A no-fax payday loan is basically a loan that an individual secures to meet an emergency that arises before his payday. The loans can range anywhere from as low as $50 to as high as a $1000. Emergencies that would require this type of loan can also be just as varied. Some people take out loans to pay for a sudden medical expense, some to pay for emergency bills, some to pay for car repairs. Emergencies such as these might leave no time for a person to go through the traditional way of borrowing money or taking up a payday loan. However it is important to keep in mind that payday loans can end up costing a fortune in extra fees, so they should be approached with great caution.
The conventional route usually involved going to a payday loan counter, or calling them up. Before companies would loan you, you would be faced with endless requirements, not the least of which is faxing them your credit standing and your credit history. After this, the company would still have to check your credentials and verify them before they can even begin processing your loans. The process can take as much as up to ten days so by then, your roof would have already collapsed, or your car might have stalled, or your electricity cut off. The traditional way sometimes might not suit the purpose of taking a payday loan, which was to pay for an emergency.
No wonder then that the no fax payday loan companies became popular. These companies rose as an alternative option to those seeking payday loans in a faster way. Many companies have gone hi-tech, employing the World Wide Web to enable borrowers to access loans on a very short-term basis. In some online arrangements, borrowers still need to submit some few things, but in a more streamlined no fax payday loan processes, consumers can simply just log on the net and get cash into their accounts in as a fast as less than an h our. An online loan is first, a private transaction, and second, it is hassle-free.
Also, no fax online payday loans have no specified time limit for applying loans. There are several factors that can turn your application process to your favor. One, of course, is having a good credit history. Individuals with a sterling record, such as prompt payments on loans can give you a faster loan process and even a lower rate of interest. The good news for those who don't have a good credit history, or those do not have a credit history at all, is that they can still avail of loans, whether it be in a physical or online environment. One catch is that the rate of interest for those people is higher than the others with a good credit background.
When looking for an online payday loan site, it would be a good idea to look for a site that operates in your own state. Rules concerning no fax payday loans can vary from state to state, so it's essential for consumers to be aware of such things as posted interest rates, charges and other fees. It's also easier for a consumer to fight their case should any discrepancies arise. Other things to check when visiting a website include testimonials from other people who have patronized their services and the "about us" section of the company, to familiarize yourself with the company's history, record and exactly where the company belongs to. Also search on the internet to see if the company has ever been in trouble with their state regulators. Be careful who you deal with.
Online sites will ask you to fill in a few details such as your address and phone number, after which a customer support representative will usually call you and verify your details. After this, you may be able to collect your cash at a particular point, or the money is transferred to your account. When your loan has been approved, do keep in mind to pay your loan as soon as possible. Remember that a good credit history is important when making future loans, not to mention that companies mete out a fat penalty for non-repayment or failure to pay. So when you go online, read the terms and conditions of borrowing money very carefully.
The thing is though, these no fax payday loan agreements can be quite dangerous, especially when it compounds existing financial issues or when it leads to bad borrowing habits. These loans should be thought of only as one possible mechanism to get out of a real emergency, not as a means to get by from day to day. It's supposed to just alleviate financial constrains on the short run, not for survival on a long-term basis. These loans can make your financial situation even worse than it was before ... so buyer beware.
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