Digital News Report – Remember the one hour photo outlets that were able to turn your pictures around within an hour? Now One Hour Payday Loan sites are popping up around the Internet.
Some lenders will let you borrow up to $1,500 and you can get that money within an hour. But there are fees associated with these loans and those fees will vary according to the lender and the amount loaned.
Typically the Payday Loan provider will charge between $15 and $35 for every $100 borrowed. In some instances the fees are worth it. Rather than pay a late fee on an electric bill, or even worse yet, on a credit card bill it might be worth the $20.
Customers will need to show employment and the loan will need to be paid from the next paycheck. If the loan is not paid the fees will be charged again for the unpaid balance.
Read the contract before you sign it and take out the loan.
By: Tina Brown