Payday loans are short term cash advances offered to employed individuals to help them get out of the financial crisis that they fall prey to between the paydays.

As payday loans (or payday cash advances, as they're called) are meant for just that time between the paydays, they are short term loans for immediate needs. Immediate needs need to be instantly dealt with, and payday loan lenders have therefore headed online and introduced the online application form. The post-dated check and the visit to the payday loan store can be avoided.

Instead, the online application form asks you a series of questions about your employment, source of income, your active and valid checking account, your Social Security Number, etc. Many lenders don't insist on faxing documents proving the details you've entered in the online application and your pay stub. All that's required then, is the online application that would take only a few minutes to complete.

Payday Advances - Your Quick Steps To Instant Cash

• It all begins when you click the "Apply Online" link on the page. The online application then appears, and you need to complete the form with the information required of you.

• The next step is obviously the online submission. All you do is click 'Submit'.

• Once you submit the online payday loan application, you'll be given a list of terms and conditions which you must read carefully and then "Agree".

"The payday loan counselors would then contact you to discuss details of your loan amount, the interest rate that would be charged, and the period of the loan as well as the repayment options offered.

• In a few minutes, you'll get the nod from the lender, if you satisfy the requirements. You'll know of the approval either by phone or by email.

• Once you're approved, the payday loan (or cash advance) will be electronically deposited into your bank checking account, usually by the next day, unless it's a holiday in which case the loan amount would be in your checking account the next business day.

• The repayment process is equally snappy, but make sure you have the amount to be repaid and the finance charge in your checking account. The lenders would debit the payday loan amount from your checking account along with the finance charge on the repayment date, which is generally your next payday.