There are certain pre requisites for a person who wishes to apply for a payday loans by phone. The payday loans by phone are those kinds of loans where the borrower applies for his loan through phone calls. Some of the basic requirements that any cash advance loan issuer asks for are as follows, the borrower should have completed eighteen years of age, should have a bank account where his alary is being deposited regularly, should be a full time employer in an organization. These basic requirements are verified carefully before the issue of the cash loan to the borrower. The cash advance loans are issued by financial institutions that operate independent of banks or other governmental organizations. Hence any person with the basic requirements of the loan issuing institution is enabled to seek a financial help from the same. After a stipulated period of time or on the next payday, the lender institution automatically takes back its money from the borrower’s account along with the service charge.