What is a no fax payday loan?
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UPDATED: Jan 30, 2012
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No fax payday loans are those that grant a cash advance without the need to deliver any sort of documentation to the lender—alleviating the necessity to fax any paperwork in.
Traditional payday lenders would open a storefront on the corner of a shopping center and provide services only to those who physically walked through their doors. Then, as the internet age picked up, these advances of paychecks could be obtained via the internet. From the comfort of one’s home, a deposit would be made into their bank account after they requested a loan and faxed in appropriate forms and documentation.
But the faxing process, while saving a borrower from making a trip to a lender’s store, proved to be inconvenient for some. If a fax machine was turned off, or out of paper, or without ink, the payday loan application could not be completed. Additionally, those problems could only be encountered in the event a borrower even had access to a fax machine. This entire industry was dependent on an unreliable means of relaying information.
As the internet improved and financial institutions incorporated new ways of lenders doing business with clients, the no fax payday loan (also called faxless payday loan) was birthed.
This new approach to issuing cash advance money allows borrowers to maximize comfort and ease when it comes to borrowing. Now, with a few clicks of a mouse, payday lenders can electronically route money to a borrower in need, without the necessity of faxing any documentation in.
However, in order to electronically route money to a borrower without requiring so much as a paystub or credit check, payday lenders require access to an applicant’s bank account. This unnerves some, but it has proven to be the only way lenders can secure their payday loans and lend indiscriminately to all who apply.
No fax payday loans are now the preferred method to borrow from cash advance lenders online.