What Is a Payday Loan With No Faxing Required?

By Gwynita Leggington

  • Overview

    If you are a little short on cash and need some extra money until your next payday, you should consider applying for a payday loan. There are a variety of lenders that offer payday loans in this country. Fortunately, some lenders provide payday loans with no faxing required (also called no fax payday loans). It is fairly easy to obtain a no fax payday loan and the application process is rather quick.
  • Significance

    When a lender offers a payday loan with no faxing required, it basically means that the customer is not required to fax any personal documents to that lender (such as a bank statement, paycheck stub, utility bill, voided check, or a copy of your driver's license or social security card). The no fax payday loan lender simply makes a few telephone calls to verify the requested information; or uses the appropriate online resources to complete the verification process.
  • Function

    If you are interested in applying for a no fax payday loan, you must first complete a loan application and go through the approval process. You can usually complete the application either online (on the lender's website) or over the telephone with a customer service representative. It is very important that you provide accurate and valid information on your loan application, because the lender must verify the details before approving you for a loan. You must also agree to the terms of the loan before the lender can approve you. Once you are approved, you may receive the funds in as little as 48 hours in your bank account (in most cases).

  • Benefits

    There are several benefits that accompany a no fax payday loan. First of all, you can apply for this type of loan at any location where you have access to the Internet. Secondly, you can use the money for any purpose, such as to pay bills, purchase household items, have the car repaired or to buy books for school. Also, most lenders give you at least 2 to 3 repayment options for your loan. Therefore, you do not have to repay the entire loan back on your next payday. Lastly, no fax payday loans are not based on your credit. So, even if you have bad or poor credit, you may still qualify for a loan.
  • Warning

    Although no fax payday loans are not based on your credit history, some lenders use a national database called "Teletrack" to verify whether or not you have any outstanding payday loans from other lenders. Also, if you fail to make your loan payments on time, you may have to pay additional fees and penalties to the lender. In addition, if you default on your payday loan, your lender may send your account to a collection agency and also report the delinquent information to the 3 major credit bureaus.
  • Considerations

    It you decide to apply for a no fax payday loan, you should only borrow the amount of money that you actually need to cover your expenses. In addition, payday loans are basically, short-term cash advances until you get your next payday. So, you should not depend on a no fax payday loan for a long-term financial hardship. However, a no fax payday loan is a beneficial tool to use for an emergency situation.
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