Payday Paycheck Loans

Written by Patricia Tunstall
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Payday paycheck loans are dependent on your job and your checking account. Their very name indicates that having a job with regular paychecks is the basis for approval for these faxless cash loans. A job means you have income and a checking account in good standing means you can electronically make payments on a loan.

Because no collateral is needed, low fee payday loans online must have some way to recoup their money. Upon approval of your application, money is electronically deposited into your checking account. When you select your payment option, and agree to certain dates for repayment, the money is electronically debited from your account when payments are due.

Schedule for Payday Paycheck Loans

Monday through Friday, payday paycheck loans are approved within minutes, unless there are special circumstances. The money is deposited into your account the next day. If the application and approval come on Friday, the funds are available on Monday. If everything is completed on Saturday or Sunday, funds are available on Tuesday.

There are 10 holidays that are observed by banks and other financial institutions, meaning, they are closed and no business is conducted for payday paycheck loans. Some holidays are common knowledge, but some may be unexpected: Martin Luther King, Jr. Day, Columbus Day, and Veterans Day. If a holiday falls on a Saturday, Federal Reserve banks and their branches are open the preceding Friday. If holidays fall on a Sunday, banks are closed the following Monday. This will directly affect the arrival of your funds in your account.

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