Everyone has heard about payday loans. You have seen the advertisements and possibly received them in the mail, too. If you have need of some quick money, then a payday loan may be a solution to your need. What makes it even better is that it does not take long to fill out an application, and you can have your cash within 24 hours - some even send it within an hour.



Payday lenders are all over - easily available through the Internet. The process involved in applying for a payday loan is not complex and enables you to get your cash quickly. The application takes up to about 10 minutes. This will usually be followed by a phone call for a little more information. Once approved - your money will be on the way. For those who have never had a payday loan before - it is free the first time.

In order to get your cash, you do not need to have good credit. In fact, they will not check your credit at all. So, even with bad credit, you can still get a payday loan. They do have a tracking system, though, and it is used by payday loan lenders to keep track of how many payday loans you may have out at one time. Generally, the maximum number of payday loans at any time is three.

The information that you will need to fill out the application is rather simple. You will be asked about your employment. These lenders would like you to have been employed for six months at the same place, and make a minimum of $1,000 each month. Most of them, however, will require an income of $1,500. If you do not have full time employment, and are on limited income, the requirement is down to about $900 each month. They also will ask for an active checking account - one that has been active for at least six months.

Once they approve your payday loan, the money will be sent to your checking account. It will also be taken out of the account, too, or they will simply put your postdated check through the bank.

The first loan will not provide much - possibly up to $400. After that, though, and if you have paid on time each time, the amount that you can get increases to a maximum of about $1,500 with some lenders.

Payday loans are a great way to get cash in a hurry. Only the first one is free, however and not all of them will do this. After that, you will probably only want to use it when you have no other choice. The interest rate is high - sometimes even very high. It runs anywhere between 15 and 30% in most cases, so you will want to shop around some in order to get the best rates. As you can see, it costs for the convenience - but it is quick and will help you in those emergency cash needs.