Don’t you just hate paperwork? If you do, you may be relieved to hear that there are typically no hard copy documents, no posting and no fax payday loans. As long as you have a permanent USA address, a payday lender should be able to confirm your identity electronically in a matter of seconds.
How can it be so simple?
There is no faxing with payday loans because the lenders typically accept applications electronically so not only is there less hassle, but it is better for the environment as no paper forms are needed. Payday lenders’ questionnaires may typically want to know about your name, address, debit card details, date of birth and your job.
Why do lenders need to know about your job?
To decide whether you are eligible for a payday loan, a lender will generally want to know: how much you earn, how often you get paid (e.g. weekly amounts), which day of the month your regular payday falls on.
Unlike regular unsecured lenders, payday cash advance companies may not do full, in depth credit checks but instead may opt for simpler, speedier ones. Not only may this make their service quicker for customers, but the shorter checks may also be more “forgiving” for borrowers with bad credit history.
What are payday loans for?
Given that payday lenders may typically not even ask why you want to borrow the money, you may typically use the funds for whatever purpose takes your fancy. Some payday customers may want to make a largish purchase before their wages arrive, whilst others may really need the cash injection to pay urgent bills.
How much can you borrow?
The answer to this question may depend on how much you earn and what your credit score is. No fax payday loans may typically be in the region of $500 to $1000, although payday lenders may vary in the ranges of sums they offer. If you repay the advance on time, a lender may be prepared to lend you a higher sum on your next application, as their level of trust in you as a customer builds up. However, do note that payday loans are not designed for regular use, which could be indicative of a debt problem.