A Few Faxless Payday Loan Tidbits
What is a faxless payday loan or cash advance?Faxless payday loans or cash advances (also called “paycheck loans” or “cash loans” are short term loans made by specialty lenders. They are called “payday loans” because the loan is usually designed to be paid back on your next paydate (usually 7-30 days after you receive the loan funds). The funds you get from one of these loans can be used for anything you want, there are no conditions on use of the money. Faxless payday loans are very common because they are very easy to get. The loan application process is designed to be very quick and easy. In fact, many lenders allow you to apply over the phone or on the Internet. An Internet cash advance application usually takes a few minutes to fill out, and you usually receive confirmation of whether you are approved (and for how much) in seconds. The amount of money you can borrow depends on how much you make each pay period, and, in some situations, what State you live in. The amount of interest will vary according to the amount of money borrowed. There is no credit check involved and payday lenders do not report to a credit agency.What type of information will a faxless payday lender need from me?To get approved for a faxless payday loan, most lenders will require several things from you. First, you typically need to have an open bank account. Sometimes, lenders require that you need a checking account (not a savings account), and that the account be open for more than two or three months. For a storefront loan, you will need to bring in your most recent bank statement for verification. You will need your most recent paycheck stub and a copy of your identification. Some businesses will want to see a copy of a utility bill to ensure that your address is on file should something go wrong. Some payday loan companies require that your paycheck be direct deposited. You will have to ask in order to be sure.Will they check my credit?One of the benefits of using a payday loan company, besides getting the cash you need immediately, is that they do not run a credit check to determine your eligibility. Their main consumer markets are those individuals who could not obtain a short term loan from a bank or do not have credit cards.What if my banking account is overdrawn?Most faxless payday loan companies understand that this may be the reason you are in such dire need to borrow money. But…there are some loan companies, especially online, that frown on being overdrawn because it makes them doubt whether or not you will be able to repay the amount of money you are borrowing. You will have to check the faxless payday loan company’s policy on being overdrawn.
