Fax Loan No Payday

Even when you do your very best to save for a rainy day, financial emergencies can still arise with little to no warning. Luckily there are a number of solutions out there designed especially to help you make it until your next paycheck finally rolls in. Payday loans are becoming especially popular as a means to cover financial emergencies or keep up with expenses in between paychecks.

What is a payday loan?

A payday loan is a short-term advance against your next paycheck or two. They are provided as a means to help people cover themselves financially should the need for emergency funds arise in between paychecks. Although the amount someone able to borrow can vary greatly from loan company to loan company, first- time borrowers with eligible incomes can typically request amounts up $500-600. The borrower writes a check for the amount he is borrowing plus applicable fees. The lender then holds the check and agrees not to cash it until a specific date, giving additional funds a chance to be deposited. Alternatively, an agreement can be made to pay the original loan back in installments. In that case, the payment amount originally agreed upon between the lender and the borrower will be extracted from the borrower’s checking account as scheduled. While payday loans are very convenient, it is important to note that there are fees attached to borrowing the money. How high they can also vary according to the establishment you borrow from, but you can usually expect to pay the loan agent approximately $20-25 for every $100 you borrow.

How do I take out a faxless loan, payday pending?

While some short-term payday lenders always require a completed application to be faxed prior to loan approval, it is certainly possible to apply for an online no fax payday loan instead. In order to receive a faxless payday loan, most participating lenders simply require that you be the proud owner of a checking account that has been open for a minimum of 90 days. You also will typically need to have been at your current place of employment for more than 6 months and earn an average minimum of $1000 per month. If all of these requirements are met, then you will most likely be able to apply for your loan via a simple online application without all the typical red tape. Faxless payday loans are speedy as well. You can typically expect to have access to your emergency funds within minutes.