Cheap payday loans online can offer up to $1500 to eligible customers who have an established source of income and who are above 18. Holding an active savings account is a must due to the reason that on approval it is the bank account which would accommodate the cash that comes through the loan. Cheap loans can quote a very low rate of interest and that is one reason d for the popularity of the same. If a payday loan is available for very low rate of interest, what more reasons do you need to apply for one? Now the best part is that the same could be applied online. When a loan is applied on line it saves the time for the customer as he need not waste time searching for a lender, waiting in the line to get his loan approved etc. Soon after the verification of the loan the cash gets deposited in your bank account with a very low rate of interest, being cheap payday loans.