How It Works

Learn more about payday loans here. We'll explain what they are, who qualifies, and how the borrowing process works.

Payday Loans Explained

Payday loans are small, short-term loans that a secured against your paycheck. They are intended for urgent but relatively small expenses that arise between paydays. In essence, payday loans bring your paycheck to you early. If you are approved for payday loans, the funds will be automatically deposited into your account. Similarly, repayment is automatically withdrawn from your account on the loan's due date. Though this will vary from lender to lender, payday loans are usually easier to qualify for than traditional loans or lines of credit. You can qualify regardless of your financial history (varies by lender). Payday loans are also more convenient to obtain than traditional loans, as many of our lenders offer a no-fax option and simple, online applications (varies by lender). Read more ideas why to get a payday loan after you know how it works.

Qualifying for Payday Loans

Each lender will have different qualification requirements. However, many lenders tend to require that their borrowers:

Have an active checking or savings account
Are at least 18 years old
Have a direct deposit feature on their bank account
Are U.S. citizens
Make at least $1,000 per month
Are employed

The Borrowing Process

Borrowing payday loans are fast and easy. Here is how the process works:

Sign up with us for a lender referral. The first thing you want to do is fill out our free, online form. We will ask you only for basic contact information.
We match you with a lender. Once you complete our sign-up form, we will connect you with a lender that can offer payday loans. Usually, we refer you to the lender's website for further information.
Apply for a loan on the lender's site. If the lender makes you an acceptable offer, you can then apply for payday loans on the lender's site. Most of our lenders offer online applications that take just a few minutes to fill out (varies by lender).
Get an approval decision. Upon receiving your application, your lender will then issue an approval decision. If you are approved, you will then receive your loan shortly (process will vary by lender).