Life comes at you fast. That is a true statement that has recently been advertised on television for a credit card company.

Things do happen very fast and unfortunately they aren't always fun things that come at us from all angles. Have you ever wondered where you might get more money than you currently have in your checking account to pay for an urgent need?

Have you run through a list of neighbors, friends and family to ask for money? There are easier ways to get money than going through the headache of borrowing it from someone personally or from going without the cash you need so desperately.

There is an industry called payday lending that is here to help people who need just an extra financial boost. What is payday lending? Let's take a look below.

What is payday lending?

It is simply what it states itself to be: loans given to be paid back upon the borrowers next payday. Technically you can pay the loan back with whatever money you choose, but most people borrow with the idea of using the money from their next paycheck.

Now you might be thinking that if someone needs money now and they don't have it, how are they going to pay a loan back with their next check? They might not have it then either. This is true, but most people are aware that if their budget is that tight, that they need to create the money another way.

Some people have been known to work overtime at their jobs, other pick up some side jobs to help cover the loan. The difference in using a payday loan for something urgent, instead of doing the things mentioned to earn money is that they need money urgently.

When you have something looming, you don't usually have time to wait till your next payday. Car repairs are a great example of how a person needs money very soon and not wanting to wait.

What is involved in the payday loan process?

Usually the only thing that is needed is proof of income, proof of bank account, a post-dated check or a post dated automatic funds withdraw to pay the loan back, and a signature on the application and contract.

These loans are different from traditional loans in the effect that they are small, temporary loans and they are governed differently than banks. They do charge a little bit more in interest but this is the price for convenience.

What if I have bad credit?

These loans are great for people with no, or bad credit, as a credit check is seldom initiated.

Are they legitimate?

Payday lenders are usually legitimate. Now, there are those companies out there that try to swindle people out of their money, but they are the exception to the rule.

Find a lender that is located in the United States and even check the Better Business Bureau to find out if there are any complaints against them. Research the laws in your state to make sure the lender is complying with all regulations.

When do I have to pay the loan back?

This is decided upon by you and your lender. Usually the time frame is within a couple of weeks. The longer you have a payday loan, the more it is going to cost you. So make sure you have a plan of how to pay it back.

What if I don't work?

Then you need to show proof of money coming in. This could be social security, pensions, etc. Payday lenders protect themselves like banks do, so they want to make sure you are in a position to pay it back.