Online payday loans are a new type of loan that is offered by traditional payday Lenders, but in a special form over the Internet. This type of loan requires no security and in addition, a person’s credit report is rarely is ever an issue. The lender only wants to know that the borrower has a steady job, how much money they make, and how long they have been working the job. Once this information is verified, a borrower will qualify for a loan which will be a certain percentage of their regular paycheck. In essence, this type of loan is simply an advance on your paycheck. Because of this, the lender will also require that the borrower have a checking account. Once approved, the loan money will be sent directly to the borrower’s account. When the loan comes due, the entire amount of the loan will be taken from the borrower’s checking account.