Today, payday loans may be a sub prime consumer's only realistic alternative in a cash crunch. Even if your credit is good, mainstream lenders may deny you credit in some circumstances. Payday loans may also be a resource for borrowers with very low or unreliable income, who possess little if any tangible assets.

As of 2005, there are close to 100 million payday loans issued every year. This explosion in sub prime lending has resulted in more than 24,000 payday loan companies being established in stores, check cashing businesses and pawn shops throughout the U.S. Even people who don't fall into the sub prime credit category use payday loans on occasion

With many online payday loan companies you can find out if you're approved for a payday loan within a matter of minutes after your income and employment information is verified. Many of these lenders no longer require you to fax or mail in any forms. If you provide a payday loan company with your checking account number and a valid routing number you can have money wired into your account within an hour of approval. If your loan is approved after hours the money you need will be transferred the next business day.