No Fax Payday Loans

A payday loan is a short term loan.  These loans are meant to be paid back within a week or two.  Because these loans are usually only for up to $1000, the lenders do not make credit history a big issue.  The “no fax” part in the name of the loan simply means that you may not be required to fax information to the lender.  Some borrowers, however, are required to fax the information to the lender.  The “no fax” part in the name of the loan is partly to get prospective borrowers to consider using that particular lender’s company.

Alexia is a college student.  After attending class one day she found out that her lab fees were due.  Alexia had a job at the student union but she wasn’t getting her paycheck for ten more days.  Her job paid their employees every two weeks. Her parents were in New York so they couldn’t help her.  If she didn’t pay lab fees she wouldn’t be able to do her lab and she would fail.  Alexia panicked.  She went back to her dorm room in tears.  Her roommate told her about a no fax payday loan.  Alexia began to cheer up.

What is a No Fax Payday Loan?

A no fax payday loan is a temporary loan designed to help pay bills between pay checks.  A no fax payday loan is a quick solution to a serious money problem.  That was all that Alexia needed to hear.  She went over to her computer and goggled the words no fax payday loan.  Several different choices came up.  She chose one and began reading.

What are the Requirements for a No Fax Payday Loan?

Alexia went to the bottom of the web page and read all that she could about this particular loan.  Her parents had always told her not to get into any type of contract without reading all about it first.  A no fax payday loan is a short term loan available to people eighteen years old or over. 

This was good for Alexia because she had just turned eighteen.  To be eligible, the prospective borrower had to have a source of income of more than $1000 per month.  There are a few types of income that are accepted.  Wages from a job, Social Security, unemployment checks  and child support checks.  There were also some types of income that were not accepted. 

Social Security checks in your child’s name, Social Security checks in somebody else’s name, or state welfare checks.  It was also required that the borrower have a bank account that had been open at least ninety days.  It was also required that the borrower’s source of income be direct deposited into their account.  Alexia met each of those requirements.  Still,  she knew that there was more to learn before she decided if she was going to apply for the loan.

How Does the No Fax Payday Loan Work?

Alexia learned that when she first applies for the loan that she should know that the no fax payday loan is a short term loan.  She could take the loan out for either 7 to 14 days, or 14 to 21 days.  At this time, she would be required to repay the loan.  The loan is repaid with a loan fee as well.  The loan fee depends on the amount of money borrowed.  If she were to borrow one hundred dollars, her bank fee would be between $18 and $20, depending on which lender she uses.  The most amount of money allowed to be borrowed is $1000.  

The loan fee on that would be between $180 to $200.  When it was time for the loan to be paid, it would be electronically withdrawn from Alexia’s bank account.  If the lender tries to withdraw the money and it is not there, an extension can be done.  With the extension, Alexia would be able to go another week before she had to pay.  She would however, be required to pay the loan fee twice.  She would be allowed up to three extensions, each time paying another loan fee for each extension.  If after three weeks, the money is still not there, the fees go up.  If she took out up to $599, she would be charged $50 for every loan extension.  If she took out $600 or more, the extension fee would go up to $100.

The No Fax Payday Loan Process

After Alexia read the terms and conditions of the no fax payday loan, she decided that it sounded like a good idea and it was her only hope.  She filled out the first page of the loan application.  It was her personal information such as her name, and address, and telephone number.  The second step of the application was to fill out her banking information and choose the amount that she was asking for and the length of the loan.  She chose $200 to be repaid in 14 to 21 days.  Once she submitted her application, a message appeared on the screen. 

Even though it was called a no fax payday loan, she had to fax over her most recent bank statement and a voided check.  Faxing was required for her because she was a first time borrower.  If she were to ever use the company again, there would be no faxing involved. 

She received another message on the screen.  It said that because she applied for the loan early enough, the money would be available the next day.  If the application is submitted before 7:00pm EST, or 4:00pm PST, the money is available the next day.  If it is submitted later than the specified times, it will take two days.  Alexia was happy, the next morning her money would be electronically transferred into her bank account.  She went to the student center to use the fax machine and she faxed the information.

	The Repayment Process When Alexia’s loan was up, she made sure that her money was in the account. The lender electronically withdrew the money from her account and sent her an email to let her know that the transaction had gone through. She got the money for her labs and paid it back 0n time and there were no hidden fees. Alexia told all 0f her friends that she would definitely use that loan service again.