Sara Routhier, Managing Editor of Features and Outreach, has professional experience as an educator, SEO specialist, and content marketer. She has over five years of experience in the insurance industry. As a researcher, data nerd, writer, and editor she strives to curate educational, enlightening articles that provide you with the must-know facts and best-kept secrets within the overwhelming worl...

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Joel Ohman is the CEO of a private equity-backed digital media company. He is a CERTIFIED FINANCIAL PLANNER™, author, angel investor, and serial entrepreneur who loves creating new things, whether books or businesses. He has also previously served as the founder and resident CFP® of a national insurance agency, Real Time Health Quotes. He also has an MBA from the University of South Florida. ...

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Reviewed by Joel Ohman
Founder, CFP®

UPDATED: Sep 12, 2011

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Payday loans are often used to cover immediate expenses or to help borrowers attend to their financial obligations when employment checks or other resources aren’t fast enough. The ability to secure payday loans online has made fast funding a reality for many borrowers. However, while such transactions are convenient for most, they still have a few basic requirements. Preparing for these requirements can ensure application and approval processes are completed as quickly as possible.

Documentation required for same-day payday loans typically includes proof of employment, usually in the form of a recent pay stub, along with a bank statement and complete personal and contact information, including a social security number. Necessary documents are most often faxed to a lender as part of the application process. Some payday lenders may require a credit check or other form of verification, though many online providers bypass this step.

Payday lenders typically also require the submission of virtual bank account details; while this may allow the loan amount to be deposited directly into the borrower’s account, it also means the loan plus fees will be deducted from the account automatically on the agreed-upon date. Failure to have funds available in the account when the repayment is due can result in significant fines.

Completing a payday loan can take as little as under an hour when proper documentation is prepared and a credit check is not required, allowing borrowers to quickly attend to financial concerns. The greater the effort made to locate a reputable lender and to gather relevant forms, the faster a borrower is likely to be able to secure money.