What Are No Fax PayDay Loans?

Moving swiftly on from this payday loans blog's first welcome post "Payday Loans Page", I'll take a look at exactly what no fax payday loans (sometimes called faxless payday loans) are.

One of the biggest annoyances borrowers face when applying for a standard loan is the filling in of so many documents. This paper work is often lengthy and time consuming which is a process people find very taxing. To the rescue comes no fax payday loans (faxless payday loans)!

No fax payday loans are typically paperwork free which means a borrower can apply for a payday loan to get a cash advance online. A short online form is usually all that needs to be completed and submitted. The borrower is able to specify the parameters that the lender will use to assess the level of risk the customer presents.

Usually the borrower will need to provide such details as employment history, salary and status of any outstanding loans in order to be accepted for a no fax payday loan.

Since payday loans do not require collateral, they attract a very high rate of interest. Payday loans are also quite risky, so the lender will also be cautious about providing the no fax payday loan.

Once approved for the no fax payday loan, the borrower can expect to see the money in his bank account within 24 hours. Faxless payday loans are usually provided for a period of between fourteen and thirty days within which borrowers are expected to repay the no fax payday loan. If they are unable to repay the payday loan within this time, they can request a repayment extension for which they will have to pay a small fee.

People tend to borrow money in the form of no fax payday loans for meeting emergencies or unexpected shortages of money.

A sting in the tail is that once the repayment deadline of the no fax payday loan approaches, the fee may be automatically deducted from the borrower's bank account. This means that taking out a no fax payday loan, you must be sure that you are able to cover the costs of the loan as quickly as possible to avoid having to end up with an even greater debt added to by the accruing interest.

So now you know what faxless payday loans are!

Payday Loans Page

PS: Technorati Profile