60 Minute Payday is a credit intermediary, an online loan brokerage from MySecurePayday, and does not represent any single lender or service.
Payday loans are a type of short-term debt, usually intended to cover
unexpected expenses between paydays from regular employment.
This is why one of the central qualifications from most cash advance companies to their customers is to have a steady, verifiable job and income.
Sometimes, even though a credit check is a standard procedure for most payday lenders (but there are some companies that specialize in no credit check payday loans UK), you might get approved even with less than perfect credit.
Because of the high borrowing costs, as evidenced by the typically high annual percentage rates (APRs) of interest, these loans are NOT suitable as solutions for long-term money problems.
Instead, typical uses include unexpected expenses such as car repairs, medical emergencies, and even weekly groceries, to bridge the gap in personal finances until the next salary day.
For some, according to a study done by Pew Research, payday loans provide cash to avoid late payment fees, overdraft charges, and expenses related to disconnected services.
As part of your research into the most suitable payday loan product, you should also consider the alternatives, such as taking a salary advance from your employer, a cash advance from a credit card, and a small consumer loan from your local bank.
Filling the 60MinutePayday online application form has been streamlined, so that it takes only a few minutes.
As a credit intermediary, when you submit the credit application, the company will then match your application with those lenders whose loans match your needs.
How quickly you will be approved for a loan depends on the individual lenders procedures and policies, but it is not uncommon that approval may take up to 30 minutes.
According to the company's FAQ section, in most cases, the approved loan funds will be deposited to your bank account the same working day, if approved by 14:30.
Cash advances should be used for short-term financial needs only, not as a long-term financial solution.
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