What is a Payday Loan?

A payday loan is a method to obtain short term cash. A payday loan is generally for a small amount, say up to $500, and is normally paid back on the next payday. The loan fees are normally less expensive then writing a check or paying late fees for your rent, and certainly more convenient than having your utilities cut off. This sounds like a sensible loan arrangement just to tide you over one of those heavy months just like January when you are still recovering from all that Christmas and New Year shopping.

In most cases you will be pre-approved for an online cash advance of $200 if you meet these requirements:
You have an income of at least $1200 per month.
You have worked at your current job for at least 3 months.
You have lived at your current residence for at least 3 months.
You have an active checking account with your name printed on the checks and your account has been open for at least 3 months.
You have access to a fax machine.
Your paycheck must be deposited directly into your checking account.
You are at least 18 years old.
You have not been delinquent on a previous Payday Loan.