You need to pay for your kid's tuition or for mortgage now. There's something you want to buy off the racks, sale for $120, and the sale is ending two days from now. You've got bills to pay in the hospital. All these, but you don't have the dough yet. You have a job, but payday is still weeks away! What do you do? Get a payday loan!

Payday loans are also usually referred to as cash or paycheck advances. It's short-term and small, usually starting from $100. Then, you pay off the loan come payday, or if you don't, the creditor gets the funds off your bank.

How do you apply for a payday loan? You have two options: either you go to a retail payday lending store, or get in front of your computer. Some also offer phone lending services. Of the three, Internet payday borrowing is the fastest, safest, and most efficient--thus, the term quick payday loans.

So, how do you apply for a quick payday loan? Read on...

The Process

You usually get quick payday loan announcements via e-mail, websites, referrals, and paid online ads. These ads entice you with their rate packages. Clicking on one of these usually leads you to an online form that you have to fill out. The form normally requires you to put in your personal information, bank account numbers, and your company's information. Lenders may also ask you to fax copies of your documents, but nowadays, more and more online payday lending stores are offering paperless transactions. Basically, all you should have to get approved for a payday loan online are identification, a stable income source, and an open bank account in good standing. Once these are established, the lender direct-deposits your loan into your bank account. Come payday, the lender usually automatically withdraws the loan payment and the finance charge or interest from your bank. The loan payment and the interest must be redeemed by the lender in one lump sum. If this is not possible, you have to let the loan officer know of the situation so that he can allow you to roll the loan over to the next payday, provided that you pay the interest.

Quick Payday Loans Online vs Payday Loans Via Retail Stores

The advantage of online payday loans over over-the-counter paycheck advances is that you can apply as long as you have an Internet access. Therefore, online payday loan services are actually available for you 24 hours a day, 7 days a week! In contrast, lending stores are open during office hours and days only, so that excludes the possibility of applying for a payday loan during holidays and weekends.

Also, quickie loans are proven to be safer than over-the-counter applications in the sense that you don't need to have much of a personal contact with the lender. They don't do full credit checks, that's why quick payday loans are a top choice among those with turbulent credit histories. Moreover, since this is an impersonal transaction, usually no collaterals or co-signers are needed.

Who Can Apply for a Quick Payday Loan?

Anyone who complies with the requirements can apply for a quick payday loan. It doesn't matter if you have a full-time, a part-time, or a once-in-a-blue-moon job; you just have to make sure you meet the income prerequisites. Students who double as part-time employees may also apply for a quick payday loan provided that they are of legal age, which is at least 18 years.

Generally, no extra fees are charged to online applications. Quick payday lenders usually offer their online application services for free.

The Cons of Quick Payday Loans

Do you know how it feels like to live a life buried in debts that you have to pay off? According to critics, if you want to know how it's like, all you have to do is to apply for a payday loan.

It's just simple. When it's time to pay off your loan, the lender goes to your checking account. If the check bounces, you get a bounced check charge by your lender on top of non-sufficient funds or NSF fees from your bank. A record of NSF fees doesn't look good, of course. Eventually, this could lead to the closure of your bank account, and you'll have a hard time opening another simply because your record's already tainted.

Also, though Internet applications are deemed way safer than over-the-counter ones, loan applications are of course not an exemption to the increasing number of fraud cases on the World Wide Web. Quick payday lender's databases also usually automatically renew your loan application every payday. Therefore, to minimize these risks, it is best to really research on which sites are fraudulent and which are not, and to get in touch with the proper authorities who have precautionary guidelines handy and who can assist in rectifying possible problem situations with regards to quick payday loans.