How It Works

Learn more about paycheck loans here. We'll discuss what they are, how you qualify, and how the lending process works.

Paycheck Loans Explained

Paycheck loans are also sometimes referred to as payday loans or paycheck advances. All of these terms refer to relatively small loans that are secured against your next paycheck. Such loans are provided over a short period of time to help you cover emergency expenses until your next payday. Paycheck loans are ideal for when you need a little bit of extra cash to help you make ends meet. Many borrowers find paycheck loans to be faster and easier to qualify for than traditional loans. The majority of the borrowing process can be completed online, but some lenders might require you to fax in documentation to supplement your application. Overall, paycheck loans are a practical and effective solution to short-term gaps in cash flow.

Qualifying for Paycheck Loans

Lenders are able to relax their qualification standards somewhat with paycheck loans because they are secured against your next paycheck. Keep in mind that qualification requirements will vary by lender. Here is what most lenders tend to require:

At least 18 years old
U.S. citizen
Employed or have other source of regular income
Earn at least $1000 per month
Have an active savings or checking account
Have direct deposit option on bank account

The Lending Process

Getting paycheck loans is actually quite simple. Here is how the process works:

Fill out our sign-up form. First provide us with a little information about yourself on our free, online form. We will ask you for your name, phone number, and other basic contact information.
Get a referral to a lender. After we have your information, we will put you in touch with a lender that offers paycheck loans. You can then visit the lender's website for more information about the loans and how they work.
Apply for a loan on the lender's site. If you want, you can then apply for paycheck loans on the lender's website. Many of our lenders offer online applications that take just a few minutes to complete (varies by lender).