Gone are the days when individuals had to wait months and years just to get their loan request approved and for getting access to cash. Nowadays, individuals can get their loan approval done and also access to cash within a matter of few minutes. All this is because of the availability of payday loans. These sorts of loans serve as lifesavers, at all times, for all the people facing financial worries.

Payday loans are short-term loans provided by lenders at the cost of a flat lending fee. The amount of these loans varies from a minimum of $500 to a maximum of $1000. However, the repayment tenure of this sort of loan is extremely short, that is around thirty days. Furthermore, there is no particular eligibility criterion defined for this loan as every lender has a different criterion. Some require the applicants to have a salary of $750 and more, but some require a lesser amount of salary from the applicants.

The main aim of all the companies providing such a loan is to ensure that they have a guarantee that they repayment will be received. Absence of any such guarantee will augment the risk, of non-repayment, that the firm is taking by lending money to the borrower. The lenders providing this category of loans require the applicants to have a fixed monthly income and to be employed at a reputable firm. The employment tenure should be of at least six months. Apart from this, these loans do not require any sort of papers nor do they require any sort of credit check on the applicant’s history.

Apart from this, the payday loans lenders also require the applicant who needs to be above the age of eighteen to hold an operational bank account so that the money can be easily transferred. These requirements are not fixed as they are extremely flexible and can be adjusted in accordance with the customers need. They can easily be availed by low-income and high income individuals whenever they require.

As these loans do not require any paperwork or faxes, they are referred to as the “fax less” loans. Every procedure for these loans can be completed within minutes, and without incurring any sort of hassles, using the internet sitting at home. There is no particular use defined to avail this sort of loan. These loans can be used to get relief from any sort of financial crisis the individual is facing.