One of the quickest and easiest ways of obtaining cash before your next payday arrives is by taking out a payday loan. You can apply for a payday loan online by filling out an application form and get instant approval to receive your loan. The cash is credited to your account in a few hours. Even if the cash is delayed, the maximum amount of time that would take is twenty four hours for you to get the money. The reason for the popularity of payday loans is that it is easy to obtain and does not involve too much hassle. However, payday loans are not without its vices. These loans come with an extremely high rate of interest. As a result it is quite likely to fall in payday loan debts. In such situations you have to consolidate payday loans to come out of the debt. Read on to know about payday loans in details. What are the eligibility criteria for payday loans? Payday loans are quite easy to obtain as the eligibility criteria are very basic. All you need are • To be eighteen years of age or above • To be a citizen of the US. • To have a salary account or a checking account • To have a steady source of income for at least the previous six months. If you meet the above criteria, you can just fill out an application form online and get instant cash. What are the advantages of payday loans? There are various advantages of payday loans that make it so coveted. These advantages are written below. • No credit check – This is the biggest attraction of payday loans. Most of the times you are unable to take out a loan at suitable terms and conditions because you have a poor credit score. You can do away with such worries when it comes to payday loans. These payday loans don’t need any credit check for you to qualify for them. As a result you can obtain a payday loan very easily. • Fast cash – Payday loans provide you with fast cash that is not possible for any other loans. This is majorly because the whole process takes place online, from filling up the application form to transferring the amount of cash you applied for to your account. Also since there is no checking of credit report or documents the process can be completed quite fast. • Limited eligibility criteria – The eligibility criteria of payday loans is very limited. As a result of this almost anyone can qualify for a payday loan. It is advisable that you pay back your payday loan debt the time when you receive your next paycheck. In this way you will prevent yourself from falling into payday loan debt trap. Author’s Bio: Martha Jackson loves to write financial articles and she is a contributory writer associated with the Debt Consolidation Care Community and has written several articles on debt consolidation, debt settlement and get out of debt for various financial websites. She holds her expertise in the Debt industry and has made significant contribution through her various articles.