If you need money in a hurry and can’t afford to wait days or even weeks to receive a loan, faxless online payday loans provide a solution for borrowers, especially if you have bad credit. Lenders have started to utilize the popularity and benefits of the internet in order to provide quick, seamless loan transactions for borrowers that cater to people with bad credit. Payday loans have been a popular type of loan for people with bad credit for a while, and the ability to have faxless online payday loans have made them even more popular than ever.
The main reason people seek payday loans is because they need the money as quick as possible, and the borrower usually has bad credit. So it makes sense to speed up the process by getting rid of documents, and making the entire application process accessible online and completely paperless. Having to fax over copies of your pay stub and other documentation can be cumbersome, especially if there’s an issue in the fax transmission. Also, with email, and other ways of sending documentation digitally, faxes are becoming more and more obsolete.
Faxless Online Payday Loans Eligibility
The qualifications in order to be approved for faxless online payday loans are much less extensive than traditional loans, and even some bad credit loans. While some lenders have minor differences in their qualifications, the main requirements are:
- The borrower must be 18 years old or older: The reason the borrower must be at least 18 years old is because you are entering into a legal agreement when you accept your faxless online payday loan. Sometimes people fail for realize that payday loans are the same as a loan from a bank as far as legality goes.
- The borrower must be employed (usually for at least 3 months): Since faxless online payday loans don’t take credit into consideration, they instead look at the borrower’s employment status. They want to know that you will have the ability to repay the loan back. The reason lenders look for you to have a job for at least 3 months is because it’s less likely that you will get fired or quit if you’ve been at a job for 3 months. If you have just started a job, lenders may take that into consideration when reviewing your application.
- The borrower must make at least $800-1000 a month: When determining the amount that your loan will be approved for, lenders look at your income to determine the amount they feel you will be financially able to pay back. If you’re making $1,000 a month, lenders aren’t going to loan you $1,500 because the likelihood of you being able to pay the loan on your next payday is very unlikely.
- The borrower must be a U.S. Citizen: For the same legal reasons as the age requirement, you must be a citizen of the U.S. in order to obtain a faxless online payday loan.
Advantages of Faxless Online Payday Loans
There are tons of advantages for faxless online payday loans. At the forefront of benefits is that they allow people with bad credit to be approved. Credit is a complete non-factor for faxless online payday loans. Most lenders don’t run a credit check at all in the application process. Like all bad credit lenders, your ability to repay is based off of your income and job more than your credit history. For people who have had financial problems in the past and have gotten their finances back on track since that time, banks often times will still deny them until they get their credit score up. Faxless online payday loans allow everyone to have a chance to be approved as long as they meet the minimal requirements for the loan.