Payday loans also known as cash advance loans are one of the easiest ways to avail cash when you are in urgent need before your next paycheck is due. Payday loans are very easy to avail, fast and a convenient way of getting cash when you need it most. Payday loans are short-term loans and normally an advance that one can get off his/her next paycheck.
Generally, the lenders of payday loans expect to see documents for verification especially on the borrowers’ banking information for processing the loans. Hence, the loan applicants are expected to fax copies of the required documents. Lenders of faxless payday loans, however, do not require the borrowers to fax any documents whatsoever. Faxless payday loan providers usually verify the information by telecalling or through electronic verification.
So the next time you are in very urgent need of cash, the best choice can be faxless payday loans that are also known as no fax payday loans. These loans are easy to apply and get approved faster than normal payday loans. The loan application process for a faxless payday loan is a simple and quick procedure. All one has to do is to fill out a simple online form or even apply over the phone.
Once the loan application is verified, the loan is approved and the funds are deposited in the borrower’s checking account. While the industrial standard for depositing the loan amount is one working day, most lenders of faxless payday loans process the application in express fashion and get the money deposited in less than an hour’s time in some cases.
There are a few simple requirements that a loan applicant has to qualify for in order to avail a payday loan. Some of the basic qualifications required are that the loan applicant be employed with a regular income and have an active checking account. Faxless payday loans are given with your paycheck as collateral and many lenders do not consider your credit history.
Typically, Faxless payday loans range from $100 to $2000, based on the loan applicant’s salary. The applicant is charged a small fee ranging from $10 to $30 for every $100 borrowed. Many payday lenders offer faxless payday loans at competitive interest rates some of them offering it for as low as $6 per $100.
The payday loan period can range from 4 to 18 days and reaches maturity on the borrower’s next payday. Borrowers who want to extend the loan for a further period of time can do so by paying the interest due at the time of the due date to put off the loan until the next payday. The fees for a faxless payday loan are based on the duration of the loan and the amount of money borrowed.
Faxless payday loans are an ideal option for people who are in a great hurry for quick cash and do not have the time to fax in any documents. Whether it is to pay late penalties on your bills, or for any other emergency, you can make use of these paperless payday loans to your satisfaction.