No Fax Cash Advance Loan – How and Where You Can Obtain One
A no FAX quick cash loan is a short-term loan offered by an Web loan provider, normally for amounts of $1500 or less. The term “faxless” refers to the fact that the lender will not require the customer to submit certain qualifying documents to them by means of facsimile machine. Why do consumers like “no fax” quick cash loans? It is straightforward – most people don’t own or have access to a fax machine. A “faxless” loan is, for many people, easier to get than one that demands that paperwork be sent in by facsimile.
A quick cash loan is a short-term loan normally obtained from either an online loan company or maybe a physical loan store. In contrast to banks, which issue loans of $1000 or even more that are intended to be repaid over a time period of months or years, pay day advance lenders offer loans for a period of two weeks. These plans are intended to help the customer pay home expenses until they receive their next paycheck. The service fees charged for payday loans generally vary from $10-$20 for each $100 borrowed. When viewed as a yearly percentage rate (APR) these rates can exceed 500% yearly.
Brick and mortar lenders generally demand to see evidence of both income and a bank checking account from the customer. They also need id, such as a driver’s license. Internet lenders don’t have the ability to have paperwork presented to them in person; instead, they normally demand that consumers submit copies of this paperwork by way of FAX in order that the lender can confirm that the borrower is both employed and in possession of a bank account to which they can transfer the money.
A faxless quick cash loan provider largely lacks the requirement; instead they just have the customer fill out a form online and provide the loan based on the info provided. Since such lenders transfer the money in electronic format to the customer, the customer must still supply the lender with a banking account number. If the number provided isn’t valid, the customer will not be in a position to receive the cash.
There’s generally no financial benefit for a lender to provide a no fax cash advance loan. Nearly all loan companies who provide such loans simply do it to gain a competitive advantage over other lenders, because it is easier for consumers to try to get loans if they don’t have to mail a stack of documents to the loan provider. Furthermore, by providing no fax loans, loan providers increase their base of possible customers to those people who do not either own or have accessibility to a FAX machine.
Whether or not the loan company requires that documents be submitted by FAX or not, such loans tend to be rather pricey and are best for people who have rare short term cash flow problems. People with long term financial problems could probably be best served by talking about their needs with a bank.
On the other hand, if you have short-term cash problems and need a short lived loan to tide you over until your next payday, there are thousands of loan companies who will be ready to help you.
Click here to find no fax payday loans
Click here for more information about quick cash lenders
Perry Monkhouse is an online marketer with a decade of expertise. He has published articles on many different topics of interest.
Processing your request, Please wait....
