how do i redeem in mylot ?

Yes that's right. It is automatic. Want to know how it works in more detail?

earn the minimum payout and put your PayPal account in your profile settings. they will send your money before every 15th of the succeeding month

Just to repeat what various have told you. Check out the link by @JJ, which tells you that if you reach the minimum payout by midnight CST the last day of the current month, then you will receive your money automatically into your PayPal, but you should check your PayPal and make sure your e mail for Pay Pal is entered into your profile. There is no set day to receive your payout it is any time between the first and fifteenth of the month. Minimum payout currently is $10. If you earn 34 cents daily it is enough to get paid. With the exception of February when you need to average 36 cents. Your payout will not be subtracted from your bank until it is moved to your PayPal.

From this month, once you can reach USD10 by the end of this month, then you will get paid automatically next month before 15th. You don't have to redeem it.

The second statement is true. You can just put your PayPal account in your setting and the payment will be paid within 15th day of the month.

yes, payment is automatic, but you have to make sure you entered and saved your paypal email address in your account settings.

Automatic. Once you reached the minimum.