These loans are immensely helpful in very difficult conditions where considerable cash amount is needed within a very short period of time. Under this loan scheme cash loan is available in a fully online process in less than 24 hours that is almost on the same day of loan application. Thus, this loan policy saves a lot of people in urgent situations like bad credit, bankruptcy, business losses, urgent medical expenses, accidents, etc.  It is also a very reliable and dependable loan schemes offered by the reputed payday loan provider financial organizations in many countries of the world like Australia, USA, Canada, etc.

Features of these loan schemes

The payday loan policy has numerous distinctive features which are absent in any other type of loan scheme or policy. Availability of quick cash loans within the shortest time is one of the most unique features of this loan policy. The other conventional bank loan schemes lack this convenient feature. It takes a much longer time for the public as well as the private sector banks to lend the loan amount. The entire online application, loan availability and loan refund process is fully online. Thus, it always saves a lot of energy, money and time of the borrowers.

The loan availability procedure

The loan application, approval and availability process is entirely online. First, the borrower should open the official web site of the payday loan offering financial organization. On that web site, he has to fill out in detail on the online payday loan application form. On that application he has to clearly mention the reasons why he urgently needs that cash loan. He also has to enter correctly his name, contact details, residential address, account number, etc. At the time of application he has to provide the scans of the hard copies of a few genuine documents needed for the approval of the loan application. Then, the form goes for approval, online. He will be immediately informed if his loan application form gets approved by the company authorities and the loan amount will be transferred to his bank account with in the same day.

The required documents and eligibility

Certain important documents are always required in order to get the loan application form approved by the lending organization. Some of these documents are photo identity card, address proof, age proof, bank account detail, income proof, etc. The number of documents needed various from one payday lending company to the other. But these basic documents are more or less the same for every payday loan offering organization. The applicant must be a minimum 18 years old in order to apply for the payday loans and must have a stable source of income and valid bank account. The loan amount lent under the payday loan scheme is usually lesser than that available from usual bank loan policies and mortgages.

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