Not Financial Advice:
1 hour cash advances, or payday loans are quick to process, most require no credit check, and are useful to those who need money in an emergency and without savings.
However, it can be harmful, as there have been documented complaints regarding 1 hour cash advances, or payday loans, and they are actually illegal some places, like in the state of New York.
One of the key issues is the high interest rates, as a study by the Pew Charitable trust states: “Approximately 12 million Americans use payday loans annually, spending an average of $520 in fees to repeatedly borrow $375.”
Also, payday loans can be addictive, with debtors taking out multiple loans and/or extending their current ones.
Although, if you must take a payday loan, here are some helpful tips from Lewis Humphries of www.investopedia.com. He advises that one should consider what your payday loan is for, can you afford to pay the interest, and to avoid using multiple lenders at all costs.
To find alternatives to payday loans, click here.