A payday loan, also known as a paycheck advance or payday advance is a small, short-term loan that is aimed to cover a borrower's expenses until his or her next paycheck comes in. It is a fast and hassle-free solution for anyone who is facing a financial crisis.
This type of loan is used when you need cash quickly due to some unforeseen need which was not planned for. It is usually obtained to pay short-term financial demands like bills for the hospital and car repairs.
As no collateral is needed, a payday loan is an unsecured loan so the risk is shouldered entirely by the bank or financial institution in case the amount is not repaid. However, to counter the risk the fee for this type of loan is rather high in comparison to other bank lending products.
Typical loans are around $300, with the maximum amount of $1500 and are due in two to four weeks, with interest rates of up to 400% APR. Some lenders charge a flat fee regardless of the length of the loan, while some lenders adjusting the interest rate depending on how long the loan is left outstanding. On a two-week loan, fees average $15 for each $100 borrowed.
Getting a payday cash advance loan is a breeze. Applying and qualifying for this loan is fast and easy, and in many cases there are no documents to fax. A faxless online payday loan is a cash advance for which you can apply online and get quick approvals. The entire application process is fast and free of paper.
Your cash fast loan application gets processed and verified within minutes and your 24 hour loan amount is credited to your checking account, post approval, within 24 hours. A no fax payday loan is a convenient, affordable way to balance your personal budget when your bills don't fall in sync with your regular paycheck.
Finding the best online payday loan can be done from the comfort of your home. Just compa re rates and terms within minutes with a click of the mouse. Instant online loan companies do not question your credit history. Some lenders will allow anyone with an income to take out a payday loan regardless of any bad credit history.
It is also safe to get payday cash advance loans online. The fee is not cheap but when you need the money this tool is usually available 7 days a week somewhere near you or 24/7 online.
Quick no faxing loans only require your source of income and checking account number. There are very few requirements for a no fax payday loan, such as a checking account that is at least 90 days old, employment of at least 6 months, and a monthly net income of at least $1000 and $800 if you are hired by a government related agency.
The best thing with a no fax no teletrack payday loan is that you can escape the enquiries that teletrack system makes about your past financial transactions. Teletrack is actually a credit agency that gathers su b-prime consumer credit information. In this sense, a faxless loan helps you to protect your credit score from scratches.
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