Anyone with a variable income is eligible for the one hour payday loans. To make the loans accessible within one hour, faxing of documents and credit checks are done away with. Instead the borrower submits an application form online to the lender of his choice, showing proof of identity and proof of income. These are mandatory requirements which assure the lender that he will get back his money when the borrower gets his pay check. Online lenders will issue the money by a direct deposit into the borrower's bank account. The interest rate for these loans are high, therefore it is best to borrow what is absolutely necessary. Look around for the best interest rates. With hundreds of payday lending companies competing for business there can be difference in their lending rates. This loan system works best in emergency situations and should not be used for purchasing jewelry, Christmas or birthday gifts, as it could lead to financial trouble. view