Now the question is what the procedure is and where to apply. As mentioned above payday loan is nowadays a common service and can easily be availed with one phone call. You can find a payday company over the internet or in a nearby market. You can find thousand of different reputable companies online or listed in directories that allow you to lend the payday loan service. Remember to contact at least three to four reputable payday loans services before deciding on one. Understand their terms and conditions and ask any related question such as the amount that can be loaned, interest rate, payback time etc. The usual lending amount is between $100 and $500 and in some cases $1000. The interest rate is between $10 and $100. The payback time is a period till your next paycheck plus a further of over two weeks, which can be extended to 18 days with negotiations.

When applying for a payday loan you need to have few documents. First is bank statement. Secondly, a proof that you are permanently employed is required. No credit check hassle is involved. The process of applying for payday loan usually takes about 20 minutes and is upfront without involvement of a third party. After you apply, you just need to wait for a call from the company regarding whether your payday loan is approved or not; in most cases the call is positive. After this within 24 hours the money is deposited in your account and is ready for use but if applied over the weekend that you can expect the money to be deposited by Monday.

When considering a lender you should make sure that it is certified as well as reliable. Once lend you should make sure that it is paid back on time to avoid late fee. You can extend the pay back time as well, known as roll over, incase you cannot pay back the loan in stated time period; though this should be avoided since it means that the loaned amount is increased with charges due to interest rate. Always remember that when you apply for a loan you should understand their lending terms and condition to avoid any problem later.