What is a Faxless Payday Loan?
The term faxless payday loan has arisen to alert people to the fact that there are loans you can obtain that do not involve the hassles of finding a fax machine to fax through important documents relating to the loan. Traditional loans will usually involve a great deal of paperwork, not to mention time and money organizing the necessary documents and then faxing them. All of these details can turn people off applying for a loan, particularly when they only really need to borrow a small amount, and quickly.
Payday loans are indeed a quick cash solution, so when you need money in a hurry, the less hassle the better. When a lending institution offers a faxless payday loan, they are providing you with the opportunity to obtain a quick loan with only a small amount of paperwork. There are even lenders that offer only a one page form to fill in, which can easily be filled out online, without the need to fax any further information through to them. This ease of use means the cash from your faxless payday loan can be in your account as soon as you are approved and the transfer has time to take place.
In essence, a faxless payday loan is the same type of loan as a payday cash advance and other general payday loans, the main difference is that you will know upfront that the faxless payday loan process is going to be as simple and quick as possible. Many people in need of cash for an emergency that has arisen are choosing a faxless payday loan in order to receive a quick solution to their current financial problems.
A faxless payday loan will still need to be paid back within a set timeframe that is not normally longer than a period of 30 days. There are also limitations in regards to the amount you can borrow, although as a general rule most payday loans, including a faxless payday loan, will involve borrowing an amount between $100 and $1500. This amount will usually need to be paid back in full on the day of your very next pay and this can be set up to happen electronically, taking any further repayment hassles out of your hands as well.
Obtaining a faxless payday loan will provide you with emergency funds when you need them, without the added stress of locating and faxing a number of detailed forms and documents as well.