Payday Loan No Faxing Bad Credit
With some online lenders, even though you fill out an online application, you still have to fax supporting documentation to the lender in order to get your application processed and approved. This can be quite a hindrance to the borrower if he does not have all of the necessary papers on hand or if he does not have a fax machine available for him to use. These small obstacles can slow down the payday loan process, which is usually applied for when in urgent need of money. A payday loan no faxing, even for those with bad credit, can really speed up the process – the lender does not require any papers be faxed!
Now you can apply for a payday loan no faxing without having to gather a lot of paperwork first. No hunting down a utility bill for proof of residency, or an old bank statement or paycheck stub. Many lenders are able to verify the information you give them in a database that already has your basic information in it. And if your information checks out, the lender can process your loan and have the funds forwarded to your account the same day!
One stipulation that lenders usually require to approve someone for a payday loan no faxing that has bad credit is that they must be employed for the past 3 to 6 months and have a regular monthly income. Your income or paycheck guarantees the repayment of the loan, not your credit history – that’s why your employment information is so important.
Payday loans bad credit can be used for whatever purpose the borrower deems necessary. Borrowers can usually obtain loans for $100 to $1000 and must be paid back in a few weeks, or on your next payday. Repayment of the loan is quite simple as well. You can either write a postdated check or give the lender permission to automatically deduct the amount owed from your account on the loans due date.
Payday loans tend to carry high interest rates though. This is because of the small amount borrowed over a short period of time and that a credit report is not used to determine eligibility. Research is required to find a loan company with a decent rate on their payday loans. Some states and countries have actually set limits on what lenders can charge for these types of loans. Finding a lender with a good rate is a must. The loan will be easier to pay back and you can avoid a cycle of borrowing to meet your monthly needs.