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Each one of us faces emergency which catches us unprepared and we scramble to gather the requisite finances for the same.
No Fax Payday Loans for Immediate Money
Payday loans are loans handed out by banks, financial institutions, or even non-financial institutions, to those that need instant cash. This money that is thus borrowed, has either to be paid for in the next payday, or can be spread out over many paydays. One can call payday loans a speedy-borrowing-of-little cash. When an emergency is at hand, what is most important is to have the money required, as immediately as one can. However, the process of even payday loan lending is slightly complicated and takes its own time.
Usually time is taken for the company that is borrowing money to verify your credit history and other details. This can make the entire process cumbersome and lengthy for someone who needs cash in an urgency. Traditionally, one had to fax in credit history details to the lending company, who would then verify the same and grant you your loan. This would end up taking anywhere from one day to three days, a delay that cannot be appreciated by someone in a hurry.
Easier Criteria: payday loans no faxing are not very high value loans, and usually range anywhere between $100 to $1000. This factor, helps lenders in keeping easier criteria. For example, to many lenders the fact that you have a savings account in itself is a guarantee enough that you can repay the loan of $300 that you have taken from them (since quite a lot of these accounts have a minimum limit). Or let's say you being employed in the armed forces or the government sector is guarantee enough for the lender since the guarantee of you receiving a pay is much more in these sectors. The criteria for granting loan is thus made simpler and more lenient, leading to a fast turn-around time for the one seeking loan to get the loan money. This is one example of 'No Fax Payday Loan'.
Online Verification: Today a lot of financial institutions share their database with each other online. E.g. most credit card companies have an online list of defaulters, to which any company can register and verify before they approve of his credit card, or lend money to that person. This database being online, anyone from the world with specialised access to it, can do the verification of a person. This means one cannot be a defaulter in one state, and yet go ahead and borrow money, or get a credit card approved in another state. Such online database of people makes it easier for a payday loan company, to immediately know whether you are a defaulter in any credit institution. If you are, your loan is rejected. If you are not the loan is approved instantly.
Thus 'No Fax Payday Loan' has simplified the process for both the lender and the borrower. In turn, it has sped up the process as well. While fax payday loans used to take anywhere between one to ten days once upon a time, today no fax payday loans are approved in a matter of minutes. This time takes is anywhere between 10 minutes and one day, depending upon the availability of your credit history, and other such criteria that is specified by the lending institution.
Another factor that has made instant payday loan approval possible, is electronic transfer of money. Once a person had to go physically to a counter of a payday lender to get the approval done after giving the required details physically or faxing them. The approved money was then given as cash. This was time consuming and a hassled process since this meant that you had to contend standing in a line in case of a rush, or even coming back empty handed after learning that you do not qualify for that loan. That used to be frustrating. Check cashers, finance companies and others are making small, short-term, high-rate loans that go by a variety of names: payday loans, cash advance loans, check advance loans, post-dated check loans or deferred deposit check loans.
Usually, a borrower writes a personal check payable to the lender for the amount he or she wishes to borrow plus a fee. The company gives the borrower the amount of the check minus the fee. Fees charged for payday loans are usually a percentage of the face value of the check or a fee charged per amount borrowed - say, for every $50 or $100 loaned. And, if you extend or "roll-over" the loan - say for another two weeks - you will pay the fees for each extension. Under the Truth in Lending Act, the cost of payday loans - like other types of credit - must be disclosed. Among other information, you must receive, in writing, the finance charge (a dollar amount) and the annual percentage rate or APR (the cost of credit on a yearly basis).