Home/Blog/How Do Payday Loans Work Online?
cash central payday loan

How Do Payday Loans Work Online?

Accessing cash when you’re in a pinch can feel a little bit overwhelming. When there are bills to pay and your bank account is running low, it can be hard to find the help you need. Millions of Americans4 choose payday loans each year when searching for a quick access to cash. Cash Central Payday Loans are available online to ensure you have access to an application and can access funds without making a trip to a store. If you’re not sure that a payday loan is the right solution for your situation, you’re right to take pause and address your questions! Thinking through financial decisions thoroughly is the first step to making choices that will fit your long-term goals. Not sure what a payday loan even is? No problem. We’ve outlined the basics to help you begin your research. You can also visit our FAQs  page or reach out to speak with a member of our team.

What is a payday loan?

Before filling out a Payday Loan application, it is a great idea to take a pause and consider the nuances of your situation, your long-term plans and goals, and to think about how a loan payment will fit into your budget. If you’re facing the decision to apply for a payday loan, chances are you may have a slightly less than ideal financial obligation that isn’t quite fitting into your current budget plans. Applying is simple and typically payday loans offer cash in hand (or in your bank account) rather quickly. So, what exactly is a payday loan and when does it make sense to apply?

A payday loan is just what it sounds like, a loan that is contingent upon your payday. You will need to provide your lender with information about your income to help determine whether you are eligible. If you are approved for a payday loan, the loan amounts are typically under $500. Each state has specific rules and regulations when it comes to payday loans, so be sure and discuss your loan in detail with a representative or read all linked disclosures about the rates and terms of your loan specific to your state of residence. When you borrow payday loan funds, you are typically required to pay back the loan, you guessed it, on or around your next payday.3 When should you apply for a payday loan? When you are short on funds and have an important expense that is non-negotiable, a payday loan could provide the solution you’re looking for. However, a payday loan is an expensive form of credit when compared with some other forms of credit and should be utilized responsibly and with a repayment plan in place. Cash Central offers online loans with clear terms and rates, as our goal is to provide a transparent approach to payday lending. We want our customers to be informed and to have a plan for borrowing and responsible repayment in place prior to applying. When a payday loan is the best solution for your situation, Cash Central is here to help. Payday loans are beneficial to many people who have thoroughly weighed the pros and cons2 and who are borrowing responsibly.

Before we go much further into our payday loan discussion, let’s talk about the payday elephant in the room. If you google “payday loans” you’re likely going to find quite a few blogs, articles, and information that take on a super negative vibe. We get it. There are bad actors in almost every space imaginable from big companies to small, and our industry is no different. However, Cash Central strives to stand out from the crowd. We make our terms clear prior to customers signing on the dotted line and accepting funds. If you have any trouble understanding the terms or rates you’re being offered, we urge you to bring all questions to a representative who will be happy to walk you through the process of borrowing and repayment. We want our customers to have a positive experience, and we want to offer financial services to people who need it. Whether you obtain a payday loan from us or from another reputable lender, do your research, ask questions, and make sure you have a plan for repayment. Now that we have that out of the way, let’s talk about payday loan requirements and how to obtain a loan.

Are payday loans available online? How do I apply?

Payday Loans are available online and in store when obtaining a loan from many lenders. Cash Central offers Payday Loans exclusively online because convenience and a quick turnaround are two of our main goals. Obtaining a payday loan online is a great way to gain access to cash quickly and without a hassle from the comfort of your own home. Working with an online lender is preferable for many people because life is frankly out of control hectic at times. When you do business online, you get to choose when and where. Making time to visit a payday lender in person can prove tricky. That’s why lenders like Cash Central offer the convenience of handling loan transactions, start to finish, from home.

The online payday loan application process is simple to navigate, but you can make the process go much more quickly by reviewing the required information prior to applying. Choose the lender that you feel most comfortable working with, the lender that has the rates and terms that fit your specific needs and comfortability, and then take a look at their payday loans page. You will likely find a list of items needed for your application. For example, to apply for a Cash Central Payday Loan, you will need the following:

  • A verifiable source of income
  • Valid checking account in your name
  • A current (and valid) telephone number
  • Your social security number
  • You’ll need to be 18 or older to apply. In Alabama, you’ll need to be 19 or older.

Once you have your information gathered and easily accessible, applying typically doesn’t take long. Processing times may vary according to your state of residence, the information provided, and your bank. Once you’ve been approved, the speed of delivery of funds will also depend on your bank, but often customers receive funds as quickly as the next business day.

Payday Loan Repayment Tips

When you receive a payday loan, you’ll likely find that your repayment is due on or around your next payday. Depending on the lender you choose, you may need to stop by the store to make your payment or provide payment online. Many payday lenders, like Cash Central, set up an automatic repayment that debits from your bank account. Some lenders require a post-dated check while others require an ACH authorization which allows the lender to obtain loan repayment electronically.1 This method of repayment is quick and convenient and can help you avoid missing your due date. However, it’s vitally important that you plan for this repayment as it will automatically debit from your account.

The best way to plan for payday loan success is to consider your repayment prior to applying for the loan. Crunch the numbers for your upcoming budget to ensure you will be able to make your payment in full on or before the due date. A short-term need for cash will remain a short-term situation if you make a solid plan and stick to it. Responsible borrowing, and responsible financial choices for that matter, always start with a budget. Use our budget tool to create a budget if you do not already have one, and you’ll be surprised how quickly you can get your finances on course.

Successful borrowing begins with research

If you’ve ever found yourself a little short on cash right before payday, you may have asked yourself, What do I need to get a payday loan? Payday loan requirements can vary depending on the lender and whether or not the lender is in person or online. No matter who you decide to borrow from, make sure you’ve done your research and understand the loan rates and terms offered by the lender of your choice prior to applying for a payday loan. Successful borrowing starts with gathering information and putting a plan in place. We’re rooting for you! At Cash Central, you’re our central focus. We’re here to help.

* In California, deferred deposit loans are provided in accordance with the Department of Financial Protection and Innovation pursuant to California Deferred Deposit Transaction Law, Cal. Fin. Code §23000 et seq. Exact funding time depends on the terms of your financial institution.


1Consumer Financial Protection Bureau-CFPB (2020, Aug 26). How do I repay a payday loan? Retrieved from: https://www.consumerfinance.gov/ask-cfpb/how-do-i-repay-a-payday-loan-en-1599/

2Pino, Ivana (2022, Dec 7). What is a payday loan? What you might use one for and when to avoid them Retrieved from: https://fortune.com/recommends/loans/what-is-a-payday-loan/

3Consumer Financial Protection Bureau-CFPB (2022, Jan 17). What is a payday loan? Retrieved from: https://www.consumerfinance.gov/ask-cfpb/what-is-a-payday-loan-en-1567/

4Luthi, Ben (2019, Jan 3). What Is a Payday Loan and How Does It Work? Retrieved from: https://www.experian.com/blogs/ask-experian/how-payday-loans-work/