Different payday lenders have different criteria by which individuals can qualify but for the most part, you must be at least 18 years of age, have a steady income, and have a bank account. Most lenders require that your income be direct deposited to a checking or savings account so if that is something you don't have already, it would be good to go ahead and set up direct deposit. The amount you have to either earn or have coming in per month varies among lenders but generally speaking, you must have an income of at least $1,000 per month.
The amount individuals can borrow also varies among lenders. Typically, the amount one can borrow from a payday lender ranges from $500 to $1500. In addition, once you have successfully paid back a payday loan many lenders increase the amount you can borrow on successive loans.
Once you borrow the money, usually, the amount to be repaid will be automatically deducted from your checking or savings account on the day that it is due. Many payday lenders allow you to extend or renew your loans so that you can have a longer repayment period than just the next payday. When this occurs, you typically have to pay the interest that has already accumulated and then you can extend your loan until your next payday.
While some payday lenders require that you fax supporting documents to them regarding your income or other verification, many do not. It is far more convenient to use a lender that does not require that you fax in documents. This way, you can just apply over the computer at any time of the day or night and if you are approved, you will likely see the funds in your bank account within just one business day.
Be sure and read all the terms and conditions from the company you do business with. Be aware of how much the loan will cost you and when repayment is due. By keeping in good standing with a payday lender, you can be assured of being able to get your hands on fast cash whenever the need arises.