Have you ever needed cash so bad that you rush off to an ATM machine just to find out that you have 0 balance? Were you ever too shy to borrow money from a friend even if you just need a small amount? Are you too busy or impatient to trudge into a bank and fall in line for a loan that would not be approved until you’re up to your neck in debt? If you answer yes to at least one of those questions, they you are the perfect candidate to get instant approval payday loans.

You must have already heard of payday loans but haven’t had the chance yet to try one. Well, with today’s unstable economy, you might just need to get one soon so it is best to know the requirements and procedures of getting instant approval payday loans.

Requirements:
• You must be 18 years old and above
• You must hold a stable job
• You must have a steady income
• You must be a US citizen
• You must have a working checking account

Procedure:
• Go online and search for instant approval payday loans. This will give you a lot of results.
• Pick a lending firm. Comparing rates and terms is recommended. Choose one that best suits your needs and your payment abilities.
• Apply for a loan by filling in your personal, employment, and bank information. Those applying personally are asked to give some proof of good credit like a paid electric bill or other documentation. Since you are applying online, you need not worry about this for there are several lending websites who ask for nothing and wouldn’t care even if you have bad credit.
• Submit your application and wait for approval. Instant approval payday loans only take an hour to get processed.
• Upon approval, the lending company will now deposit the money to your bank account and you can withdraw it whenever you need it.

When the due date comes, which is usually two to three weeks after the loan approval, the lending company will deduct the loaned amount and the lending fee from your account as payment, making the whole transaction hassle-free. Of you are uncomfortable with others tampering with your bank account, you can make other arrangements by talking to the lending company before the due date.

If you still cannot pay the loaned amount by the time you get your next paycheck, you can ask for a term extension. Some states mandate lending firms to give a free term extension so look into that. Better yet, first gauge your ability to pay the loan before taking one out. This could save you from paying huge extension fees. If longer terms are needed, seek out long term payday loans.

There are laws pertaining to maximum borrowable amount, standard interest rates, and free term extensions. These differ from state to state so those thinking of getting a payday loan are advised to first read up on their home state’s regulations in order to protect themselves from fraudulent lending firms.