What Is A No Fax Payday Loan?

When it comes to getting cash you need in a hurry, you will have a hard time beating a payday loan. Giving you cash, often within an hour, you can get access to it almost lightning quick. A no fax payday loan is simply one form of a payday loan that may be a little less time consuming for you than a regular payday loan. Here are some of the details.

Because many payday loans require people to fax them certain information before they could be approved, the idea of a faxless, or no fax payday loan was conceived. Applying for a payday loan could take place at any time of day – or night, and this meant it could get more than a little inconvenient trying to find a store that had a fax machine, and one that was open.

Realizing that it was difficult for many people, and wanting to be able to create more loans, a no fax payday loan became the answer – in most cases. Many of these Web sites will advertise themselves as being a no fax payday loan Web site, or as having most lenders connected with that Web page as being no fax lenders. This means that you do not need to leave your house (in most circumstances) in order to complete the application process.

The difference, however, is that it may take just a little longer to have your payday loan approved. Instead of having copies of your paystubs and possibly bank statements faxed to them, the lender will actually need to verify the same information through other channels. This usually means waiting until bank and your employer’s offices are open so they can contact them. So, while giving you the convenience of not having to go somewhere to fax some info, you may also sacrifice the speed in which you get the loan. Of course, if you have already had a payday loan before, then the process may not be slowed much at all.

Depending on the information that you provide will partially determine the speed at which you loan can be processed. The information will need to clearly indicate that you are and have been employed at the same place for at least three months, make a minimum of ,000 each month, and have had an active checking account for three months, too.

You will need to provide accurate information such as your employer’s phone number and a contact name so they can call. You will also need to give the number of your checking account so that they can put your loan into it when you get approved, and so they can get their money out of it, too.

Be sure to shop around some for your no fax payday loan so you can get the best deal. Interest rates will vary a bit – anywhere from 15 up to 30%. The amount of time you are given to repay the loan will vary, too. Some good news, though, is that your first payday loan can be interest free if you look for this kind of offer.