Since you are entering into a legal contract, the first requirement is that you be at least 18 years old. A second one is that you have a job. You will need to have been working at this job for at least three months, and some lenders may require more. You will be asked for your place of work, as well as a contact name in many cases.

Your pay will also be a factor, but your credit rating will not be considered. This nice fact makes it so that just about anyone who is working can get a payday loan. The amount of income that you make, though, will need to be more than $1,000 per month. There is some variance here, too, and some lenders may require up to $1,500. It will also be easier to get a payday loan if you have your pay put into your account with direct deposit.

Then there is the matter of a checking account. You will need to have had one for at least three months. Your payday lender will want to put the money from your loan right into it. This makes them feel more secure - and more willing to lend you the money, too. In fact, if they can't deposit it directly, you will probably not get a loan. In some case, they may be able to use a savings account, but that is only if your bank will permit it.

When you are being approved, you will also need to authorize them to withdraw the money directly from your account. You can do this by postdating a check to the date the payday loan is due, or sign an authorization that allows them to withdraw it electronically.

Your loan application, if you apply online, will be quickly followed by a phone call from a potential lender. They will call to ask you a few more details and to fill in some gaps in the information. In some cases, you will be asked to fax them copies of your paystubs, and possibly some bank statements, too. If you are looking for a faxless payday loan, it will probably take considerably longer to be approved. This means that they will need to call your employer to verify the information.

There are a lot of differences in some of the features of payday loans between lenders. One of the largest of these differences is the matter of interest. The interest can go anywhere from 15% all the way up to 30%. Another difference could be in the way you pay the loan. Most will require you pay it all on the due date, but some are now allowing you to make several payments. This means that it will pay to spend a little time in shopping around for the better deal.