How to Get a Bank-Issued Payday Loan

Most banks and lending institutions will not participate or issue payday loans. A payday loan, also known as a paycheck advance, payday advance or cash advance, is a small, short-term loan. The intended purpose of the money is to cover your expenses until your next payday. Most loans are between $100 and $500 and are due in two weeks. Here's how to get a bank-issued payday loan online.

Difficulty: Moderate

Instructions

1. Check the interest rates before borrowing any money. These loans have very high interest rates--up to 400% APR. On a two-week loan, fees average about $15 for every $100 borrowed. There are strict limits imposed on some jurisdictions capping the APR that any lender, or payday lender, can charge. Some jurisdictions outlaw payday lending all together while others have very few restrictions at all.

2. Apply for your payday loan online and receive your loan within as little as one hour. All applications are accepted and approved quickly.

3. Note that direct deposit is an option with payday loans. To receive your money faster, have your money wired to your bank account.

4. Understand that even if you have bad credit you can still fill out an application, receive approval and get a payday loan. It does not matter what your credit score is because there are no credit checks.

5. Provide the following information to qualify: proof that you are 18 years of age or older, proof of residency and proof of steady income.

6. Acknowledge that you do not need collateral or a co-signer for approval on a payday loan. Spend your payday loan money as you see fit. The loan company does not monitor how you spend the money.

7. Pay your payday loan in its entirety on or before the due date to avoid additional fees and charges.