60 Minute Payday (60MinutePayday.com) is a cash advance matching service that takes applications for short term loans from customers and finds them a payday loan lender that matches what they need.
To use the services of 60 Minute Payday, you simply need to fill out the short application giving them your most basic contact information and the amount of money you are seeking, from $100 to $1000.
60 Minute Payday says that you can receive money directly deposited into your account in as fast as one hour after being matched with a lender.
How Does It Work?
After you fill out the short application on the 60 Minute Payday website, you will be matched with a lender and redirected to their website. There, you will find out the loan rates, terms and conditions.
After you read over the rates, terms and conditions, you can decide whether or not to accept the loan being offered to you. If you accept, you must digitally sign the paperwork from the lender.
Once the lender completes approval and verification your cash will be directly deposited into your bank account. Lenders may contact you by phone or email; the quicker you respond to them, the quicker you can receive your money.
What is a Payday Loan?
Payday loans are short term loans given to people with regular income and a checking account, regardless of whether they have no credit or bad credit. These loans are generally required to be paid back very quickly, and carry very high interest rates.
Payday loans have been the subject of much criticism because of the exorbitant interest rates they charge. These rates are often so high they make it difficult for borrowers to reasonably pay back the money according to the loan terms.
Individual states have responded by creating laws that limit the amount of interest that payday loan companies can charge. 60 Minute Payday says that your state of residence is one of the criteria they use to match you with a lender, however to protect yourself you should still be aware of your state’s laws regarding payday loans.
Before you accept any loan, especially a payday loan, make sure that you understand the terms and conditions of repayment and that you will be able to make the payments required, otherwise you may find yourself in worse trouble than before.
Note: If you’re interested in learning more about Payday Loans check out our detailed guide, “Payday Loans Explained: Should You Ever Get One?” for more info.