The basic premise, therefore, of a faxless payday loan program is that there is little wait time. This time, instead, is spent on actually paying the bills that the loan is needed for. Instead of waiting for records or documents to be faxed to the loan company, your money can be secured properly. The question is, however, is about the responsibility of the loan companies in this case because of the potential for having incomplete or inaccurate information.
Of course it works out great for the borrower, but does it work out equally as well for the loan company? The truth is that the interest rates are there to effectively cover the loan companies and help them turn a profit. A loan is also never offered without having a complete set of realistic information about the borrower.
There is no reason to think your fake ID and stating you work at the White House will help in securing your faxless payday loan simply because you do not need to use a fax machine to verify that information.
Instead, a faxless payday loan can secure your money quickly and efficiently without the hassle of a fax machine getting in the way. A loan company is never short on resources or avenues to gather the appropriate information on their clients, so the lack of a fax machine in the process naturally benefits the consumer the most.