60 Minute Payday Review

Searching for cash till payday?

It’s hard to make ends meet when unexpected bills come up. It might be the car that breaks down on the way to work or a child that needs to see the doctor. Life throws all sorts problems our way and sometimes that means we need cash and fast.

The payday cash advance offers a short-term loan to get you by and… there are lots of online payday lenders looking for your business! You can be choosy and select the online loan that is best for you.

60 Minute Payday is a trusted online loan provider that offers:

• Instant Online Approval
• 1 Hour Cash Advance
• No Credit Check
• No Fax Payday Loans
• Up to $1500 Wired to Your Bank

There are two things that really make 60 Minute Payday stand out. First they have a 99% approval rate, which means people with bad credit can still get payday loans.

Second, they provide a no cost no obligation proposal. You have the chance to review the terms and decide on whether to accept or decline the payday loan that is presented.

The 1 hour cash advance process works in three easy steps:

Step 1 – Apply

Fill out and submit the easy online form at www.60minutepayday.com

The application takes less than 5 minutes and asks for basic information. The main thing they look for is you have a job and a bank account.

Step 2 – Review

Next, they’ll contact multiple lenders to get you approved. You will be directed to the payday lender’s website to preview the terms of the loan. Here’s where you carefully review important information like interest rate, loan fees, and the repayment plan.

Remember there is no obligation to accept the loan presented. You should feel comfortable to exit the process at anytime.

Step 3 Accept

If the terms are acceptable simply complete the process by e-signing the loan agreement. The cash will be deposited directly into your bank account.

Sounds easy right? So what’s the catch?

Well payday loans are expensive. For every $100 in cash advanced you’ll pay back an additional $10 to $30 in fees. The actual fees will vary depending on the lender, loan amount, and time to repay.

You’ll also notice they explain the fees in APR. This is the annual percentage rate that helps show the cost and provide a way to compare lenders. For example, a $100 payday advance with $15 fee due in two weeks would have about a 391% APR.

That seem like a lot but the bigger concern isn’t just the one time fee. It is being sure to repay the payday loan and NOT rolling it over. Each time a payday loan is renewed there are new loan fees that over time can result in paying back double or triple the amount borrowed.

Avoid the rollover trap by borrowing only as much as you can repay. Let the payday loan be a short term solution and not a long term problem!

If you decide a payday loan works for you then 60 Minute Payday is ready to provide fast, easy, and no obligation proposals for the cash you need.

Need cash till payday?

There is a payday lender eager to help you out. In fact in some states payday lenders outnumber McDonalds, Burger King, and Wendy’s combined.

But when does the short-term fix turn into a long-term problem? Be sure to read these facts before getting a payday loan.

What is a payday loan?

Payday lenders provide fast cash at high rates for a short amount of time. Cash advances range from $100-$1,500 and are to be paid back out of the next paycheck. An average payday loan in 2009 was about $350 due in 2 weeks.

How does it work?

It starts with a short application providing personal information on current address, job, bank account, and social security number. The customer writes a post dated check or authorizes a bank withdrawal for the amount of the cash advance plus the loan fees. This makes sure the loan is paid on the next payday.

Who can get payday loans?

Most everyone with over 10 million US households getting payday loans each year. To be considered for approval you need an open bank account in good standing, a job with a steady paycheck, and personal identification. There are usually no extensive credit checks or debt to income requirements making the cash advances fast and easy to obtain, even with bad credit.

How much does it cost?

Payday loans are expensive. Loan fees range from $10-$30 per $100 advanced. The costs are expressed as an APR or annual percentage rate.

For example, take a $100.00 advance with a loan fee of $25.00.  If the full $125.00 was due in 16 days then the APR would be around 506%!

What are the risks?

The biggest problem with payday loans is that people get into a cycle of rolling over the loan. It’s hard to payoff the loan in two weeks when living paycheck to paycheck.

When borrowers repay they have little funds left and wind up taking out another loan before the next payday. This leads to back-to-back borrowing, known as churning. A staggering 75% of payday loans are made to people taking out a new loan within the same two week period as closing out an old loan (Source: Center for Responsible Lending July 2009 Report).

Each loan creates a new set of fees and finances charges setting a debt trap that is hard to escape. When this happens it’s not uncommon to pay back $793 for a $325 loan, more than double the amount borrowed.

If payments are missed the payday lender may have the ability to access your bank account and withdraw the money owed.

Do all states allow Payday loans?

Nope. There are about 10 states that prohibit payday lenders in their state.  Most states also restrict the amount of fees, loan size, length of repayment, and number of rollovers. A limit on the amount of finance charges, known as usury, varies by state. There are also some federal restrictions that apply to active duty military members.

Where Can I find Payday loans?

Cash till payday can be obtained at local stores and with online payday loans. Online providers like 60 Minute Payday now offer the 1 hour cash advance for up to $1500. It all happens online and funds are wired directly to your account, without stepping foot in an office.

Like any loan transaction, don’t borrow more than you can repay and read the fine print. Be sure to check out the payday lenders reputation and review the terms and fees before signing any final documents.

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Help! I Need Cash Fast!

You’re not alone. Over 10 million US households turn to payday loans to cover expenses.

And now it’s possible to get the money you need online in just one hour without ever leaving home.  No more going to the local bank or payday loan store and waiting in line.

A Trusted Provider

60 Minute Payday.com is a leader in online payday loans offering:

• 1 Hour Cash Advance
• Up To $1500 Wired to Your Account
• 99% Approval Rate – Bad Credit is OK
• Secure and Confidential
• Easy Online Form

Even better, here’s what they don’t require:

• No Credit Checks
• No Faxing
• No Bank Lines
• No Hassles

Alternatives to Payday Loans

Payday loans offer a short-term fix for emergency expenses.   Other solutions for fast cash might be:

• Borrowing money from friends or family
• Cash Advance on a Credit Card
• Selling Items to a Pawn Shop
• Car Title Loan
• Bank Signature Loan

It’s Easy to Qualify

To get an online payday loan you generally need a bank account, a steady job, and identification. The cost of a payday loan varies by lender so it pays to shop around. On average a $100 advance will cost between $15-$30 in loan fees.

While this seems high it can be less than:

• Bounced check NSF fees
• Credit Card Late Payments
• Utility Fee to Reconnect Power or Phone

Watch Out for the Rollover!

The main thing is to avoid rolling over the payday loan again and again.  The fees can really stack up and people can end up paying back 2 to 3 times, or more, the amount originally borrowed.

Payday loans are regulated by state so will not be available everywhere.  There also limits on the amount of interest and loan fees that can be charged.

If you decide a short-term cash advance is right for you then 60 Minute Payday is ready to provide fast and friendly service with no hassles. They network with several lenders for the best offer and there is no obligation to accept the loan presented.