Online payday loans offer an easy and affordable solution for short-term financial crises. Virtual payday loan vendors offer borrowers many benefits that beat their land-based competition hands down. Chief among these are speed, convenience, privacy, and competitive rates. Online payday loans are actually more secure than paper checks and large amounts of liquid currency associated with offline alternatives.

Online payday loan requirements

A common fallacy is that Web-based payday loans require more documentation and entail far more stringent approval criteria than their offline analogues. Nothing could be further from the truth, however. Associated paperwork is actually much lighter when you apply for a payday loan online.

This is true because payday Internet-based loan sites transact business via virtual formats and electronic media. Thus, the application process rarely involves any physical papyrus at all. Rare exceptions to this rule include online payday lenders who may request a hard copy of your latest pay stub or utility bill to verify your address or personal identity. Such brief items are easy to fax or e-mail to an online payday loan company.

Bank account

Like their offline counterparts, online payday lenders typically require that applicants have an active checking account that has been in good standing for at least six months. A few virtual payday loan venues accept prepaid debit or credit cards in lieu of a bank account, but typically charge relatively high fees to compensate for correspondingly higher risks.


You must supply details like your employer’s contact information and length of current employment as well as rate and frequency of pay. If your loan is approved, most online payday lenders want your next payday to be your loan due date.


You may have to prove your identity to a prospective online payday provider. Federal anti-terrorism laws often require financial services providers to verify prospective customers’ identities before actually doing business with them. In such cases, you may submit a copy of your driver’s license or other picture identification to potential lender(s) via fax or e-mail.