Life’s solutions work best when they fit the problem. If you cut your finger, a bandage is what you need, not a plaster cast and an MRI.

The same goes for short-term money problems. If you need $500 this week, but your bank account is empty and your next paycheck is ten days away, you don’t need a bank loan or a new credit card. Instead, millions of people turn to payday loans, the short-term solution to a time-limited problem.

Aside from delivering money fast (most online payday lenders will electronically deposit the money into your account overnight), payday lending is characterized by simplicity. It’s in and out: borrow today and pay it back in a week or two.

Here are the borrower-friendly features of in-and-out payday lending:

• - Simple application, no bureaucracy: A payday loan online simply involves providing employer and wage rate information through a secure server provided by the payday lender.


• - No credit report required: If you have a job, you qualify for payday lending. This is a welcome relief to millions who have been battered by the recession and are unable to get other types of loans.


• - Quick payoff, problem solved: One of the more stressful parts of personal money management is having a loan or large invoice hanging overhead for months or years into the future. Payday loans are designed to be made fast – and paid off just as fast.

Everyone knows that the longer we hold a debt, the greater the cost of being indebted. The in-and-out nature of payday lending gets past that, basically keeping the borrower honest with him or her self regarding the loan. Handled correctly, it’s a neat tool for managing the smaller financial problems that pop into almost everyone’s life from time to time.