As the technology is advancing, you can now apply for a payday advance with no faxing required. Gone are the days when you would have to find a fax machine every time you tried to apply for a payday advance loan. Faxless payday advance is made possible with online application where you put in all your personal and employment details directly in the lender's website. The verification is done either by crosschecking the details with a third party person or by looking up a centralized database provided by a financial agency.
Pay day advance with no faxing cuts off the time required to manually verify your application form. If the provided information is correct and confirmed that the person is eligible, the lender will approve your pay day advance loan application in no time. The loan amount can be deposited directly into your bank account within a few hours from the loan approval. This speedy process really helps you during unexpected financial crisis when time becomes a real concern.
Are You Eligible for a Payday Loan?
Payday advance loans are unsecured loans. You don't have to own a house to qualify for the loans. The main requirement for a pay day advance loan is that you must have a job. Some lenders may demand you to be at the same job for at least three months. Secondly, you must be paid on a regular basis, which can be biweekly or monthly. Finally, you must have a bank account to which your employer deposits your salary.
Generally, payday advance loans require no credit checks. Whether you have a bad credit rating, late payments, or a history of not paying your bills, it won't keep you away from getting a payday loan. Payday loan lenders would consider your ability to make a repayment based on your salary, instead of concerning about your financial history.
How much can You Borrow?
Payday advance loans are for short-term cash relief. They are meant to help you get out of your temporary cash shortage. The loan amount is generally between $100 and $1000 with the repayment period from fourteen days to thirty days. You can find some lenders that apply no interest for repayments that are made on time. You should make on time repayments anyway to avoid being charged for late payments, which can potentially cause another headache on your financial life.
You should compare interest rates from different payday advance lenders. Even a little lower interest rate can save you a larger amount over a period of time. Payday advance loans can become a great help if you use them wisely and smartly. They are fast and easy with no faxing required.