How It Works

We'll tell you everything a borrower should know about online payday cash loans here. Learn more about their history, what the qualification requirements are, and how the process works.

The History of Online Payday Cash Loans

Online payday cash loans began when lenders recognized a large market of consumers who couldn't get traditional loans from credit unions or banks, for whatever reason. Some of these consumers had bad credit, others had maxed out their credit capacity, and some just didn't have time to jump through the hoops required to get a traditional personal loan. As a result, new lenders began offering payday loans, also called payday advances or paycheck loans. These loans made it easier than ever to get fast cash without extensive application and qualification processes. With the advent of the Internet, these loans were further streamlined into online payday cash loans. Online payday cash loans make an already convenient form of borrowing even easier by allowing consumers to apply for their funds from their homes.

Who Qualifies for Online Payday Cash Loans

The qualification requirements for online payday cash loans tend to vary by lender. Overall, though, our lending partners tend to require certain characteristics of their borrowers. For example, most of our lenders require that borrowers be at least 18 years old, have a bank account (checking or savings), have U.S. citizenship, earn some type of consistent income, and have proof that they make at least $1000 per month.

Online Payday Cash Loans: The Process

Of course, different lenders will have different lending processes. However, most lenders have a process that looks something like this:

1. We give them a referral. You will first get in touch with your lender after you complete our sign-up form on our site. We then send along some basic contact information about you to the lender that we select for you. You can then visit the lender's site for additional information.
2. Apply for online payday cash loans. If you're ready, you can apply for online payday cash loans on the website of the lender. Most of our lenders provide simple, no-hassle applications that can be completed in less than five minutes (varies by lender).
3. Approval notice. Our lenders are very good about letting you know ASAP if you've been approved for online payday cash loans (varies by lender).
4. Upon completion of application process, funds deposited. Your lender may have you complete a few additional steps after you've been approved, and you will then receive your funds usually by the next business day (varies by lender).

Learn how to avoid payday loan scams on the next page!