The recession had hit many and most of them are still fighting to recover from it. This has caused them to look for banks to provide financial assistance. This search for finance has led to the springing up of several financial institutions that are classified as payday lenders. These companies specialize in providing the customer with small amounts on a short term basis known as payday loans. These loans are provided to the person who would qualify and is in need of urgent financial assistance. The eligibility for this type of a loan is the applicant or the borrower should be employed with a regular monthly income that is being received through his or her active bank check-in account. Also essential is that the applicant should be over eighteen years of age. There is no need for the individual to have a healthy bank balance or even a good credit rating, because the loans are provided online and also deducted from the borrower's next pay check. other