Faxless Payday Loans

Looking for a "faxless" payday loan? You are in luck. Lots of lenders (including the three lenders we reviewed this month), make it easy for you to get a payday advance without faxing any informationInternet lenders require the consumer to have a paycheck Direct Deposit to qualify, and to assure the funds will be in the checking account when it comes time to repay the loan. If you can meet all those requirements lenders customarily promote “Three Easy Steps!”:

(1) Complete and submit an online application or apply by phone, if offered.
(2) Receive the funds in your account – usually by the next business day.
(3) Repay your loan.

A typical site discloses an annual percentage rate for a $100 payday loan with a $25 fee as 652%. Contracts from Internet payday lenders include a range of one-sided terms such as mandatory arbitration clauses, agreements that the borrower will not participate in class action lawsuits, agreements not to file bankruptcy for the life of the loan and the borrower will not close their checking/savings account until the loan and fees are paid in full. Sites that have a network of lenders or brokers may also ask the borrower to release the actual site from liability resulting from misconduct. Finally, a borrower can be threatened with prosecution for bounced checks even though the lender knew at the time he wrote the check he had insufficient funds in his account. That was the reason for the loan. It is always the borrower’s responsibility to read the terms and conditions. Better yet, print them out in the event you have a problem with the loan and the website is shut down with no forwarding address.

As with everything, convenience can come at a cost. However, if you are careful about who you deal with, an Internet loan can be a great solution to an emergency cash crisis. Each of the lenders we review this month allow you to get fast cash without faxing!