Generally speaking, a payday loan is a short term loan that should be used for some urgent expenses, like a cell phone bill, etc. The most effective way to apply for such a loan today is via the Internet. Many payday loan lenders now support online applications and overnight funds transfers directly to your checking account (yes, you have to have a checking account in order to get approved).

We reviewed dozens of payday loan providers and actually went through their entire application process to see how various lenders performed according to our criteria (flexible pay off terms, lower interest rates, instant approval, etc.). The bad news is that there are many lenders out there who will simply waste your time by making you fill out lengthy applications with a lot of bogus questions (e.g. references from your friends and family). In order to save time, you should clearly avoid these lenders.

One provider that has performed quite well on most of our requirements – 100 Day Loans.com – not only has a very short one page application, it also showed the fastest approval time (just 90 seconds) and very flexible pay off terms – we got an installment loan with the repayment period of 120 days. Most other companies only provided funds for two weeks which can definitely place a strain on your personal finances.

100 Day Loans.com works with over 120 direct lenders so you will stand a better chance of being approved. And the best news is that you won’t need to fill out 120 separate applications!