Faxless payday loans also called payday loans online loans hassle-free loans paycheck advances and cash advances among other names are short term loans that are lent fast within short notification without much hassle and without collateral. These loans in contrast to their name ‘payday’ are not necessarily repaid on the pay day of the borrower but on the day the borrower agrees with the borrower to repay- whether from their pay or any other source-.
Online processes: No faxing
Application for faxless payday loan is done via the lender’s websites through filling and submitting the loan application form available on the lender’s website. This means that one is not required to fax any documents for their application to the lender as the information required can and is submitted through the form. Payday lenders run their lending services entirely from the websites and that is why they on their websites: information on the maximum and minimum amount of money they lend the interest rates they charge and the loan application form.
Hassle free loans
These loans are easy to apply for since they dot have the many checks required of borrowers for other loans. Personal/ financial history of borrowers is not required or considered by the lender in determining whether the borrower is loan worthy or not. The elimination of these checks saves time; making the money available sooner to the borrower for their emergencies.
In addition to the reduced checks on borrowers’ credit cards telephone information employment history and outstanding information among others there is no need for the borrower to provide any loan security/ collateral (whether in asset form or a trusted guarantor) before they are approved for and given the loans.
Since faxless payday loans are lent purely online it is important for the security systems to be strong so that no authorized access is done on the borrowers or lenders information. It is in this regard therefore that payday lenders have put in place working security systems to keep all transactions safe and secure.
Approval for these loans is instant (almost) since the few details submitted via the online application form are verified fast (by the lender). The money is then sent directly to the bank account of the borrower; for fast access without any need to travel or deal with cheques.
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Disbursement of the loan money
Faxless pay day loans mean that apart from the fact that borrowers are not required to fax their applications or documents (to identify themselves or proof their loan worthiness) the lender also does not fax anything (say cheques for the approved money) to the borrower. The lender deposits the amount of the money they have approved for the borrower directly into their bank accounts so that there is no need to write and mail/ fax cheques to the borrower.
This fast disbursement of the funds makes the money available on the same day of the loan application; as they will not have to wait for the cheques to arrive or mature before they get the cash in their hands.