
|
Lender |
Max Loan Amount |
Loan Term |
Loan Disbursement Time |
Fortnightly Repayment (assuming a $1,500 loan) |
|
Sunshine Loans |
$2,000 |
Nine to fourteen weeks |
Around 30 minutes, provided conditions are met |
$396 |
|
Nimble Loans |
$2,000 |
Up to nine months |
One hour, provided conditions are met |
$372 |
There are a few advantages and disadvantages of subscribing to a 1-hour loan.
Once your loan amount is approved, the funds should arrive in your bank account within one hour of approval, allowing you to make urgent payments.
Easy Application ProcessThe documentation required to apply for a 1-hour loan can be easily provided, either online or in-person. Also, 1-hour loan providers usually operate an online application process, which is both fast and convenient.
It’s not uncommon for fast cash loans such as 1-hour loans to have a high cost of interest. Many lenders providing 1-hour loans disregard the borrower’s credit score, and rather focus on the applicant’s affordability based on current income and expenses. Since past borrowing behaviour is ignored, the risk for the lender is high, and this results in a higher interest expense for these loans.
To apply for a 1-hour loan, follow these steps.
Applicants must log onto the lender’s website and fill out the online application form, providing any documents that are required during the process.
If your application is approved, the lender will immediately release the loan funds in your bank account within one hour.
Usually, the maximum amount allowed under fast loans is capped at $2,000.
Yes, however, they are not any more expensive than most payday loans and/or short-term loans.
Yes, the loan approval assessment is usually done based on the current financial condition as far as 1-hour loans are concerned.
Check your options before you borrow:
* This statement is an Australian Government requirement under the National Consumer Credit Protection Act 2009.
The Government’s MoneySmart website shows you how small amount loans work and suggests other options that may help you.
* This statement is an Australian Government requirement under the National Consumer Credit Protection Act 2009.