Recent headlines have revealed that an increasing number of Americans are turning to payday loans to meet their needs during difficult months. Payday loans are technically cash advances on an individual’s next paycheck (with a cap of $300).

For instance, if an unexpected expense arises during a particular month, a consumer can visit a payday lender apply in just 15-30 minutes. If approved, there is a fee applied and a direct debit scheduled after an individual’s next payday.

The application process is quite simple. One must present the following to a payday lender:

• State ID (Driver’s license is perfect)
• Print out of most recent bank statement
• Two most recent paystubs
• Blank check

In short, the person seeking the short-term loan must be able to prove his or her identity, reveal proof of a bank account and current job, and provide the blank check to facilitate the direct debit following payday.

There is never a credit check required for a payday loan and one’s credit score doesn’t factor into the approval process. The loan is provided on faith that there will be enough cash in the bank to be pulled following the next payday. If for any reason there isn’t enough cash available to be pulled, an individual is responsible for additional fees and/or will be penalized with high interest rates until the loan is paid off in full.

The true benefits of a payday loan are that cash is usually granted in less than 30 minutes and they are much easier to obtain than traditional bank loans for those with poor credit scores, a recent bankruptcy, or home foreclosure.

In order to find a reputable and trustworthy payday lender, it is recommended that a careful Web search is undertaken. When embarking on such a search, it is essential that online customer reviews are read and articles located for additional information on the lender.

In today’s challenging economy, millions of Americans have been greatly helped by payday loans. Due to the growing demand for them, the market is becoming more and more competitive each day.