Are you currently in a situation where you are lacking in your finances? Perhaps you are feeling stressed out as a result and wondering how you are going to be able to meet your impeding financial obligations, such as paying your rent/mortgage or even buying groceries. Asking a close friend or family member to borrow some money may not be an option, and going through the long and drawn-out process of applying for a traditional bank loan may be out of the question due to time restraints or poor credit on your part. Regardless of your current financial situation, the good news is that you always have the option of applying for a faxless payday loan.
What is a Faxless Payday Loan?
First of all, a payday loan is a small loan of under $1500 that you can take from a private lender to assist you in covering your expenses until your next payday. The concept of a payday loan is that the borrower should be able to get quick and easy money, and then pay it back with a bit of added interest with their next paycheck. This is often ideal for people in situations just like yours where they just need a bit of extra cash to get them by until payday.
Up until fairly recently, payday loans have been offered only from traditional storefronts. These stores used paper records such as printed bank statements and pay stubs from a borrower's employer to determine creditworthiness. When payday lenders added the ability to lend money to people from home, they did so by simply extending their existing business model to take those same documents by fax instead of in person. With the increasing ubiquity of internet access, many lenders begain offering faxless payday loans which allowed the applicants to send these documents via email if they had access to a scanner.
My Canada Payday has gone a step beyond this, and allows customers to submit their bank statements using a screen capture application. Borrowers no longer need to have paper copies of their statements, which is increasingly common in this paperless era. The entire process of downloading the screen capture application and submitting the banking details takes less than five minutes and under optimal conditions means that a loan contract will be delivered to the customer in less than ten minutes.
What You Need to Know
Since payday loans are meant to be short-term personal loans, the amount that you may get approved for can vary depending on your current income and how much you need to borrow. Therefore, you should not expect to be able to use a payday loan for larger expenses. In most cases, the maximum amount that you can get approved for with such a loan is based on the amount you make per paycheck with your current place of employment and is capped off at a certain amount for most lenders.
Furthermore, you should be careful to only borrow what you know you will be comfortably able to pay back within a few weeks. Your repayment terms, including how long you will have to pay off the loan, will be outlined in your loan agreement. Take the time to read through this before you agree to a payday loan so that you know what to expect when it comes time to repay the loan, which will likely come soon after you receive the funds. You should also be aware that most payday loans have a higher interest rate than a traditional loan, so be sure that you are aware of what your interest rate is and how it will affect your repayment amount as well.
Overall, payday loans can be a great way to get the money that you need without the hassle of a traditional bank loan. Furthermore, faxless loans can make the process of applying and getting approved even easier. If you are in a difficult financial situation, be sure to keep this option in mind.