There is perhaps a microscopic minority of American citizens who are oblivious of the term ‘Payday Loan’ then again – perhaps not.A payday loan is the most trusted source of cash for an average American. It is so simple to get one of these loans that anyone can walk into a payday loan centre and avail of valuable service.Anyone with a valid checking account into which their salary is being credited for the past two months at least can apply for a loan. This also means that the applicant has to be over 18 years of age given that he or she has a job – and yes the applicant for the loan also has to be a legal resident of the US.How Does One Get A Payday Loan?Well, in order to get a payday loan, one must be eligible in the first place. Being eligible means to be eighteen years of age and above, hold a regular paying job, be a legal resident of the States and have a valid checking account. If you fit these basic criteria you are almost there. I mean, your loan is almost guaranteed. Now, all you need to do is to search out a payday loan company and walk in, phone in, apply online or through fax for your loan.What Is The Application Process?The application process for a loan is perhaps the simplest applications of any loan (not counting the arm-twisting tactics you’ve used on best pals in the past when you needed some extra dough, though!)Just fill in a simple one-page form, providing your employers phone number along with your bank statement that reflects your monthly salary. Then sign a form authorizing the payday loan company to deduct the amount along with the additional charges from your checking account on the next payday. The loan company will process your loan application and you will get the loan amount into your bank account the next working day. It is as simple as that!! You never have to go back to them again to collect or repay the loan.Do They Trust Me?They don’t. They are giving you what is known as an ‘unsecured loan.’ This is why they charge you an interest of as much as 35 percent of the loan for the loan period. This amount is even higher in some cases. This is also a reason a payday loan company does not require any credit history.If a person is not careful about paying up the loan by the next payday, the payday loan will roll over into the next month and the interest along with late fees will apply. This can take the total repayment to nearly 200 percent of the loan value.Online Verification Speeds Up The Loan ProcessPayday loan companies use a process called online processing through software shared by banks and all financial and loan companies. It does not take them much time to verify if your documents are fake or genuine.When you apply for a loan the first time from a company it may take as much as 72 hours to get your loan processed.However, every subsequent time, and given that you have a clear repayment history, you may get your loan the very same day. This will open up many avenues of applications to you. You will be able to apply for a loan through fax, phone, online web site application or if you want, you could physically walk into the loan company and get your loan over the counter.So, now that weekend getaway, dorm party or the new set of snow tires you’ve been putting off for a cash-crunch needn’t pull you down anymore – these are just a few scenarios where loans have proved to be perfect ways of tiding over sluggish economic times for many people just like you and me!