The short answer to this question is “YES” but it could depend on quite a few things. The primary factor is going to be the lender who is providing the payday loan to you. There are so many different types of company that it can be hard to even tell who is willing to do what. Let’s break these down to make is a bit easier to figure out.
Title Loan Companies
In some states, there is only one option and that is a title loan. This is a fairly lengthy process and the odds of getting any money in your hands in an hour or less is pretty slim to be honest. You will have to clean your car and washing it is a good idea if you’re really hurting for money. You’ll then have to drive to the title loan company, wait your turn, then have your vehicle inspected thoroughly. Some companies will even take a test drive to ensure everything is in working order.
If you don’t have your car title, you can’t get a title loan at all. To remedy this, you’ll need to head down to your local courthouse and get a new one. This takes a long time and you may have to wait weeks in some cases.
Signature Loan Companies
Signature loans really confuse people because they aren’t regulated and you can be approved or denied for any reason. Maybe the person simply doesn’t like your hair. It’s 100% up to them whether or not you can get any money whatsoever. If you can, however, it is usually a pretty fast process. If there’s nobody in line, it can take around an hour as long as you have every document they require in the first place. This is usually proof of income, bank statements and more importantly, proof that you have a stable, reliable income. If you just switched jobs don’t even waste your time unless you’ve dealt with this company in the past.
Physical Payday Loan Offices
Some physical payday loan companies offer the “one hour or less” deal but not too many of them. The reason it can take a long time is because these places usually offer a ton of additional services and this leads to long lines. It’s highly recommended to call ahead to see how busy they are but even this doesn’t guarantee a mob of people won’t just show up while you’re on the way there.
A lot of the “speed” factor of these offices is totally random. The number of employees working there at the current time, how many services they offer and simply their policy. Some places will wait a couple of days just to double check all of your information.
The Best Choice: Online Companies
Ok, why would an online company be the best choice in getting a payday loan in under an hour? That’s simple, it’s all done electronically. E-mails and document edits are almost instant in most circumstances. All that you need to do is plug in your information, click send, and you’re almost done.
Typically you’ll need to speak with a payday loan representative over the phone to confirm your identity and set up loan terms but when the application only takes a minute, this is extremely quick and then BAM, money in your account.
