Payday loans are short-term loans, most often as little two weeks but never more than 45 days. It has higher interest rates than a loan from a traditional institution and those rates are decided by licensed money lenders, so payday loans can vary slightly from moneylender to moneylender. All you need to qualify for a payday loan is a stable job to prove that you are able to repay the loan and you must be above 21 years old.
You do not secure a payday loan as you would a loan from the bank, where your credit record determines whether or not they will so business with you. All you need in most cases is a checking account and a bill in your name that proves you have some sort of financial responsibility. When the loan comes due, you can either repay the loan or you can authorize them to do a direct credit against your account for the amount due.
If you do not have the money when your loan comes due, extra fees will be incurred when the licensed money lender did not receive your loan repayment. So you count on a late fee being levied against you. Alternatively, you may want to extend your loan by just repaying the interest on your current loan and get a re-loan of the same amount as your previous loan. Payday loans can be very useful if you know what you are doing. Always remember to take an amount of what you really need and not more than what you can repay.