What Is Payday Loan?
A payday loan no faxing is a small loan for a short period till the borrower´s next payday to cover their expenses. Such a loan is availed of in the event of financial emergencies.
An instant no fax payday loan eliminates the cumbersome paperwork or faxing involved in processing a loan and makes it easier for the borrower to get the loan amount instantly, once they fill in some necessary personal information.
These loans can be of cash advance or may involve crediting your checking account directly on the next business day.
How Does It Work?
No fax payday loan is a quick payday loan, available 24 hours online, and does not involve:
Credit check
Filling-up of paperwork and faxing details
Meeting loan officers or
Collaterals
To avail of instant no faxing payday loan, you need to meet certain criteria:
Be 18 years or above.
A steady employment for at least 60 days.
Monthly income of $1000-$1500 and above.
Do not have an unpaid payday loan.
Following is required for your instant no faxing payday loan:
Filling in an application, which is often available online with personal details.
Providing your latest bank statement, pay stub and SSN.
Providing your checking account details and a post-dated check for the loan amount and fees.
Entering into a legal agreement with the lender.
Note: A lender charges a fee of approximately $10-$30 for every $100 of instant no fax payday loan. This is very high compared to other loan agencies. It calculates to 390%-700% in terms of annual percentage rates.
When To Apply For One?
Apply for no fax payday loan between Mondays to Thursday to get your loan between Tuesdays to Friday.
Useful Tips
Select a reliable company, compare the fees online, and ensure that it is registered with the state.
Always borrow the exact amount.
Study the loan agreement carefully.
With no faxing, often companies ask for your online banking login information. Never reveal such information to anyone.
After you take a loan, adjust your spending habits to repay the loan within stipulated time.
Avoid getting into rolling over loans, where you need to borrow to pay the current loan and end up paying the fees twice.
source:http://www.losangeleschronicle.com/articles/57996
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