What is a No Fax Payday Loan?

A payday loan is a high interest, short term loan that can either be provided from a local store or from an online vendor. This type of loan is usually provided as a crutch for extra cash flow until your next paycheck. Many payday lenders require paperwork and background information to process an application. Certain vendors require only a written application and no other paperwork. This is called a no fax payday loan. The lenders that do no fax loans, will always require an active checking account that they can withdrawal interest in case of a non-payment situation. Be aware that lenders do have the ability to take interest from from bank account if you get the cash loan directly deposited into you bank account. If you allow the lender to set up this type of loan, they most likely will only need to see proof of employment. Employment is one of the main factors a payday lender will take into consideration before the approve a loan.Getting a no fax payday loan does not mean that your credit will not be checked. Lenders still have the ability to do a background check based on the information you provide in your application. They can quickly run a check through a system called teletrack. Teletrack is a credit bureau that assesses the risk of each customer. Cash advance businesses are very dependent on these businesses, because it helps to determine whether each applicant is likely to generate a profit or a loss. Learn more about this type of loan here.