The answer to your urgent need for cash is the faxless payday loan. With this type of short-term loan, you need not hurdle obstacles, such as credit checks. There is very little paper work involved, just a bank statement which will be sent by your bank to the payday loan lender. This bank statement reflecting the last thirty days of your bank transactions will be faxed by the bank. All you need to do is to request the bank to do this for you. The payday loan lender cannot access your bank records without your permission.
With faxless payday loans, the only requirements, aside from having a checking or savings account, are that you are over eighteen years old and you have a secure job. A representative from the payday loan lender will check the latter requirement by calling your employer. The call is brief and the representative need not explain to the employer why he is checking on whether you work in that company or not.
The only effort you needed to exert to obtain this loan is to fill in the online application form. Of course, you must supply accurate information about yourself. And, within 24 hours, if your application is approved, your checking or savings account receives the money you borrowed. Usually, the maximum amount you may borrow is $1,000. But it is advisable that you borrow the amount that you are capable of paying in the next payday.
Since payday loans are cash advances on your next salary or pay, the loaned amount plus the lenders charge must be paid with the next pay or, in most payday loan lenders, within fourteen days. The charge includes the interest and the lender’s fee. It may vary from $15 to $35 for every $100 loaned. Thus, if you borrowed $500, you may pay a maximum of $675.
If, due to unavoidable circumstances, you cannot pay the loan on the agreed date, you will have the option to “roll over”. This means that instead of paying on today’s pay, you choose to pay the loan on the next. But this also means that you will be charged with additional fees.
Additional fees, by itself, may sound affordable, but when you add it to the amount that you are supposed to pay and the interest, the total may make you swear never to get a payday loan again. This is why it is advisable not to roll over the loaned amount. You may opt to roll-over only in dire circumstances. If you keep rolling-over, you may find yourself at the deep bottom of the debt pit.
If faxless payday loans are used appropriately, these can help a person manage his financial emergencies. If these are used carelessly and abusively, these can aggravate a person’s financial burdens.