Fax Free Payday Loan

A fax-free payday loan offers the cash necessary to address immediate short-term cash flow issues. It is not intended for long-term financing needs. No faxing of documents is required for loan approval.

Minimum Requirements

To qualify for a fax-free payday loan, applicants must meet these criteria:

• A verifiable source of income
• Employed for at least three continuous months
• Gross income or take-home pay of at least $1,000 per month
• Paycheck with direct deposit facility
• Valid checking account open for at least three months
• No outstanding non-sufficient funds (NSF) checks
• At least 18 years old

How to Apply for a Fax-Free Payday Loan

Once submitted, signed loan agreements are subject to verification of previous loan history and application data. If approved by a specific evening cutoff time (Monday to Friday, excluding bank holidays), funds are electronically transferred to your bank the same day. Otherwise, they arrive the next business day. Weekend requests are treated as Monday submissions.

Checks

Those with poor credit need not worry, as it does not affect approval. However, applicants who filed for bankruptcy in the past year or have multiple filings cannot qualify for a faxless payday loan. The lender does not perform credit checks but may verify loan history or check-writing via national databases.

Amount Borrowed

First-time applicants can borrow up to $200. After repaying the first loan on time, larger amounts are available up to $500 maximum. The fee is $20 for every $100 borrowed. Compared to a traditional cash advance, this can be a convenient option.

Comparison

A fax-free payday loan has lower advance fees than many alternatives. For example, a $100 fax-free payday loan with a $20 fee over two weeks has a 521% APR. Compare that to:

• $100 credit card balance late fee of $26: 678% APR
• $100 utility bill with $50 late/reconnect fees: 1,304% APR
• $100 bounced check with $25 NSF + $24 merchant fees: 1,278% APR