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The loan qualifications for a payday loan are usually quite minimal. Applicants may only be required to provide basic information including information relating to personal identity and employment status. The first step in the application process is to complete and submit a loan application with all of the required information, as well as any necessary application fees. Once this application is submitted, the lender will usually review the application rather quickly and the loan may be approved in as little as 24 hours. However, different lenders will have different criteria for reviewing payday loan applications. Many lenders can process and approve applications received before 3 p.m. on the following business day.