With a payday loan, a borrower gets a small loan that becomes due within 7 to 35 days. First-time applicants can typically borrow $200-$600. With each successful loan payoff, the amount you are eligible to borrow increases, and it usually tops out at about $1,000, depending on your salary.
You need to have regular income to qualify for a payday loan, and you also need to have a working phone number. Most lenders also require you to have an active checking account, but some will lend you money if you have just a savings account. In many cases, you can qualify for a payday loan even if you have poor credit, and many lenders issue loans without running credit checks on borrowers.