No Fax Payday Loan
No fax payday loans can get money into a person’s bank account within 24 hours. Someone who needs cash fast can avoid sending or faxing a service his payday documents by applying for a no fax loan electronically. He will be notified of approval via email and the transaction will be in the form of an electronic direct deposit.
Many payday advance loans require a potential borrower to fax copies of paycheck stubs and checking account information. A no fax loan allows a person to fill out a short application and submit his request. This saves time and it gets money to the applicant faster. It also makes it possible for a person to apply for a loan without hassle no matter what time of day it is.
What are the requirements for no fax payday loans?”
Each payday loan service will have its own requirements for approval. However, in most cases, a person must have a checking account. Some lenders require a savings account, as well, but they are few and far between. A minimum income is generally required to secure a payday loan. The amount of money a person has to make depends on the service and sometimes on the size of the loan, but most lenders require a person to make at least $1,000 per month. Due to the speed of the approval and the lack of documentation needed, many no fax payday loan services will charge higher fees than standard payday advance lenders. Some no fax loan services will only transfer up to $500, whereas others will make loans as high as $1,000. Loan periods generally vary between two weeks and one month.
So Much Variation Between Loan Services
With so many different policies available, it really behooves someone who is considering this type of loan to do some looking around. A service that charges especially high fees yet doesn’t provide loans at very high amounts might not be worth the hassle. If they have poor rates or exceptionally short loan periods, you could find yourself in worse financial straits than when you began. When they need a payday loan, nobody has time to do much investigative work, but some time spent searching the Internet can yield some excellent lenders. More and more lenders are offering these no fax loans now.