A bank account is required so that the money can be instantly transferred to you. It will be sent to the account normally within one hour of approval. Income is required as it shows the ability to repay the loan. For those who collect unemployment or retirement benefits it is possible to qualify based on some additional criteria that the loan company will verify. The minimum income is set so that the lender is assured the funds to pay back the loan will be available. Usually the payments will be taken from the debit account into which the funds were initially deposited.
There is no need to write a check to the lender to pay back the loan. Payday loans usually require no credit check and no additional questions asked. Once the on line application is completed and delivered via secure internet connection there is nothing else to do. Pay day loan companies no longer require faxing proof of employment and verification of bank debit accounts. No background check is needed. The security for the loan comes from the fact that you are employed and have an active bank account to which the money can be wired and from which the payments can be taken.
Payday loans come in a variety of forms. There are quick cash advances that are paid back when the next paycheck is received, longer term loans that are paid over a month or two and installment loans that are for longer periods and can give a person more money for immediate use. Interest rates will apply and these will be slightly higher than prevailing bank rates
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