Obtaining a payday loan is a simple process. All you need is identification, a steady income and a bank account in good standing. In the state of Louisiana, the maximum loan amount is $350, and the loan term is 60 days or fewer. However, the transaction is usually for a short-term, two-week cash loan. The borrower will write a personal check for the amount to be borrowed, plus the finance charge. The lender holds the check until the borrower's next payday. The borrower may opt to redeem the check by paying off the loan, allowing the lender to deposit the check or paying the finance charge only so as to roll the loan over. Payday loans are big business-more than 20,000 lenders are available in the U.S. If you think you might need one of these loans, here are six little-known facts to consider.