Paying Off Payday Loans

How A Consumption Loan Works On Hour!

25. Sep, 2019

At the bank, it takes several days to get a loan application answered, and even with online loan offers, the money has to be transferred from one account to another, and it usually takes 1-2 days. So you can’t expect to get money in your account right away, even though it is advertised as “loan on the hour”.

However, some loan providers have automatic systems that allow you to get loans on the hour, or at least during the day. And that’s what this is really about. The application can take place over the net or telephone and everything from application to signing takes place electronically. With BankID you do not have to sign the loan papers and send them back in the mail.

The fast processing requires that you are ready to submit all necessary documentation and that you are ready for signing and return. For this to work, you should also preferably apply for a regular working day.

 

Consumer loans per hour = 1-2 business days

Consumer loans per hour = 1-2 business days

Consumption loans per hour therefore means that you receive a non-binding application immediately and that it can be processed within a few hours. Some loan providers promise that you will receive the money into your account by the next business day, but it is standard with 1-2 days.

 

SMS loans

SMS loans

SMS loan or mobile loan is a controversial form of micro-loaner you simply submit a password and loan amount with the mobile phone and wait for confirmation. The amount attaches a card number and it can take a short time before you have the money in your account, even on the same day.

Consumer loans per hour are expensive loans and you should expect to get an effective interest rate of at least 8.6%. For SMS loans, several thousand percent are operated at effective interest rates. Therefore, the Consumer Council is working to prevent SMS loans in Norway.

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