Sometimes, you just need a little help to get you through a rough time. That’s where payday loans come in. Urgent needs sometimes crop up when we least expect them. Medicals bills, insurance bills, unexpected loss of work - a crisis can occur anytime. Foretunately, when you need some quick cash to get you through the emergency, there is a solution: payday loans.

Payday loans (also called cash advance loans) are designed to fill the gap between meeting your needs and waiting for your next paycheck. They’re short term, usually 2-4 weeks, and often don’t require a credit check. They also usually don’t require any collateral, because they are relatively small in amount (typically between $100 and $1500).

Which is not to say that there is no approval process. There are a few criteria you have to meet. First of all, you need to be a US citizen with a valid social security number. Secondly, you need to have had a job for the last few months - usally three. (Although, sometimes this rule is waived for people on fixed incomes, such as pensions, social security, or workers comp.) Also required is an active checking account with a US bank. Usually, your money is directly deposited into this account. You also need to be at least 18 years old. If you can fufill all of these requirements, the chances are you will be approved.

Competition between lenders for this sort of loan is stiff, so the interest rates are kept relatively low. While not as low as a secured loan, the rates are not exorbinant as they would be if only one company was plying the trade. Of course, local rates will be higher than rates found on the internet. Because of the huge amount of competition, internet lending agencies approve more people, and at lower rates, than any local business. Also, because most of their work is done online, they have lower overheads and can pass the savings along to you - the borrower.