But in order for the lender to facilitate your application, you must submit first all the required documents. This may include one or more pay stubs. One of the most important requirements, pay stubs will prove that you have a steady source of income and therefore eligible for a payday loan. Recent online savings account statements may also be required as well as other additional financial documents (depending on the lender).

With all the requirements in tow, you can now visit a lending store (or get it online) and secure your cash loan (the amount is usually smaller than your net income). This should then be repaid within a two-week period (some lenders agree to a one-week term period). You will be then required to write a post-dated check to the lender (putting the full loan amount together with fees and other charges as agreed upon by both borrower and lender). As the two-week period ends, the lender will expect you to provide the fund for the check you have issued. He or she will then go to the bank to process the check. If the lender discovers that the account is short on funds to cover the amount indicated on the check, you may be required to pay additional fees and penalty charges on top of the principal loan amount for a (aside from paying a bounced check fee to your bank).