Whenever you apply for a loan, you have to undergo a lot of paperwork. Every financial institute or bank asks for certain documents for checking the background and financial credibility of the loan applicants. This makes the process of getting a loan extremely complex. The only loan type that will allow you to receive the loan amount without any paperwork is a no fax payday loan. No fax payday loans ensure that you don’t have to spend hours to locate documents before finalizing a deal. Instead, payday lenders always try to make the process of loan approval as easy as possible. The process of applying for no fax payday loans includes some simple steps, which can be completed within a few minutes.
The option of online approval of no fax payday loans has made the process of receiving cash advances even faster. Statistics obtained from a recently conducted consumer survey reveal that more than 90% of the online applications for payday loans get approved. You will come across several online lenders who offer no fax payday loans directly through their websites. These websites come with application forms, which you can fill in and submit at any time of the day. Unlike an offline loan application, which you can submit only during office hours, an online application for a payday loan can be submitted even in the middle of the night. This feature of online payday loans allows you to complete the application procedure whenever you are free. Moreover, these websites offer their services even on holidays. So, no fax payday loans not only save you from toiling paperwork, but also offers several other benefits.
A poor credit rating is one of the main factors that stop people from getting loans. However, with no fax payday loans, even a person with bad credit history can obtain a loan without any difficulty. Your credit score has nothing to do with your chances of getting a payday loan. An online payday lender does not check the applicant’s credit report before approving his or her loan application. Faxless payday lenders are mostly interested to know about the applicant’s employment status.
What are the eligibility criteria for obtaining no faxing required payday loans? You can get these no fax payday loans if you are 18 years or more of age and a resident of the United States, earn $1,000 or more per month and own a valid checking account. Although most online payday lenders offer cash advances only to employed individuals, there are some trustworthy online lending businesses that provide these fast cash loans even to the unemployed. The minimum age for getting no fax payday loans for the unemployed is 18 years. Besides that, the bank account of the applicant must be at least 3 months old.
How to Apply for No Fax Payday Loans Online?
You should not need more than a few minutes to complete your online payday application. You will need to enter the following information while filling in the online application form:
- Your name
- Your contact information, which include your telephone number and residential address
- Your social security number
- Information about your current employer, for instance how long you are working for this employer, name of the company you are working for and its contact details
- Your bank name and bank account number
In addition to the above mentioned facts, you will also need to enter the amount you want to obtain as a loan. According to the rules set by the government, no fax payday loans amounts can range from $100 to $1,500. You have now completed the application procedure successfully. Next, it’s the turn of the online lender to act fast. A proficient payday lender will not take more than 2 hours to transfer the loan amount into your US bank account.
Misconceptions About No Fax Payday Loans
In spite of helping people to come out of financial crisis, often the payday loan businesses are described as scams by deceitful individuals. Such actions of a certain section of the population have resulted in the emergence of some misconceptions about no fax payday loans. The pointers below will help you to get rid of those mistaken beliefs.
- There’s a myth that suggests all no fax payday loans lenders are greedy and always try to take advantage of financial crisis of destitute, which is absolutely wrong. Instead of taking advantage of your financial crisis, no fax payday loan will help you to overcome it. People apply for payday loans and cash advances for meeting expenses of different types that range from regular monthly bills to medical bills after a sudden accident. People from all economic backgrounds can apply for these fast cash loans. The only factor that is common in every payday loan applicant is sudden need of money, which can happen to anyone, rich or poor.
- Some also tend to believe that no fax payday loans cause further troubles for debtors. In reality, payday cash advance can help you to come out of debts.
- Another common payday loan myth says that payday loans are extremely expensive as they come with outrageous Annual Percentage Rates or APRs. The fact is that the costs of no fax payday loans vary from one lender to the other. If you perform a thorough lenders comparison before applying for fast cash, you will be successful in locating online quick cash lenders, who offer payday loans for reasonable fee and interest rate.
- Often people mistakenly associate no fax payday loans with hidden costs, which is not right. Federal regulations do not allow any lending business to hide fees or interest rates. According to US government’s Truth in Lending Act, all the payday lenders must inform their consumers about their fees and interest rates in writing. If you are applying for online payday loan, carefully read through the pages of the lender’s website to know about the payment policy of the company.
The pointers mentioned above must have freed you from all misconceptions about no fax payday loans. Now, you can apply for payday cash advances from a reputable online lender whenever you are in need of some instant cash for meeting unforeseen expenses.