Do these phrases sound familiar? 'Need extra cash? Get an advance today! Just apply online for instant credit approval! No one turned down, good credit, bad credit, no credit, no problem!'.

These are all marketing statements that you find when you are applying for a loan against your payday. The lender advocates you can get $1,500 today but can you really? How easy is it to get a payday loan?

A typical case that I monitored began three days ago and as of today the client is still waiting for the advance while the emails keep piling up flooding out the box. Client A applied for a payday advance of $300 against an income of $1,500 all the information properly filled out then the submit button was hit. The next step, lender processing the request and soon you would be matched up to a lender. The step after that the client was then informed that five lenders would very much like to process the request just select one.

Meantime the email box had 20 emails from all over advocating that they want to loan the money. The step after selecting a lender is that while you wait you are given five different offers. The offers have nothing to do with the loan it is just a matter of getting more money from the borrower. The client turned down the offers and finally got to the lender. The lender then had the borrower to fill in the same information for the loan as the client had done previously in order to be selected to get a loan. All this information was re-entered but the email account checked showed an additional 50 new emails. The client getting very frustrated thought I would delete all these offers as I only need to borrow from one person.

The lender then told the client to wait for approval after a few minutes pre-approval was given. The borrower then proceeds to documentation that will get them the loan after signed and faxed. Faxed! The lender distinctly recalls that part of the advertising was no faxing needed. The borrowers signature needed on bottom of loan and emailed back to the lender. The borrower did not want to do this for a mere $300, which had not been issued within a three-day span. We are now going into the fourth day after the lender determined that they would accept an email. The email now has to consist of bank statement that is at least forty-five days old with no NSF on the statement (they advertised help pay off any NSF), paycheck stubs for six months and a list of family and friends for reference. The truth is the names are in case you are not paying them back they can then bother your family and friends.

The final phase after all of this you need to wait twenty-four hours in order to receive a deposit into your bank account then be able to pay them back within two week time period. The fee for borrowing the money is $90 that is for a $300 loan it is more if you borrow more. After all this you find that you are charged $30 per $100 borrowed and you can pay them $90 three times in a row before paying back the actual $300. Now ask yourself is this loan worth the effort?

All in all, payday advances can be useful in a tight squeeze, but are very expensive, sometimes complex to arrange, and should only be used as a last resort.

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Michael writes on loans of all types, from payday advances to bad credit home loans.