A payday loan or cash advance or payday advance or paycheck advance is a short-term loan of meager amount which helps the borrower to fulfil his urgent need. Usually, these loans range between $100 to $500, and the duration to repay is around two weeks. Such loans have interest rates of 390 to 780 percent.

A person can apply for a payday loan online. Different companies market their offers via e-mail, paid ads, online search and referrals. The particular person will be asked to fill up an online loan application form which needs his/her personal information, Social Security number, bank account number and the employer information. As soon as his/her application is accepted, the requested payday loan money will be deposited in the respective bank account. Such payday loans are now availabe in the US and Canada.

Also, your age must be more than 18 and your earnings must be $1000 a month, minimum. The above two are the eligibilities to apply for a payday loan.