Cash loans are commonly called as payday loans. This is a small loan to help tide over the borrower until their next payday. The term is short in nature and usually not used to make large purchases. The main reasons people avail a cash loan is to stretch their buying power and help cover unplanned expenses. There are not may stringent rules to qualify for a cash loan. A small convenience fee may apply. The original amount borrowed along with this fee has to be paid back on your next payday. Different states have a different law pertaining to payday loans. Before choosing the loan best for you, go online and learn about your state’s laws. If your state government prohibits cash loans, then the best thing to do is to look for another alternative. Eligibility: Be a US citizen or permanent resident Be at least 18 years of age Have a US bank account Provide proof of income, such as recent pay stub Have a valid email address Provide work and home phone numbers As opposed to a traditional bank loan, a cash loan has a swift approval process. Most lenders offering payday loans do so online, thus there’s no need to step outside the house to procure a loan, the approved money gets directly deposited to your bank account.