Explicit Finance
A no fax payday loan provides an unsecured, short-term cash loan until the next payday. It differs from the usual payday loan in that there is no requirement to fax documentation to the lender.
Such a loan is usually obtained to meet urgent unexpected expenses, such as car repairs, home repairs or medical bills, until the person gets their next payday check. Not everyone has a rich uncle or friend, and banks tend to demand some security and/or credit references and anyway often take too long to approve. The no fax payday loan is especially useful for someone who has a poor credit record, since no credit checks are carried out. Any adult who has a job or receives other regular income (including a government benefit) and a bank account can receive one.
The process is extremely simple, hassle-free, and fast. An application form is completed online. There is no paperwork and no need to fax documentation. All being well, customers will usually receive an email approving the loan within hours, and the money will likely be deposited in their bank account the next business day. How much you can get will depend on your income and the lender.
The catch with a no fax payday loan is that it can be expensive—even more expensive than one where you do have to fax documentation. You can expect to pay at least $17.50 per $100 borrowed, which equates to an annual percentage rate of 456.25% for a 14 day term, so it is worth considering other options and shopping around. On the other hand, it will usually be a better option than a bounced check or using an overdraft, and even late fees on credit cards and other monthly bills can be more expensive. And it sure beats having your electricity or phone cut off.
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