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Have you ever heard of a “faxless payday loan”? Many are familiar with a “payday loan” or at least heard of it, but how does it differ from a faxless payday loan? Is it better than a regular payday loan?
A faxless payday loan is essentially the same thing as a traditional payday loan, except that the documentation required by the lender can be submitted electronically rather than having to be faxed.
Lenders can get the information they require within minutes and approvals can even be given within a couple of hours. In some cases, repeat borrowers with the same payday lender can go straight to loan approval without having to re-submit their paperwork, since the lender will already have it all on file.
Faxless payday loans are designed to make it very easy for borrowers to apply and get approved for these types of short-term loans. Without having to go through the hassle of faxing documentation, the process is simple and fast.
Basically, all payday lenders these days can be considered faxless. With the advent of the internet, it doesn’t take much to scan and email paperwork to anyone at any time. While you can still choose to fax your paperwork or visit a payday lender in person, just about every payday loan company accepts applications and documents online.
A payday loan is a type of short-term loan that consumers take out in order to cover a pressing expense that they don’t have enough money to pay for. They’re usually made for amounts no more than $1,500, and typically must be paid back by the time their next paycheck comes in.
To qualify for a faxless payday loan, you’ll need to meet the following criteria:
To apply for a faxless payday loan, follow these steps:
Use an online loan aggregator to find faxless payday lenders and compare their offers, including their interest rates and terms based on your personal and financial information.
Once you’ve chosen a specific faxless payday lender, visit their website and apply online. You’ll need to provide the requested personal and financial information and upload any required documents. Personal information may include the following:
Financial information may include the following:
The lender may require you to upload your paystubs, bank statements and other documents to verify, income, debt and assess your overall financial health.
Within a few minutes following loan application submission, you should receive pre-approval if all your financial and personal information meets the lender’s requirements. Once the lender verifies your information, you should receive a loan approval and contract to sign.
After signing the loan contract following loan approval, you’ll receive your funds within a few minutes if sent via e-Transfer, or within the same day (or next business day if applying after business hours) if the funds are sent via direct deposit.
There are several perks of applying for a faxless payday loan:
While there are plenty of benefits to faxless payday loans, there are a few drawbacks to consider:
Faxless payday loans may be easy to qualify for and can provide you with much-needed funds very quickly, but they can also be very expensive and difficult to repay with such short payment terms. There are other options available if you need fast cash to consider before applying for a faxless payday loan, including the following:
Rather than having to repay the entire loan amount in one lump sum in a short time period as is the case with a payday loan, a personal installment loan allows the loan to be paid off in regular installments over an extended period of time. In addition, the interest rates are not nearly as high as payday loans. This makes it much easier to pay off.
Many online lenders in Canada offer personal lines of credit, which work somewhat like a credit card. With a line of credit, you can borrow up to a specific limit and pay interest only on the amount withdrawn. Once you repay the borrowed funds, you can continue to borrow from your line of credit over and over again and make repayments according to your contract.
This is a good alternative to a faxless payday loan because there are no stringent repayment dates to adhere to.
If you have a credit card, you may be able to access cash from your account, as long as your withdrawals don’t exceed your credit limit. If you don’t repay the funds withdrawn by the next payment due date and carry a balance month over month, you’ll pay interest on the outstanding amount. Keep in mind that credit card cash advance rates are very high, typically between the 22.99% to 24.99% mark.
Many Canadians find themselves needing fast cash to cover last-minute expenses and sometimes turn to payday loans to obtain the money they require. Faxless payday loans make the application and approval process simple and convenient by not requiring any documentation to be faxed or presented in person.
However, as easy as these types of loans are, borrowers need to be aware that they can be extremely expensive and very difficult to pay back in such a short amount of time. Before you take out this type of loan – or any other type of loan – be sure to do your due diligence and make a sound decision that’s best for you.
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Loans Canada is pleased to announce it placed No. 131 on the 2022 Report on Business ranking of Canada’s Top Growing Companies.
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