Fax-Less Payday Loans - Are They Right for You?


If you have the need for quick cash and cannot wait for the formalities of typical loans, then there are many options available to you. One such scheme is that of a fax-free payday loan. This is a great option if you need to borrow a small amount of money for a short period and do not have a credit card to use.

A Fax-Free Loan?

Though the name fax-free or fax-less loan may seem a bit odd it is really in simple reference to the ease at which you can acquire money with these types of loans. Unlike formal loan processes or credit card applications which run a credit and income check, these loans are easy to get and do not require supporting documents to be faxed to the lender - get it?

Details of a Fax-less Loan

These loans are also referred to as payday loans because they are generally given to bridge a person between paychecks when there is a need to pay a bill. They operate similar to credit cards in that they are for a small amount ($100-$1500) and need to be paid back quickly (within 14 to 31 days).

However, unlike a credit card or small personal loan, fax-less payday loans are granted without going through a credit or background check and usually get money to you within a day or two.

What You Need for a Fax-less Loan

There are still some requirements for this type of loan, but they are minor compared to the more formal loan and credit card applications that you are used to. For starters, you need to be a U.S. citizen to qualify. Next, you need to have proof of employment for at least 6 months and need to have a monthly salary over $1,000. You must also be above the age of 18 and have a checking account for the money to be sent.

Applying for Fax-Less Payday Loans

The application process for this kind of loan is really simple. Using the five pieces of information above, all you do is fill out a simple internet form and the processing will begin. Most companies who offer fax-free payday loans will extend credit to almost anyone who applies. Bad credit is not a serious issue with these kinds of loans since no credit check will be run against you in the application process.

Once you are approved for your loan, the money will be in your checking account by a day or two at the most so that you can pay the bills that you need to pay before your next paycheck.

Interest, Fees and Other Details

It is important to note that the purpose of a payday loan of any kind is to provide small amounts of cash for short periods of time. Generally, these loans are used for covering bills between paychecks. The range of money that you can borrow through a payday loan is anywhere from $100-$1500. The payback period is short - generally you need to pay back all the money, plus interest, within 14-31 days of taking the loan. It is also of special note that these loans tend to carry slightly higher interest rates because of their short terms and lack of credit screening.

Is a Fax-Less Loan Right for You?

If you need a small amount of money quickly and will have the funds to repay it within 14-31 days, payday loans are an excellent source for that money. Just remember that to get these loans you need to be over 18 and a U.S. citizen. You also need to have a job for 6 or more months and make more than $1,000 per month. If this is the case, then a fax-free payday loan is the right choice for you.