Step-by-Step Guide to Get a Payday Loan


written by

Ana Gotter
January 17, 2022

Payday loans offer small loan amounts with short term repayment periods and high interest rates to people who need cash quickly— often overnight, and sometimes even same-day.

If you’re finding yourself in need of cash fast, knowing how to choose and apply for a payday loan is important, and that’s what we’re going to discuss today!

1. Choose a Payday Loan Lender

The first thing you’ll do when you want to get a payday loan is to choose a payday loan lender. This can feel overwhelming at first, because there are plenty of lenders online.

That being said, make sure you review the following directly on their site:

  • How quickly they guarantee funds if approved
  • How long application approval takes
  • What their current stated interest rate range is (and note both high and low ends of the interest rate range)
  • Repayment terms, including repayment length

Once you do this, you’ll also want to read reviews online about the payday loan lender. This is a formal financial agreement, so you want to make sure you trust the lender. Searching for reviews for the different lenders you’re considering— including the strength of their customer support— could save you a headache later.

2. Apply Online

Once you’ve chosen a lender, apply online through their website. The application will typically be easy to find, and often is typically extraordinarily easy to complete.

In many cases, the application will ask for the following:

  • Your name
  • Proof of identity showing that you’re 18 years of age or older
  • Proof that you live in the state where you’re applying for funds
  • Social Security Number or Individiaul Tax Identification Number
  • Proof of steady or recurring income
  • Contact information, including email and phone number
  • Bank information for an active bank account to set up direct deposit

The online applications walk you through the whole process, and you can call the lender’s customer support if you have any questions.

Make sure you review the application thoroughly before submitting it.

3. Review & Accept the Terms

Many payday loan lenders have fast application review processes. Some even promise that your application can be reviewed in a few hours or less.

If you’re approved for a payday loan, review the terms carefully before accepting. These terms will include:

  •  How much interest you’ll pay
  • When the funds will arrive in your account
  • When you need to repay the funds
  • How loan repayment happens (in many cases, this will be an automatic withdrawal from the chosen account)

If you’re not comfortable with the terms, you can always assess other payday loan lenders or other funding options to see if there’s a better fit for you.

Once you accept the terms, you’ll receive payment quickly— often by the next day and sometimes even within a few hours. You can use the money as planned.

4. Have Repayment Ready in Your Account

At the end of the loan term, make sure that your repayment is ready. In many cases, banks with will draw the funds directly from the bank account they deposited the loan into originally. It’s important to make sure that the full amount is there, or you could risk overdraft fees from your bank in addition to penalty fees from the payday loan lender.