There are several advantages of no fax payday loans. They are quick, easy to obtain, very convenient, and there is no faxing of any documents required. No fax payday loans are intended to help people when they have a financial crisis such as an unexpected car repair and are between paydays.
However, in reality they can be used for any purpose and nobody will even ask you what the loan is for. No fax payday loans can be applied for from the comfort of your own home or office with a connection to the Internet and a personal computer. Because they are considered short term, high risk loans, they have a higher interest rate than a traditional loan. However, they are still less expensive that paying for you emergency expense with your credit card.
Usually, you can borrow as much as $1,500 from a no fax payday loan. The biggest advantage of these loans is that you don’t have to go running all over town looking for a fax machine. You will only be required to fill out a single form online with your name, address, phone number, SSN, and banking information. There is also no credit check, collateral, or cosigners required for a no fax payday loan.
This means that you can still obtain your loan regardless of the status of your credit history. No fax payday loans are intended to be paid back by your next payday. However, if, for one reason or another, you can’t pay the loan back on time, most lenders will grant you an extension period of time for you to pay the loan back. This can, however, be somewhat expensive since the interest rate for the extension period of time will usually be higher than the interest rate of the original loan. These extension periods of time aren’t recommended because they can lead to further financial troubles for you and you should therefore make every effort to repay your loan on time.
In order to qualify for a no fax payday loan you must be a citizen, have an active bank account, be of legal age, have either steady employment or another source of steady income, and have a valid driver’s license or other form of valid identification. No fax payday loan may well be your best option the next time you have a financial emergency and are between paydays.