With the increase use of technology in today’s society’s, the days of providing paper documentation in order to get your payday loans are fading away. Faxless payday loans offer a completely paperless way to apply for your payday loan, get accepted, and have the funds you need deposited directly into your account within hours. The entire process is really just that simple, and has been proven to help out tons of people with bad credit to get payday loans quickly with as little hassle as possible.
What are faxless payday loans?
Payday loans are loans given to borrowers with the promise that the money will be paid back on the borrower’s next payday. Traditionally, these loans required borrower’s to fax over copies of their pay stubs, bank statements, and other documentation in order to be approved for the loans. With today’s technology, faxless payday loans have made it possible to not have to provide any type of paperwork to lenders in order to get your payday loan.
Advantages of Faxless Payday Loans
One of the biggest advantages of faxless payday loans is that they cater towards people with bad credit. Most faxless payday loans don’t use the borrower’s credit to determine approval. In fact, most lenders don’t even check the borrower’s credit at all in the application process for faxless payday loans. For this reason, people with bad credit flock to faxless payday loans because they can get loans they otherwise would not qualify for due to their credit history.
Since faxless payday loans are 100% paperless, the entire application process is much simpler and easier for both the borrower and lender. The borrower doesn’t have to search through old paystubs to find the most recent ones and contact their bank to get the bank statements. In fact, since most businesses are shifting towards direct deposit, it can sometimes be a hassle to obtain a copy of your paystubs. Paperless transactions also make it easier for lenders due to the fact that they can process more transactions since each one takes less time because there’s less paperwork to check.
The application process for faxless payday loans is very quick. Just fill out the application form, get approved and then have the funds deposited directly into your account. There are no forms to fax or send in the mail. You don’t have to wait for checks to come in the mail either. Faxless payday loans are designed to be fast and easy for both parties involved.
Costs of Faxless Payday Loans
Some people believe that faxless payday loans include tons of hidden fees and cost an insane amount of money to get. However, faxless payday loans are actually very reasonably priced. Since payday loans are for small amounts (usually $100-1,500) the amount that lenders charge isn’t as much as people assume they are. The interest rates will be higher than a bank would charge for a small personal loan or a secured loan though. Generally, the only fees associated with faxless payday loans are for not paying back your loan on your next pay day, which is common with all types of loans. Some lenders may charge an application fee but this is becoming less common due to the competition between lenders.
Another myth about faxless payday loans is that there is a fee for going paperless. This is also not true. Paperless transactions are used to make the entire process easier for the borrower and the lender. It doesn’t cost you any extra fee to have the convenience of faxless payday loans, Not having to send and receive faxes actually benefits the lender so there’s no need for them to charge borrower’s a fee for this benefit.