Faxless Payday Loans

Faxless payday loans work just like any other type of payday loan; however they do not require faxing of documentation. Some payday loan providers do require certain documentation to be faxed to them though. This is relatively common with online payday loan providers. The faxing of documentation is used to provide proof of income and employment so the payday lender is comfortable with providing you the funds.

How Do Faxless Payday Loans Work
Faxless payday loans work basically the same as other payday loans. They use the same method as other online payday loans. The only major difference is that these loans are faxless, so you do not have to fax any documents to receive the loan. This means that this loan could be approved in a very quick period of time and there is much less of a hassle to apply for financing as well. Many people do not have quick access to a fax machine so not needing to fax any documents is a major benefit.

A faxless payday loan is usually approved with a payment term of up to two weeks. The loan will be expected to be paid on the borrower’s next paycheck date. It may be possible to extend the term of the payday loan at a nominal fee or by paying the interest of the loan off. The payday loan is typically repaid through automatic payment from your checking account. The funds are also received through your checking account. Therefore, it will be necessary to provide the lender with banking information for your checking account so you can receive the funds. It usually takes no more than one banking day to receive the funds.

What Is Usually Faxed?
With many online payday loan providers, you will be required to fax a pay stub to the lender. This is used to verify that you are currently employed. If you go to a local payday loan provider then you will most likely be required to present this pay stub while you are there. Only the faxless payday loan providers do not require you to present the pay stub in any form at all.

Instead of faxing the documents, you will only be required to provide information on your employer and income status through the typed application form. The lender may verify your employment information through your employer. Your income status (monthly income) will mostly be used to determine how much you will be allowed to borrow. This information allows the lender to determine what you will be capable of paying back with ease. You may also have to include pieces of information from your last pay stub through the online application form but no faxing will be required if you are dealing with a faxless payday loan website.

Requirements for a Faxless Payday Loan
Typically, you must be employed to be qualified for a faxless payday loan. A lengthy employment history is always a plus. You will also have to be at least 18 years of age to be eligible to qualify for a faxless payday loan. Military members may not be qualified.

You will need to make a certain monthly income to be qualified to borrower money from the payday loan provider. Your monthly income will also factor into the amount you may be qualified to borrow. Your credit history may not play a factor at all. Those with very poor credit may still easily be qualified for a faxless payday loan if they are currently employed.

Are Faxless Payday Loans Worth It?
All payday loans are unappealing for the fact that the interest rate and repayment terms are not attractive at all. You can expect a very high interest rate to be set for any faxless payday loan. Even if you have perfect credit, it will not play a factor in your interest rate. With that being said, it is definitely a good idea for you to look into other options for short term loans as you may get a better interest rate from other credit lines.

However, as a last resort it may be beneficial to utilize the payday loan option. As well, the faxless payday loan is a great alternative to the typical payday loan method as it requires less hassle to apply for the loan and it can be completed online.

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