Getting a Payday Loan Online

An online payday loan may sometimes be a short term answer to an unexpected money crunch. However, an online payday loan can be very risky. Prepare yourself with a little research to make the search for an online payday loan less hazardous.



Bad credit okay – Most online payday loan services do not check your credit. You will need to have a checking account that has been open for at least ninety days. Even people with bankruptcies can easily qualify for an online payday loan.

Source of income – You must be employed or have a verifiable source of income such as disability or social security. Some of the services require that your paycheck be deposited directly into your checking account by your employer. There may also be minimum income levels.

Other requirements – Most online payday loan companies require that you be eighteen years of age, have a telephone number in your name and no other outstanding payday loans. You will need a copy of a driver’s license or other state issued picture I.D., a current paycheck stub, a current bank statement and a voided blank check. Access to a fax machine will also be needed.

Interest rates – Interest rates are usually referred to as fees and they are very high. Expect to owe $120 for each $100 borrowed. The repayment will most likely be fifteen days after the date the loan was made. Some companies allow you to extend your loan up to three times by paying the finance charge only.

Receipt of loan – The money will be deposited directly into your bank account generally within 24-48 hours if all of your information is received correctly and on time.

Our top recommended Payday Loan Companies:

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