1 Hour Payday Loans for April 2024

Get a 1 hour payday loan at one of the companies verified by our specialists. On 24.04.2024 there are 5 options available to you. Increase your chances of getting a loan — fill out an application with a free credit rating check.
Offers: 5
Updated
04.04.2024
17:12
Best Quick Loan Today 24.04.2024*
Mr. Payday
Need a Quick Loan Now?
Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
up to $10.000
Cash Money
Payday Loan
Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
50$ - 1500$
Rate
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Effective interest rate on the product

up to 391%
Term
i

Loan term for the financial product

1 - 62 days
Cash 4 You
Payday Loan
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
$120-$1,500
Rate
i

Effective interest rate on the product

up to 391.07%
Term
i

Loan term for the financial product

up to 14 days
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Get Your FREE Quote Today!

Take advantage of our loan selection system with a free credit check!

Loan Express
Payday Loan
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
$100-$1,500
Rate
i

Effective interest rate on the product

up to 517.08%
Term
i

Loan term for the financial product

up to 62 days
Speedy Cash
Payday Loan
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
$200-$1,500
Rate
i

Effective interest rate on the product

up to 599.64%
Term
i

Loan term for the financial product

up to 14 days
Reviews
Royal Bank of Canada
4.6
I appreciate the transparency in the loan terms provided by Royal Bank of Canada, with no hidden fees or charges.
Review
Royal Bank of Canada
4.4
RBC provided me with a flexible loan repayment schedule, making it easier to manage.
Review
Royal Bank of Canada
2.4
I encountered some hidden fees when repaying the loan with RBC, making it more expensive than I expected.
Review
Royal Bank of Canada
2
Unfortunately, the loan terms offered to me by RBC turned out to be less favorable than those of other banks.
Review
Royal Bank of Canada
4.2
It's very convenient to use RBC's online services to manage my loan and make monthly payments.
Review
Royal Bank of Canada
4.2
I obtained my home loan with RBC, and they were very flexible in setting terms that suited my financial capabilities.
Review

What is a Payday Loan with 1 Hour Approval?

A payday loan with 1-hour approval refers to a short-term borrowing option designed to provide immediate financial relief in times of urgency. These loans typically involve a streamlined application process that can be completed online within minutes, allowing borrowers to receive approval within an hour of submission. This rapid approval time is particularly beneficial for individuals facing unexpected expenses or financial emergencies and who require quick access to funds. Payday lenders offering 1-hour approval often tout the convenience and speed of their services, aiming to cater to individuals in dire need of cash without the lengthy waits associated with traditional bank loans.

However, borrowers need to exercise caution when opting for these fast-paced loans. While 1-hour payday loans offer swift access to funds, they often come with higher interest rates and fees compared to other lending options. Borrowers should carefully consider their financial situation and repayment capabilities before committing to such loans to avoid potential debt traps. Additionally, it's advisable to explore alternative financing options or consult financial advisors to ensure that taking out a payday loan with 1-hour approval aligns with their long-term financial goals and stability.

Features

  1. Swift Approval Process. One of the defining features of 1-hour payday loans is the rapid approval process. Borrowers can complete the online application within minutes, receiving approval within an hour, providing quick access to much-needed funds.

  2. Online Application. The entire loan application process is typically conducted online, offering convenience and accessibility to borrowers. This allows individuals to apply for loans from the comfort of their homes or on the go.

  3. Accessible Even with Bad Credit. Many 1-hour payday loan providers are willing to extend credit to individuals with a poor credit history. This inclusivity is advantageous for those facing financial emergencies but struggling with a less-than-ideal credit score.

  4. 24/7 Funding Availability. Some payday lenders operate around the clock, providing 24/7 approval and funding services. This feature is particularly beneficial for individuals facing urgent financial situations outside regular business hours.

  5. Minimal Documentation Requirements. To expedite the approval process, one-hour payday loan options often have minimal documentation requirements compared to traditional bank loans, making them a convenient option for those in need of fast cash.

  6. Short Repayment Periods. Payday loans are typically short-term loans, with repayment periods often tied to the borrower's next paycheck. This short duration is designed to provide quick financial relief but necessitates prompt repayment.

  7. Higher Interest Rates. One notable characteristic of 1-hour payday loans is the higher interest rates associated with these quick-access funds. Borrowers should be aware of the cost implications and carefully consider whether the benefits outweigh the potential financial burden.

  8. Emergency-Focused. These loans are specifically tailored to address financial emergencies, offering a solution for unexpected expenses or urgent financial needs that cannot wait until the next payday.

  9. Instant Cash Deposits. Upon approval, funds are often deposited directly into the borrower's bank account within a short timeframe, providing immediate liquidity.

Pros and Cons

Pros

Apply Any Time. Online services allow you to get funds when you need them.

Quick Access to Cash. Payday loans can provide quick access to cash for those who need it, often within 24 hours of applying. This can be helpful for unexpected expenses or emergencies.

Instant Registration. The application is filled out and processed much faster than in banks. The money is transferred immediately after receiving approval. Often everything takes about 30-60 minutes.

No Credit Check. Some payday lenders do not require a credit check, making it easier for those with poor credit or no credit history to obtain a loan.

Cons

High-Interest Loans. Payday loans in Canada typically come with high-interest rates and fees, which can result in a high total cost of borrowing. The annual interest rate for payday loans can range from 300% to 600%, making them a costly form of credit. Additionally, payday loan providers may charge additional fees, such as penalty fees for non-sufficient funds or delinquent accounts.

Short Loan Term. Payday loans are a type of short-term loan, typically with a loan term of two weeks to a month. This means that borrowers must repay the loan and any associated fees by their next payday. If borrowers are unable to repay the loan on time, they may be forced to take out another loan to cover the original loan, resulting in a cycle of debt.

Limited Loan Amounts. Payday loans typically offer limited loan amounts, ranging from $100 to $1,500. This may not be enough money to cover larger expenses, such as medical bills or car repairs.

Impact on Credit Score. Payday loans can have a negative impact on an individual's credit score if they are unable to repay the loan on time. Additionally, some payday loan providers may not report on-time payments to credit bureaus, which can make it difficult for individuals to build credit.

How to Get a 1 Hour Payday Loan

  1. Find a Payday Loan Provider. You can find payday loan providers online or in-store. Online lenders offer the convenience of applying from home, while in-store providers may offer same-day cash.

  2. Complete a Payday Loan Application. To apply for a payday loan, you will need to provide personal information, including your name, address, and employment details. You may also need to provide proof of income and a valid bank account.

  3. Undergo a Credit Check. Payday loan providers may perform a credit check to assess your creditworthiness. However, some providers may offer payday loans without a credit check.

  4. Review and Sign the Loan Agreement. If approved, the payday loan provider will present you with a loan agreement outlining the loan amount, interest charges, and repayment terms. It's essential to review and understand the terms of the agreement before signing.

  5. Receive Funds. Once you've signed the loan agreement, the payday loan provider will deposit the funds into your bank account or provide you with cash. It's important to note that payday loans typically come with high-interest rates and fees, so it's crucial to repay the loan on time to avoid additional charges and financial trouble.

Requirements

  1. Legal Age. Borrowers must be of legal age, typically 18 years or older, to apply for a payday loan in Canada.

  2. Residency. Lenders usually require borrowers to be Canadian citizens or permanent residents with a valid Canadian address.

  3. Income Source. While traditional employment may not always be necessary, borrowers are generally required to demonstrate a steady income source, which could include employment income, government benefits, or other forms of regular income.

  4. Bank Account. Borrowers need to have an active bank account in their name. This is where the loan funds will be deposited upon approval and where repayment will be withdrawn.

  5. Contact Information. Lenders typically require borrowers to provide valid contact information, including a phone number and email address, for communication purposes.

Conditions

  1. Loan Amount. Lenders may offer varying loan amounts, typically ranging from a few hundred to a few thousand dollars, depending on factors such as the borrower's income and repayment capacity.

  2. Interest Rates and Fees. Lenders disclose the applicable interest rates and fees upfront. These rates and fees can vary among lenders and are often higher for payday loans compared to traditional bank loans.

  3. Repayment Period. Borrowers are provided with a repayment period, usually aligned with their next payday. This period can vary but is typically short-term, ranging from a few days to a few weeks.

  4. Repayment Method. Lenders outline the repayment method, which usually involves automatic withdrawal from the borrower's bank account on the agreed-upon due date. Some lenders may also accept other forms of payment.

  5. Extensions and Renewals. In some cases, lenders may offer options for loan extensions or renewals if borrowers are unable to repay the loan on time. However, these options often come with additional fees and should be approached with caution due to the potential for increased debt.

  6. Credit Checks. While some lenders advertise "no credit check" loans, others may conduct soft credit checks or review the borrower's credit history as part of the application process. This can vary depending on the lender's policies.

  7. Legal Compliance. Reputable lenders adhere to federal and provincial regulations governing payday lending practices in Canada to ensure transparency, fairness, and consumer protection.

Ways to Get the Money

  1. Direct Deposit to Bank Account. The most common method is to deposit the loan amount directly into the borrower's active bank account. Lenders often require borrowers to have a valid and active bank account for this purpose.

  2. Electronic Fund Transfer (EFT). Some lenders use Electronic Fund Transfer (EFT) to transfer the loan amount directly to the borrower's bank account. EFT is a secure and efficient way to handle financial transactions electronically.

  3. Cheque Issuance. While less common in today's digital age, some lenders may still issue a physical cheque to borrowers. The borrower can then deposit the cheque into their bank account.

  4. Interac e-Transfer. Certain lenders may use Interac e-Transfer, a popular electronic payment system in Canada, to send funds directly to the borrower. The borrower receives an email or text notification with instructions to deposit the money into their bank account.

Best Places to Get a 1 Hour Payday Loan

  1. Credit Club is an online payday loan direct lender catering to individuals with urgent cash needs. With a streamlined process that eliminates paperwork, borrowers can expect quick access to funds via direct deposit or e-Transfer. While their automated systems promise instant loans 24/7 in Canada, immediate funding outside of business hours isn't guaranteed. Loan amounts range from $100 to $1,500, with varying interest rates depending on the province. They accept bad credit, require no minimum income, and provide instant approval without the need for a credit check. Serviced provinces include Ontario, British Columbia, and Nova Scotia.

  2. iCash is one of the direct lenders, a prominent player in the fast payday loan market in Canada, serving individuals in need of urgent funds despite bad credit. Boasting over 500,000 customers since 2014, iCash offers 24/7 online customer support, setting itself apart from competitors. Applicants can expect loan amounts ranging from $100 to $1,500, with interest rates varying by province. The company accepts various income sources, including employment insurance and disability benefits, with a minimum monthly income requirement of $800. Serviced provinces include British Columbia, Alberta, Manitoba, Ontario, Nova Scotia, New Brunswick, and Prince Edward Island.

  3. PAY2DAY has been offering emergency loans since 2006, focusing on providing quick access to funds without the hassle of a credit check. With both online and in-store application options, PAY2DAY accepts applicants with bad credit and no minimum income requirement. Borrowers can access loans ranging from $300 to $1,500, with interest rates varying by province. Acceptable income sources include employment, EI, and retirement income, with serviced provinces including Ontario, British Columbia, and Nova Scotia.

  4. GoDay, a Better Business Bureau-accredited payday lender established in 2012, prioritizes convenience and accessibility for borrowers in need of urgent financial assistance. Their automated approval systems ensure swift processing of online loans 24/7, eliminating the need for document submission. Loan amounts range from $100 to $1,500, with interest rates varying by province. GoDay accepts various income sources, including employment and government benefits, with no minimum income requirement. While instant approval is offered, online payday loans may take longer if flagged for manual review, particularly outside of business hours. Serviced provinces include Alberta, British Columbia, Manitoba, New Brunswick, Nova Scotia, Ontario, Prince Edward Island, and Saskatchewan.

Things to Pay Attention To

  1. High-Interest Rates and Fees. Payday loans typically come with high-interest rates and fees, making them a high cost credit option. It's important to understand the interest rates and all the fees associated with the loan before signing the loan agreement.

  2. Loan Term. Payday loans in Canada typically have a loan term of up to 62 days. It's important to understand the loan term and repayment schedule before taking out a payday loan.

  3. Loan Amount. The maximum loan amount for payday loans in Canada is typically $1,500. However, the loan amount may vary depending on the province or territory and the payday loan provider.

  4. Debt Trap. Payday loans can be a debt trap, especially if you're unable to repay the loan on time. It's important to understand the risks associated with payday loans and to consider all available options before taking out a payday loan.

  5. Alternatives. Payday loans should be used as a last resort. There may be other options available, such as personal loans, credit cards, or credit unions, which may offer lower interest rates and more flexible repayment terms. It's important to explore all available options before taking out a payday loan.

How to Repay the Loan?

  1. Review the Loan Agreement. Review the loan agreement to understand the repayment terms and due date.

  2. Plan Your Budget. Plan your budget to ensure that you have enough money to repay the loan on time.

  3. Contact the Lender. If you're having trouble repaying the loan, contact the lender as soon as possible to discuss your options. Some lenders may offer extended payment plans or other options to help you repay the loan.

  4. Make the Payment. Make the payment on or before the due date. You can typically make the payment in person, online, or by phone.

  5. Confirm the Payment. Confirm that the payment has been received and processed by the lender. Keep a record of the payment for your records.

Reasons for Getting Rejected for a 1 Hour Payday Loan

  1. Insufficient Income. Lenders typically require borrowers to demonstrate a steady income source to ensure they can repay the loan. If the borrower's income is deemed insufficient or unstable, they may be rejected.

  2. Poor Credit History. While many payday lenders advertise loans for individuals with bad credit, some may still have minimum credit score requirements or criteria regarding past financial behavior. A history of defaults, bankruptcies, or other negative marks on the credit report may result in rejection.

  3. Incomplete or Inaccurate Information. Errors or omissions on the loan application can lead to rejection. Borrowers need to provide accurate and complete information, including details about their income, employment status, and banking information.

  4. Existing Debts. Lenders may consider a borrower's existing debt obligations when assessing their ability to repay a payday loan. If the borrower already has multiple outstanding loans or significant debt, they may be deemed too risky for additional borrowing.

  5. Bank Account Issues. Payday lenders typically require borrowers to have an active bank account for depositing loan funds and processing repayments. If the borrower's bank account is closed, overdrawn, or flagged for suspicious activity, it could lead to rejection.

  6. Identity Verification Issues. Lenders may reject loan applications if they cannot verify the borrower's identity or if there are discrepancies in the provided documentation. This could occur if the borrower fails to provide valid identification or if there are concerns about identity theft or fraud.

  7. Employment Status. While traditional employment is not always a strict requirement for payday loans, lenders may still prefer borrowers with a stable source of income. Unemployed individuals or those relying solely on irregular income sources may face rejection.

  8. Failure to Meet Eligibility Criteria. Borrowers must meet certain eligibility criteria set by the lender, such as age, residency, and income requirements. Failure to meet these criteria can result in rejection.

  9. Overuse of Payday Loans. Lenders may reject applications from borrowers who have a history of repeatedly taking out payday loans or who appear to be relying excessively on this form of borrowing, as it may indicate financial instability.

Editorial Opinion

One-hour payday loans offer a quick and accessible solution for individuals facing urgent financial needs or unexpected expenses. While the rapid approval process and immediate access to funds can provide much-needed relief in emergencies, it's essential to approach these loans with caution. The high-interest rates and fees associated with payday loans can significantly increase the cost of borrowing, potentially leading to a cycle of debt for some borrowers. Additionally, the ease of obtaining payday loans, often without stringent credit checks, may pose risks for individuals already struggling with financial instability. While they can be a viable option for some, careful consideration of the terms and repayment capabilities is crucial to avoid long-term financial consequences.

Important

Keeping your Debt-to-Income (DTI) ratio below 30-40% of your monthly income is crucial. This will help you avoid potential financial problems in the future. Additionally, always assess the necessity and feasibility of taking a loan, ensuring you can comfortably manage its repayment.

How to Choose a Lender

  1. Make sure to confirm whether the lender is licensed to operate in your province. You can verify this information with your state regulator or attorney general.

  2. Check if the lender is a member of a reputable association, such as the Canadian Lenders Association (CLA). Membership in such organizations may provide an extra level of reliability.

  3. Carefully review all the terms and conditions of your payday loan contract.

  4. Thoroughly examine the interest rates on payday loans and ensure that your contract includes a detailed breakdown of the total cost of the loan.

  5. Take advantage of your right of rescission. Usually, you can rescind the loan within three days after signing the agreement. Alternatively, there is typically a "cooling-off" period, which allows you several days to thoroughly review the contract before making an informed decision to enter into a consumer loan agreement based on the terms specified by the lender.

  6. Choosing a payday lender is a significant decision that demands careful consideration and a good understanding of how such organizations operate.

Methodology

At Finanso, we've carried out a comprehensive analysis of over 70 lenders, assessing them based on 35 different parameters across six key categories: accessibility of loans, customer relations, quality of service, interest rates, and transparency of conditions.

In each category, we carefully considered the most critical factors in selecting a lender. These factors include the interest rates, available loan amounts, minimum credit score, minimum income, application fees, and the speed at which funds are transferred.

At Finanso, we highly value our users, which is why we also focus on the quality of customer service, user reviews, and additional features that can aid our users in making a well-informed decision.

Our ultimate goal is to provide insightful recommendations and expert advice to assist you in selecting a lender that best caters to your specific needs.

FAQ

What app will give me $50 instantly in Canada?

In Canada, several financial apps offer instant cash advances, with some providing up to $50 immediately upon approval. Apps like KOHO and Brigit allow users to access their earned wages ahead of their payday, providing a convenient solution for short-term financial needs. These apps typically require users to link their bank accounts and provide proof of income to qualify for instant cash advances, making the process quick and hassle-free for eligible individuals.

Where can I borrow $100 instantly Canada?

For those in need of a slightly larger amount, several online lenders in Canada offer quick and easy access to loans of $100 or more. Platforms like Money Mart and Cash Money provide instant payday loans, allowing borrowers to apply online and receive funds directly into their bank accounts within hours. However, borrowers should be mindful of the high interest rates and fees associated with payday loans, ensuring they can repay the borrowed amount on time to avoid additional financial strain.

What loans can I get instantly?

When seeking instant loans in Canada, borrowers have several options to consider beyond traditional payday loans. Online lenders specializing in fast payday loans, such as Ferratum and GoDay, offer quick approval processes and same-day funding, making them suitable for addressing urgent financial needs. Additionally, some credit unions and alternative financial institutions may provide instant approval for personal loans or lines of credit, offering more flexibility and potentially lower interest rates compared to payday loans. However, regardless of the loan type, borrowers should carefully review the terms and conditions, including interest rates and repayment terms, to ensure they make informed financial decisions.

Loan Terms