Harry asked us the following question:
I’m thinking of getting a payday loan soon to augment this week’s salary because I didn’t meet my quota. Just a few questions though—Are online payday loans 100% done over the Internet? What about faxing some documents? Is that still being practiced? – Harry, Tupelo, MS
Yes, you can apply for payday loans totally online without faxing documents.
In the time of the modern technology revolution, the time of the Internet, mobile phones, laptops and hotspots at almost every coffee shop, hotel and other public place. Thanks to all of this, it is now possible to apply for faxless bad credit payday loans from almost any place in the world (unless there is no Internet access available).
So let us start with the term itself. Payday loan is a short-term cash advance that is made to meet the applicant’s emergency financial needs. Payday loans are really great for those times when somebody needs extra money for special occasions, urgent expenditures (for example when your car broke down or you lost your money).
So, if you have an access to the Internet and a checking or savings account then you might easily apply for faxless payday loans. Thus, you can have the money you need pretty fast without any awkward questions from the bank’s side, with no faxing and with a really minimum of paperwork.
No More Faxing
Faxing was always problematic as not many people have a fax machine, but faxed documents like the ID proof were required by the lenders. Nowadays, you can apply for the payday loan in the privacy of your own home, without the necessity to go out anywhere and even without faxing anything. Therefore, bad credit no faxing payday loans are in fact ideal for most of the people who want to borrow the money fast. It is also ideal for those who have some problems with bad credit records or simply cannot apply for a regular loan because of some other reasons.
Same Day Loan
What is also important is that with faxless payday loans, the only thing you need to do is to provide your lender with some basic information online and you can have your cash on the same day. Of course you will need to prove that you are capable of paying them back showing the slip of your paychecks from approximately the last three months or some other proof of your steady income, but if you meet this requirement, you will most likely get your money in the nick of time. The money you can borrow might not be that huge (the companies offering payday loans usually offer 500-1500 dollars), but for some urgent needs it might be just enough.
Nowadays, you can find a number of people that find faxing extremely inconvenient. And it is hard to disagree with them – faxing machines are pretty rare and what is the point of wasting time for it when you have so many other options to get the needed cash. Thanks to the faxless payday loans you are now capable of applying for the loan really fast and easily.
For your protection and security, payday loans are regulated by the government. In Mississippi the interest cap is set at $20 per a hundred bucks. The State Department of Banking and Consumer Finance publishes this report on payday loans for your reference.
About Martin Glover:
Martin Glover has a solid academic, journalistic and industry background in financial planning. He’s privileged to share his proficiency specifically about online loans with Americans grappling to understand the in and out of this capital stream. He holds a Masters of Arts in Economics from the Darla Moore School of Business, University of South Carolina and a Bachelor of Science in Business Administration major in Finance in the same university.