Direct Payday Lenders Do Not Require Fax

Once more technology has stepped in to make our lives run a little more quickly and a little less costly. Because of the connectivity of the internet, direct payday lenders no longer require any faxing of the various documents needed to receive an application and quickly approve a payday loan. The no-fax requirement also lessens the need for intermediaries.Simple Process from Application to DepositOnline direct payday lenders do not rely on documents sent by fax. Once you have decided on a lender, you might want to read reviews regarding their online application experience. This could help you steer clear of lenders who offer a less than satisfactory experience. Lenders can usually verify your identification, bank account, and residency either through online resources or documents sent via scanning.Information Required for No Fax Payday Loan ApplicationsThe information required for online loan applications is pretty straightforward: Usually two forms of government issued identification – driving license, passport, military i.d., etc. Proof of employment – pay stubs or direct deposit information. Bank account – usually a monthly statement or notification from the bank. Residency – usually a utility bill that matches the address on your bank account or official i.d. will work.Once that information is received, it is relatively quick and easy for a lender to determine if they will be able to give you a payday loan. Responses are usually done by email or chat facilities if you have access to such. Usually you will have fresh cash in your banking account within 24 hours, sometimes even sooner, with no fax payday lending.Credit History Not Required for No Fax Payday LoansAs opposed to banks and other traditional lenders, you need not have a perfect credit score. Understand that since no collateral (valuable property such as real estate or a late model car) is required and no high credit score is needed, that interest rates will be somewhat high as this is a risky venture for the lender. The lender has no proof you will pay back and has no property to sell to cover the loan if you default.Any loan transaction requires that the applicant be at least 18 or 21 years old, depending on the state in which the application is processed. Usually lenders like to see at least 6 months on the job as well. If a lender tries to charge you an application fee, this is not usual and you should commence to find another lender. Later on there might be a small transaction fee, but this is not unusual. You should never have to pay upfront, though.Emergencies Often Require Instant ApprovalIf a car breaks down, if a utility is about to be cut off, or if medical treatment is required, there is not usually much time to waste. The sooner you have the funds, the better. That is one of the reasons direct payday lenders have instituted no fax applications and approvals. Another good thing about direct payday lenders is that there are plenty of them out there and this allows you to pick and choose for the interest rates and repayment terms that best suits you. As mentioned earlier, interest rates can be rather steep (up to 30%!) and you will need to hunt for the best.You Win, the Payday Lender WinsAs with any loan, be sure you can handle the repayment terms. Not adhering to the plan can further ruin your already poor credit rating. Paying back on time as the contract specifies can actually help your credit scores. Following the plan makes you and your lender both come out as winners.