| Paycheck loans, sometime called 30-day payday loans, can be obtained shortly after filling out a simple online loan application. The lender will ask you for pertinent information about your job, when your next paydays are, and your average monthly salary. For most 30-day payday loan lenders, these things are the primary criteria on which your loan will be based. Companies who process and disburse loans electronically may also require that you have a valid checking account.
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| After you submit your loan application, the company will notify you-instantly on-site or within an hour via email-that you've been approved for your loan. The funds will be sent electronically and deposited directly into your checking account. The 30-day payday loans, as the name suggests, usually matures in a month or less. Upon maturity, the original loan, interest, and any fees associated with the loan are due. Just as the monies were electronically deposited into your account, they are electronically debited from your account as well. In the case that you do not have all the monies due, many payday loan companies will allow you an extension on your loan.
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