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UPDATED: Feb 7, 2012
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The original process of obtaining a payday loan involved going into a little storefront shop on the corner next to a liquor store and applying for the financing in person. Then, as technology improved, those stores began offering what was called fax payday loans. The problem with this type of money transfer is that the process was largely inefficient. Documents had to be faxed back and forth which required machines on both ends to be turned on, both phone lines to remain unoccupied, and borrowers had to keep their fingers crossed that all of the transmissions made it.
[loansform]Then if there was in interruption in the line or if a document was forgotten, the dilemma could only be identified after a series of phone calls made between borrower and lender.
But technology continued, and now borrowers can obtain no fax payday loans.
Faxless payday loans allow borrowers without a fax machine to obtain a payday loan from the comfort of their home. It expedites the cash advance, and provides a much more efficient business relationship between lender and borrower.
However, the no fax method comes with a different set of obstacles to jump. Before, when storefront financing was the preferred (and only) method, borrowers only needed to write the lender a post dated check in exchange for a loan. No fax payday loans, on the other hand, are issued without the trading of any physical documentation. As a result, lenders now require borrowers to submit bank account information.
This can scare some away, but without the transfer of checks, lenders must use this method in order to secure their money.