The biggest advantage of a payday loan is quick access to the money. If you go to an office location for the loan, you can leave with the money. If you do the process online, the money will be deposited directly into your checking account. Deposit times vary with lenders, and could be as quick as 1 hour, or up to 48 hours. Fast access to the money makes cash until payday loans great for emergency situations. Another advantage is that most lenders don't run credit checks, so bad credit will not stop you from getting a loan.

Restrictions and limitations for a loan will vary with each lender. In all cases, you will have to fill out an application requiring basic information with your name, address, phone, and social security number. In addition, you will need to provide your monthly income, banking information, employment information, how often you get paid, and a requested
loan amount. Some lenders require that you have direct deposit with your paychecks to ensure that the funds will be in your checking account by certain dates. How often you get paid, such as weekly, bi-weekly or monthly, and dates you get paid, such as the 1st and 15th, will determine dates for payback terms. Some lenders will want the loan repaid within 30 days, while others may offer more flexible payment terms.

Interest rates may vary slightly with short term loans, but state laws do regulate rates, fees, and maximums that lenders can charge. Payday loans carry higher interest rates than most traditional loans. It's important to pay them back as quickly as possible, and only use them for short-term temporary financial needs.

NOTE: By researching and comparing the different payday loan lenders in the market, you will determine the one offering the cheapest interest rates.