Monthly payday loans are very easy to obtain. The loan is mostly approved for a period of few weeks only. The amount of loan is also very small. It may vary from $100 to $1500. In certain cases, this may go beyond this level too. It mainly depends upon the creditability and the need of the borrower.
These loans are very short term loans. So you may take these loans without keeping any of your assets as collateral against the loan amount borrowed. Even if you are having some bad records or defaults in your name, then also you may apply for such loans. Lenders are least interested in your past credit scores. But as these are offered without any collateral, the rate of interest applicable on such loans is slightly higher as compared to the other types of loans.