A fax free payday loan offers the cash that is necessary to fulfill the immediate short term cash flow problem. This is not meant for long term financing problems. In this type of loan, there is no need to fax any documents for approval of the loan.
Minimum requirements
The minimum requirements for a fax free payday loan are as follows. The applicant must have a verifiable source of income. He must have been employed for minimum three continuous months. The gross income or take home pay must be minimum $1000 per month. The paycheck must have a direct deposit facility. The applicant must have a valid checking account that is open for minimum three months. There must not be any outstanding non sufficient funds checks. The age of the applicant must be minimum 18 years old.
Procedure
First the online customer application has to be filled in and submitted. Then, a request for a loan has to be submitted. Further, the loan agreement must be read, signed and submitted. All the loan agreements that have been signed may be subjected for verifying the previous loan history and data in the application. Based on the evaluation of the information that has been provided, the application may be approved or rejected. When the application is approved by a specific time in the evening, the funds are electronically transferred to the bank on the same day. This holds true for all days from Monday to Friday excluding the bank holidays. The funds reach your bank on the following business day. The requests made on the weekend are considered as if they are Monday requests.
Checks
Those who have poor credit need not worry as this does not affect the loan’s approval. However, if the applicant has filed for bankruptcy in the previous year or if an application for bankruptcy has been done multiple times, it is not possible to offer a fax free payday loan to such an applicant. The lending institute does not perform credit checks. However, it is possible to verify the loan history or the check writing with the national databases.
Amount borrowed
A first time applicant can borrow a $200 fax free payday loan. After the first loan has been repaid, the applicant can get more loan as fast as the payments are done on the due date. The maximum amount that can be borrowed is $500. The fee of a fax free payday loan is $20 for each $100 that is borrowed.
Comparison
A fax free payday loan has lesser advance fees as compared to the other alternatives. For instance for a period of two weeks, consider a $100 fax free payday loan with a fee of $20. The annual percentage rate is 521 percent. A $100 credit card balance has a late fee of $26 and the annual percentage rate in this case is 678 percent. For a $100 utility bill with $50 late or reconnect fees, the annual percentage rate is 1304 percent. If there is a $100 bounced check with $25 NSF and $24 merchant fees, the annual percentage rate comes to 1,278 percent.
