With increasing competition and willingness to attract more and more customers of all types, lenders keep coming with innovative and lucrative loan offers. Faxless payday loan is one of the outcomes of this rat race of survival in loan industry for lenders. These loans are specially designed to save the precious time of borrower from being wasted in all sorts of paper works. In short, faxless payday loans are short term unsecured loans meant to take care of urgent monetary requirements of mainly salaried people.
Features of faxless payday loans
These loans are unsecured in nature and one need not pledge any collateral for availing loan. Some of the factors that becoming deciding about the amount that can be borrowed are-
-Your monthly income and expenditure.
-Depending on above your ability to back.
-The level of trust lender has on you.
It is possible to get a loan amount in the range of £100 to £1000. People with bad credit are not denied for the loan and they are also considered with some higher interest rate. Interest rate is on slightly higher side as the lenders have little time to judge your ability to pay back and also faxless payday loans are unsecured, which is responsible for higher interest rate. Repayment duration is of around 2 to 4 weeks. In general borrower has to make the repayment by next payday. In case of delay in repayment, you will be required to pay fine to your lender apart from the normal interest amount.
While applying for faxless payday loan you need to be ready with proof of the company you are working with and your own salary. You may even be asked to furnish details of last pay slips along with the account number.
Entire application process has to be done online and this provides borrower with a lot of options to make a choice from them. Before you finalise on a particular offer it is worth peeping into offers of different lender.