Payday loans are short term loans meant to serve the people who are in urgent need of cash in between their paydays and have got no other source of money to serve the purpose. Applying for online payday loans is not a big problem now. There are some minimum requirements to apply for an online loan and some of them are discussed here. The applicant must be of at least 18 years of age with a satisfactory source of income. The applicant must have a monthly salary of more than $1000 and should have a checking account that is at least 6 month old.

Payday loans are short term loans that range from $100 to $1500 and have to be repaid to the lender within a time period of 14 days usually. In some special cases, this time period may be up to 31 days. If the borrower is not able to repay the payday loan during this time, then he/she has to pay a late charge depending on the amount of loan. The late fee of this loan depends on amount of money, the interest fee on it and a late fee that gives you a new total amount that you have to pay to the lender.