If you have ever thought that you might need some emergency cash, then you have probably also thought about getting a payday loan. The ads are everywhere - in the mail and online. Now, though, you are wondering if it might be something you can get. Here is what you need to know about getting a payday loan.

One thing you will not need to get a payday loan is a good credit rating. It does not matter what your credit score is and they will not even check it. You could just have declared bankruptcy a week ago and it will not effect your ability to get a payday loan.

You will, however, need to be employed, and you will be required to have been there for at least three months. Besides this, there will also be an interest on how much you make each month - they will look for at least $1,000, possibly $1,500 per month. Your employer may be called to verify your employment there, or you will be asked to fax recent paystubs.

The amount of money that you can borrow will be determined by how much you make, and how many loans you have had. Many pay loan lenders will let you have the first loan for free - no interest. But, then, you may only be able to borrow up to $400, too. If you pay it off on time, then your credit limit may be raised - if your income will permit it.

After you fill in the application, and if they decide that your information looks good, the lender will usually call you. This will be to confirm information, or to
request some more. You should be ready to provide more information in case it is requested.

You will also need to have an active checking account, too. This will need to have been active for at least three months, in most cases. If you are approved, you will then supply them your account information so they can put the money directly into your account. Also, you will need to approve a withdrawal on the day the loan is due.

Getting the money is what it is all about. Depending on how soon you need it, it is possible to have it within 1 hour. If, for some reason, you are not ready to make the payment when it is due, then you can roll the loan over. This will, however, require that you at least pay the interest on the payday loan. The same amount of interest will be charged again, and you will have to the following payday to pay the new loan. You will want to think seriously about that, though, because the interest on a payday loan can be rather high - as much as 30%.

As with any loan, you should shop around for the best deal. Some payday loan lenders will give you more time to repay it. Some will also let you make multiple payments, too - which makes it even much more convenient.