Identification

• For a cash advance store to approve you for a loan, you need at least one form of valid identification such as a driver's license or state identification card. Some stores require two forms of identification such as a picture ID and a Social Security card. You also need your most recent paycheck stub and a checking account. The number of paycheck stubs you need differs by lender.
  
  

Bank Account

• Many payday lenders require you to have a checking account in your name. The checking account is necessary because when you get the loan, you have to write a post-dated check for the loan amount plus interest. The post date on the check is the day the loan is due. Some lenders, such as Internet payday loan companies, will approve you for a loan if you have a savings account.
  
  

Repayment

• Cash advance loans typically come due in one week to two weeks. At that time, you must pay back the full amount plus interest. If you wrote a post-dated check on the date you originated the loan, the payday lender will deposit the check in its corporate account. Some states allow you to extend the loan for a period by paying the interest charge on the loan. The cash advance industry refers to this as a loan rollover. Many states that allow rollovers limit the amount of times you can extend your loan before you have to pay back the full amount.
  
  

Warnings

• Payday loans are short-term, high-interest loans and some states prohibit payday lending. If you continuously roll over the loan, you end up paying more in interest than you originally borrowed. Many people become stuck in the cycle of making interest-only payments, which causes them to get in further financial trouble. Only borrow what you can afford to pay back and pay off your loan on its original due date.