There are times when many people do not have the finance to meet sudden expenses and they turn to payday loans that are a sure source of help. Almost everyone who applies online qualifies for a no fax payday loan. The requirements for such a loan are simple, but even then the borrower needs to meet these requirements. The borrower must be over the age of 18 years, which is the legal age to hold a job. The borrower must be employed permanently and must be earning a minimum salary of $1500 and should have an active checking account. If these conditions are fulfilled by the borrower then the application for the loan will be approved. Previously those wanting a loan made use of the traditional lending institutions and conventional banks. Times have changed and these days it is the payday loan industry which has become popular with loan borrowers and why not? These are the companies that provide loans to meet every financial situation in the quickest time possible.