In the event of a financial emergency you may find that the only way to get the money that you need is through a payday loan. These quick and easy cash loans are short term cash infusions that allow you to get the money that you need right now, while you wait for your next paycheck to come in. With a payday loan you can ensure that whenever an emergency comes up you will be prepared. When applying for a payday loan there are three things that you need to have readily available. If you keep this information handy, the process of applying will be even quicker.

Amount You Need

The first thing that you need to know before you begin the application process is how much money you actually need. Take the time to figure out the total amount, because if you ask for too little you will not be able to get a second payday loan while you have an outstanding loan, and if you ask for too much you may not be able to pay the original loan back without forcing yourself into further financial hardship. See how much money you have available outside of the payday loan, which will lessen the total amount that you need to borrow. It is critical that you take time during this step, and really consider the amount that you are going to have to pay back and whether or not you can afford to make that repayment in the future. The last thing that you want to do is get caught in a debt cycle that you cannot break out of.


After you determine the amount that you need and you start the application process, the most important thing that you need to have when is documentation of your employment. Lenders can only lend when they know how much money you have coming in, and having that information nearby is critical. Most of the time this means that you will need to have a copy of your latest check stub or some other form of recent pay information. If you are applying for the loan online, you need to be sure that you have some way of transmitting the information to the lender. This can usually be done via fax, email, text or the site’s uploading tool. Once the information has been verified, the loan can be approved.

Direct Deposit

Along with your employment information you will also need to be able to provide proof of direct deposit of your wages. Payday lenders require direct deposit so they can collect their funds right from your back account on the day that the payment is due. This speeds the process of repayment and makes it much easier for you since you will no longer have to worry about putting a payment in the mail. Proof of direct deposit can be a bank statement showing the electronic funds transfer, a check stub that lists that the deposit went straight to the bank or an acknowledgement of the direct deposit agreement from your employer. You will not be able to get a payday loan without direct deposit.

Payday loans are a quick and easy solution to financial emergencies, but they should be used sparingly. If you find that you need to apply for a payday loan you can make the process more streamlined by having all of the information readily available. Once the application gets approved you will see the funds arrive in your account within minutes.

Author Bio: I am Sally Summers, financial advisor and specialist in short-term lending for working people. With over fifteen years of experience in giving the payday loans Australia working families need, I understand what it takes to make the process go smoothly. For more insight on the payday loan process I recommend