Payday loans are offered to people who claim for it to fulfill their emergency financial needs. These are short term loans with high interest rates and fees that are to be reimbursed by the next payday or according to the dates given by the payday loan company. This loan is easily approved as there is no credit check. Therefore, though you have a bad credit rating, you can still apply for a payday loan to make payments for your urgent bills. But you should qualify for payday loan. You need to be an adult holding a working savings or checking account. You should be capable to earn income which is not less than $1000 monthly. This assist the payday company to realise if the buyer will be able to repay the payday loan in specified timeframe.