Anyone looking for a no fax payday loan does not have to look very far these days. The process involves an online application and approval usually within minutes. Simply go online and do a quick search for anything related to "Payday Loans" or "Cash Advances" and you search will return plenty of result options. Now in case you are wondering what "no fax payday loans" are - they are just a short term loan like any other. The "no fax" part just means that you can apply for the loan online and be approved without having to fax in any additional documents. The primary reason this is advertised so much at online payday lender's sites is largely as an ease of use benefit. If people do not have to fax anything in then it is just easier, plus most people do not have a fax machine at home.
Even if a lender advertises no fax payday loans it does not automatically mean that applies to everyone. The quick online application and approval process is for customers that meet certain basic criteria, such as an income of at least $1000 per month, and a checking account where your pay check is directly deposited. It is also necessary to have no recent record of default in their system. Compared to conventional lenders this approval process is very basic and easy to get approved for a loan. Even if you do not meet these basic requirements most no fax payday loans will be approved, you may just have to provide a little more information.
Most borrowers who do not meet the "no fax" standards are usually self employed people or those who have income from various sources. If you are self employed you may be required to fax in a recent bank statement and company registration. This can be done quickly and easily at any 24hr copy store, or even at a local variety store.
While most online no fax payday loans are easy to apply and get approved for, they should not be used on a regular basis or abused. The service charges are usually high in ratio to the amount being borrowed. The reason for this is partly a surcharge for convenience, and the fact that processing small short term loans takes the same time as larger loans. If you find yourself using this type of financing on a regular basis, it would be best to approach the bank about a more conventional loan with lower interest rates.
If you find yourself in the position of needing no fax payday loans, make sure you read and understand the repayment terms before accepting the loan. Find out what the charges are if it cannot be repaid on time and has to be "rolled over" (rolled over just means you are paying the loan off over a longer period). Almost all payday loan or cash advance lenders offer this as an option but it can be very expensive between service charges and interest.
In a case were you will need the money for a couple of months or more it may be best to use a short term loan to buy yourself some time to secure a regular loan. It is also best to deal with a lender who has the terms on their website and at least an email contact. Many no fax payday loans websites do not have this as they are not actually the lender, all of their lenders rates vary, and they do not handle any correspondence regarding the loans. They are just a referrer, and may represent hundreds of lenders. There are quite a few primary payday lenders online who offer phone support and will explain their rates upfront.
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