Only things required to avail short term payday loan is regular employment, adequate flow of income and certain post dated cheques. These three things basically act as security to the lender as there is no collateral involved.

Short term payday loans, as name itself implies it is the product of short term market fund. They are usually repaid within a month's time period. We also have an option to extend our repayment period if we are not feeling convenient in repaying the loan amount on due date. But, for extending the time period the lender charges extra fee which subsequently increases the cost of the loan.

Being the short term loan, the lender don't ask us to place any collateral rather instead of collateral he charges high rate of interest. It doesn't mean that, it has high mounted rates rather they are high as compared to other conventional loan in the financial market. This can also be considered as a drawback of short term payday loan. But, financial market is going competitive so we can easily avail short term payday loan on competitive rates also.

If we do thorough research work, then this will also help us to avail the cheap and best suited deal as we can easily compare various offers being made on the basis of the cost involved in them.

Though credit score is not considered by the lender while providing funds in short term payday loan but still it has some impact on the lender while offering rate of interest. It is commonly seen that the good credit scorer is always offered with competitive interest rate on the other hand, bad credit scorer is offered with the higher rates. So, it is always desirable to have good credit score while availing any sort of loan.

Availing short term payday loan through online is very simple as compared to availing loan from the physical financial market. In online short term payday loan the whole process goes on the internet that is, without any hassles. Online method offers convenience of applying that is we can apply as per our convenience either sitting at home or from office. In the process of applying, we are only required to fill an application and submit it on the internet. After that our work is over now the lender will process an application and will cal back within few hours if he gets satisfied with the details being provided.