Almost everyone is familiar with the payday loans nowadays. Though these loans existed for a long time, they gained popularity after the new age moneylenders started operating online. Often people require money for small needs in mid of their pay cycle. Earlier in such cases, you had to ask all your friends for short term loans. Now whenever you need money in mid of the month, you can just log on to the internet, visit the website of a moneylender, and apply for the loan.

The process is very simple, though there are some conditions to be met to avail payday loans. You should be of 18 years or above in age. You should be a resident of US. You should have a regular income and you should hold an active checking account. If you satisfy the above requirements, you can simply apply for the loan by filling out the free application form available on the website itself. You need not personally go to the moneylender's physical office.

The amount you can take as loan is dependent on the amount you take home each month. The total monthly income includes not only your salary but also the income you generate through part time jobs or by renting out your assets. Based on this, the loan amount can vary from $500 to $1500. One of the best advantages of the online loans is that the moneylenders do not care about your credit score for approval of your loan application.

The interest on the payday loans varies from lender to lender. Generally, it is in the range of 5 to 10 percent based on the amount you borrow. The repayment period is smaller than other loans. It varies from 5 days to 4 weeks. If your credit score is very strong, you can get the repayment period extended.