Different companies have different loan rates. Some even offer discounted rates for loyal or new customers. One only needs to provide basic information like name, address, employment and banking information. Once your application is processed, the payday loan can be approved in as little as one hour and the funds maybe directly transferred to your bank account the very same day. In rare occasions you may be asked to fax your last pay check and bank statement for verification. However post approval the funds are directly transferred to your bank account within 24 hours making it a very convenient and hassle free transaction.