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Faxless Payday Loans: The Hassle-Free Solution for Emergency Borrowers


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By: Yara Zakharia, Esq.

Thanks to the internet, borrowers will find that applying for a faxless payday loan is now extremely easy, secure, convenient, and quick. An increasing number of cash advance lenders are eliminating the need for a borrower to fax or submit paperwork by offering this service online. Borrowers can now complete all aspects of the faxless payday loan application online in minutes.

With a no faxing cash advance, borrowers can ask for as little as 100 dollars and up to 1000 dollars or more. A borrower who has full-time employment with regular pay is more likely to get his or her application approved.

Cash advance lenders will verify the borrower's identity, bank account, and employment in the same manner that other payday lenders do, namely by asking for a copy of the borrower's bank statement and pay stub. The borrower will be required to confirm his personal information over the telephone. Since the institution providing the faxless payday loan is offering the borrower a cash advance on his pay check, employment and bank account information are deemed important. In essence, the borrower's paycheck is his collateral. Therefore, the borrower will have to produce his most recent 30-day bank statement or get his bank to fax it to the lender, which will in turn conduct the employment inquiry by contacting the borrower's employer.

Once the initial verification has been performed, the borrower's employer will not be contacted as a prerequisite for issuing any future faxless cash advance loans applied for and approved thereafter. A cash advance lender will only question an employer about the borrower's current contact information and current employment if the borrower defaults or the lender suspects fraud.

Once the payday lender verifies the information, it instantly sends an email communicating to the borrower whether or not his/her payday loan application has been approved. The faxless payday loan is then directly deposited into the borrower's checking account, and the lender electronically withdraws the loan payment or finance charge on the borrower's next payday.

According to the Consumer Federation of America's survey of 100 internet faxless payday loan websites, loans ranging from $200 to $2,500 are available, with $500 the most frequently offered. Finance charges vary from $10 per $100 borrowed to $30 per $100 borrowed. The most common rate is $25 per $100, which translates into a 650% annual interest rate (APR) if the consumer repays the loan in two weeks. Consumers should, of course, always beware of any hidden fees or charges.

Under the Truth in Lending Act, lenders are required to disclose the cost of no faxing cash advance loans, as they are with respect to other forms of credit. Institutions offering the faxless payday loan must also submit in writing to the borrower the finance charge as well as the annual percentage rate or APR (the cost of credit on an annual basis).


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