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What types of loans are out there?

PiggyBank is a short term lender that offers loans to creditworthy and affordable people in as short a time as possible.
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What is a 1 hour loan?

1 hour loans are fast loans which means that you can get quick cash usually from applying online. 1 hour loans refers to how long it takes to receive the money into your account from applying. If you've had some unexpected expenses or bills, a 1 hour loan could sort your problems right out.

Many 1 hour loans can be applied for online and often you will get an instant decision. Some 1 hour loan companies are no credit check loans which means they do not credit check you when you apply. However, 1 hour loans will sometimes have a much higher interest rate.

If you are applying for a 1 hour loan, especially if you are unemployed or are on benefits, I would avoid making any mention of people who are more vulnerable make sure you can afford the repayments before taking out a 1 hour loan. The most common 1 hour loans are payday loans in the UK which are available for people with bad credit. Payday loans can get you a fast, emergency loan online.

Here at PiggyBank we are responsible lenders and would not pay out a loan to some one who is unemployed, receiving benefits as a primary income, cannot afford the full repayment or who is in a position of financial difficulty. We will complete full credit and two affordability checks, among numerous other checks to ensure we remain responsible lenders. However the good news is that our processes are so fast that we can still offer loans in as little as 1 hour.

Although we pay out our loans quickly once they have been approved, there is a lot going on behind the scenes before hand. Even if your application is immediately approved we have still completed numerous checks to make sure you can afford the repayment, checked that the application is not fraudulent and ensured that by paying out the loan we will not be putting you in a position of financial difficulty.

Some applications may be passed through to our manual underwriting team for additional checks, we may request a payslip for example when checking your employment details. However the good news is this can be sent by email so your application can still be approved the same day. We will also check your credit file and the figures that you have provided us with regards to your income and expenditure.

Types of companies that offer 1 hour loans

High Street Bank Loan

You can only get a 1 hour loan from a high street bank if your bank offers this service and if you have one of their current accounts, as it is so much easier for them to transfer the money into your bank quickly.

Online Bank Loan

You can only get a 1 hour loan from an online bank if your bank offers this service and if you have one of their current accounts, as it is so much easier for them to transfer the money into your bank quickly.

High Street Loan

This is very rare but they may be able to pay the money out within an hour if you are able to get to one of their offices to pick up the money.

Payday Loan

Some payday loan companies now have the capabilities to get the funds into your account within 1 hour, but they may charge you for this service. Check with them to ensure whether it's free of charge or extra charges will be added onto your loan.

Text Loan

Once you have registered with them, they are very quick at transferring the money into your account, usually within 1 hour.

Short Term Loan

If approved, PiggyBank will get your money into your account within 1 hour.

You should only apply for finance if you are sure that you can repay the loan. If you are considering a 1 hour loan to pay for other loans, then you may be in a position of financial difficulty. If this is the case you may want to contact Step Change the debt charity at http://www.stepchange.org.

Why Choose Us?

  • Direct Lender
  • No Payout Fee
  • No Hidden Costs
  • Fast Online Application
  • Multiple Repayment Options
  • 100% UK Based
  • Fully Authorised by the Financial Conduct Authority
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