A short-term loan is a type of cash advance, which borrowers receive when they need urgent money. Today, when American economy is under deep economic recession, people need to work hard in order to fulfill their financial obligations. This type of loans are designed to assist people in doing this. They can offer customers money quickly and easy. Below is the list of requirements for credit borrowers, so as one can check if he is an appropriate candidate for this loan or not. The following qualifications are required when applying for a loan: 1. The age of 18 and up years old. 2. Permanent employment in a company. 3. Data from paychecks (the salary amount). 4. Availability of a bank or check account. Expenses that are allowed to make with payday loans include: 1. Repair of a car in order to go to work. 2. Utilities and telephone bills to ensure yourself against losing these services. 3. Medical bills in the case of emergency. 4. Debts which can lead to property confiscation or bad credit history. 5. Studies fee by non-availability of other financial means. 6. Certain goods necessary for everyday life. Payday loans are not allowed to be used for below stated expenses: •    Holidays and vacations; •    Gambling; •    Hobbies; •    Luxury spending, such as electronics, jewelry, concerts; •    Wedding preparations; •    Lending money. Payday loans have a lot of benefits for their customers. In the majority of cases they don’t require to have a good credit history. So you don’t have to spend your time and fax the documents to the lender. The application procedures are easy. All you need to do is to fill in the application form and confirm it. As soon as your application is approved, the requested amount of money is directly sent to your check account. You generally have 17 – 100 days to pay the credit back. The sum of money that you can receive can range from $250 to $2,500. The terms of the loan and your personal data usually determine the amount you are allowed to get. What is advised by getting a payday loan is to pay your current debts back and to repay the loan till the due date or earlier. You must reconsider your budget in order to decrease your spending and rise your saving. This will help you to live sparingly and not to face with financial difficulties any more.