Faxless Payday Loan

A faxless payday loan is a short term loan.  This type of loan is designed to help out with unexpected expenses between paychecks.  It is should not be thought of as a long term loan.  If the borrower treats it as a long term loan, they could end up paying thousands of dollars in loan fees and penalties.

Jason was looking through his bills one day when he realized that the excise tax on his truck was due in two days.  He knew that he had the bill but he was sure he had longer to pay it.  Jason’s employer paid him every two weeks so he would not be getting a pay check for another eight days.  Not wanting to ask his family and with his credit cards maxed out, he went online to find a solution.  After a little bit of searching, he found the website for a fax less payday loan.  He read the website because he had some questions.

What are the Risks of a Fax less Payday Loan?

Being the skeptic that he is, Jason wondered what the risks were of getting a fax less payday loan.  As he read, he learned that there are no risks and no hidden fees.  As long as the loan was repaid on time, he would be only responsible for the repayment of his loan and his loan fee.  This sounded good to Jason so he read on.

What are the Requirements for the Fax less Payday Loan?

 Jason wanted to be sure that he would be accepted for the fax less payday loan so he read on to find the requirements.  Age is a requirement.  To be eligible for a fax less payday loan, a person must be at least 18 years old. Jason learned that he was required to have a monthly income of at least $800.  That sounded good to Jason.  His earning were well over that amount.  He also learned that there were certain incomes that were allowed.  Wages from a job, Social Security, unemployment, and temporary disability checks named a few.  There were also income sources listed that were not allowed. Those were Social Security in the borrower’s child’s name, Social Security in someone elses name, and state welfare checks. Jason read on and learned that the borrower would be required to have an active bank account that has been open for at least ninety days.  Jason read on until he came to a part that had him confused.  There was a section on the requirements section which said that having access to a fax machine may be required.  Jason did not understand this because the name of the loan is a fax less payday loan.  As he read on, he learned that if it is not the borrower’s first time getting a loan with the company and his information did not change, he would not be required to fax any information.  Jason realized that the name was more of a gimmick to get people to read about the loan and choose that particular one.

How Does the Fax less Payday Loan Work?

Jason wanted to see how the loan works so he could get a better idea of what he may be getting himself into.  The loan is a short term.  You are not allowed to borrow a considerable amount of money.   The loan amount varies from $100 to $1000.  The borrower should decide how much he or she needs.  Not everyone will be approved for a loan in the higher denominations.  If a person makes closer to the $800 that is required for the loan, he will probably be unable to borrow larger amounts of money.  After the borrower chooses the loan amount, he should look on the website.  He will find the loan fees for each of the loan amounts.  With most fax less payday loans, the loan fees are usually close.  If the amount borrowed is $100, the fee can be as low as $18 to $20.  If the loan amount borrowed was as high as $1000, the bank fee could be between $180 and $200.  The borrower will also have to choose on a length for the loan. Fax less payday loans are taken out for either 7 to 14 days or 14 to 21 days. 

How Do I Get a Fax less Payday Loan?

Jason liked what he read about the fax less payday loan. He decided to apply for the loan.  He read the instructions then began the application process.  First, he filled out all of his personal information.  He gave his name, address, phone number, social security number, and income source information.  On the second page was his choices of the loan length and loan amount.  When he finished, the faxing instructions appeared on the screen as well as a prompt to print the information.  He printed it out and two pages came out.  The first one was instructions and all of the information that he read on the website.  The second page was a loan agreement that he had to sign and fax along with a copy of his most recent bank statement and a voided check.  He signed the paper and faxed it over.

When Will I Receive My Fax less Payday Loan?

Jason looked on the paper that he printed out to find out when he would receive his payday loan.  If he had his application submitted and his necessary information faxed before 7:00pm EST and 4:00pm PST, he would get the loan the next day.  If not, it would take two days.