The first step is the application; gather all the documentation needed and apply for the loan. Again, the necessary documentation will vary based on the lender. But, typically, you’re going to be asked to provide identification, proof of income, and some might ask for references. The next step is to wait for approval. Payday loans have high approval rates, even if you have poor credit. After approval, the funds are deposited into the bank account within 24 hours or given as cash in-store.