How It Work

A payday loan is a small, unsecured loan of between $100-$1000.00, that is backed by your paycheck. You will typically borrow this money for 15 to 30 days, and at the end of this period, you would have the flexibilty to either pay back the principal amount of the loan plus fees, or pay just only the fees and renew the loan for another period, or pay down on the principle amount of the loan and renew it until the next payday. Most payday loan companies would let the loan automatically roll over to the next period if you choose not to take any action on paying the principal and fees.

	U.S. Citizen or resident and over 18 years of age
	Current (and valid) home and work telephone numbers
	You must have a checking account
	You must be currently employed with a monthly income

If you meet all the above requirements, you will get approved. Once approved, the money will be deposited directly into your checking or savings account, and the funds will be made available for your use the very same day.

There are different fee structure charge by different payday loan provider, it can range anywhere from between $10 to $30 per $100 borrowed. On the average though, the fee charged by online payday loan provider runs around $20 to $25 per $100 borrowed.