How to Get a Payday Loan Today by:Don Sorensen

A payday loan is a small, short-term loan. The loan will typically be for a few hundred dollars and the loan term will be one to four weeks, until the borrowers next payday. It is an unsecured loan, meaning you do not need to put up any collateral.

Payday loans are also called 'check advance loans,' 'cash advance loans,' 'post-dated check loans,' or 'deferred deposit loans.' The idea is that the lender gives you an advance against your next payday check. When payday arrives and your pay is deposited to your checking account, the lender debits your account by the amount of the loan plus the loan fee.

Many cities have payday loan offices and youll find plenty searching on the Internet. If youre approved, the money is wired overnight into your checking account. The loan is usually for one to four weeks — until your next payday.

When the loan is due, the company takes the amount you owe — plus a fee — out of your bank account. You can 'roll over' the loan to the next payday, but you have to pay another fee.

What stops most people from getting a payday loan online? Two things:

1) Confusion about which company to use and how to go through the process.

2) Not being able to meet the requirements.

Each company has slightly different requirements you have to meet. Here are some of the basic requirements:

- You live in the U.S.

- Youve had a job for at least three months, or you receive monthly benefit income (such as Social Security)

- You make at least $1,200 per month if employed, or $960 per month if on a fixed income

- You have direct deposit

- You have an active checking account

- You have a home phone where you can be contacted

If you meet all those, you have a pretty good chance of getting approved for a loan right away.

There are a number of differences between the companies offering payday loans. For example, not all companies lend money to people in all 50 states. And some have higher or lower income requirements.

You can improve your chances of being approved by doing three things:

1) Get all your information together and fill out the form completely and accurately.

2) Be totally honest when you fill out the application. They will check to make sure what you tell them is true.

3) Dont apply to more than one company. If a lender sees that you applied to several companies, theyll think youre too much of a risk and not give you a loan. Thats a common mistake you must avoid.

You now know more than 95% of the people looking for loans. And youre well-armed to find a lender you can trust, and to get a payday loan approved today. That gives you a huge leg up on everyone else who tries to apply for a loan online.

Wishing you all the best in solving your cash flow needs!

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Don Sorensen is co-founder of LoanTruth.org a website focused on the truth about short-term loans. He also develops genealogy related content for CensusRecords-Search.com