Faxless Payday Loan

What Is A Faxless Payday Loan, And How Does It Work?

Faxless payday loans are virtual alternatives to physical cash advances or payday loans. In essence, faxless payday loans are short term credit products that make up for a quick bailout option for low-income earners who can’t afford to wait for the next paycheck to settle bills like rents, school fees, groceries, and household supplies, car, and home repairs as well as travels and vacation.

These loans can be accessed from the comfort of your home since lending companies can be reached via their official websites. However, you are to present evidence of being on a regular income for the lender’s appraisal. If certified to meet requirements, the pre-agreement contract is electronically signed by the payee. The requested amount is made via a direct electronic deposit into bank accounts in as little as 30 minutes.

As per the terms of most payday loans, the loan, with interest and fees, is repayable in a lump sum at the next payday, which means that only a certain percentage of what you earn will be given to you. At payday, the money is remitted by an automatic remittance payment method from the payee’s bank account.

However, the APR ( annual percentage rate ) on delinquent accounts could get as high as 60%, depending on the locality in which your preferred lender operates; this adds to the average high-interest rate, partly because faxless loans are unsecured, requiring no collateral and cosigners.

What Distinguishes Faxless Payday Loans From Other Regular Loans?

In essence, faxless payday loans are the most accessible loan products anyone can patronize. Its major plus derives from the procedures leading to its acquisition, being entirely virtual. They differ from bank loans because document presentation through fax and loan history investigations are not prerequisites. As a result, the physical presence of the applicants is not needed, which means that the process leading from application to approval and disbursement of the fund is electronically executed.

Admittedly, lenders of faxless payday loans still check applicants’ credit history like the banks. Still, unlike the banks, a low credit score doesn’t wholly overrule the possibility of getting approval for a loan.

What Can I Use Faxless Payday Loans To Finance?

The fact that faxless payday loans are paid directly into the payee’s bank account through electronic transfer translates to complete Dominion over funds. It follows that the funds can then be used to settle bills like;

• Medical bills

• Rent renewal

• Mortgage subscription
• Travels and vacations
• School fees
• Groceries and household supplies
• Offsetting Small Business cost
• Settling other mini debts.

Merits Of Faxless Payday Loans

The popularity of faxless payday loans among thousands of lousy credit earners owes not only to its short term bailout potential but also to the following:

 Foolproof Technology 

A vast majority of borrowers could be put off when their divulged information ends up in the hands of undeserving parties. Practically, lenders are aware of this fear and have sought to quell such emotions by adopting foolproof technologies that guarantee optimum confidentiality.

 Easy Accessibility 

With faxless loans, queuing up to submit applications becomes an ancient practice; this is so because the process from tendering application to approval notice and payments of requested funds is virtually executed, requiring just an internet connection.

Zero Regard For Credit Score 

This zero regard for credit score is perhaps the best feature of faxless loans, improving banks’ chances to turn down loan requests usually. Lenders are more than happy to provide you with the emergency fund you need to be provided you are part of Canada’s workforce. Moreover, if repayment is made as agreed, lending companies would update your credit record with the appropriate customer reporting agency in the locality they serve.

How Do I Qualify For Faxless Payday Loans, And Where Can I Access Them?

Two things are overruled with faxless loans; fax documents and credit scores. But lenders of such products do have conditions to be met before a loan is approved. To this effect, the applicants must;

• Be 19yrs or older
• Be resident at an address in the province where they operate.
• Have a Canadian bank account; operational for at least three months before.
• Have a source of income of some sort or be on a steady salary with a checking account.

Faxless payday loans are offered by companies like Money Mart, iCash, Mr payday, focus cash loans, 24cash E.t.c. All of which can be accessed through their official websites.

Conclusion

Faxless payday loans are the easiest way to secure a bailout in dire financial situations. It is a short-term loan that is repayable at the next payday and requires the applicant to send nothing through fax before the loan is approved. With faxless loans, Lending companies have no interest in your credit history and certainly have no interest in your credit score. The only catch is that the loan is laced with high-interest rates, and both payment and repayment are made via electronic wire transfer. The purpose for which the approved loan is used is at the borrower’s discretion.