When you log on to Internet or check your mail, you find a multitude of advertisements and emails offering you instant no fax payday loan. You must have wondered often enough if they are actually available or merely a part of a gimmick to draw customers. The fact is that many of us still expect to go through a lot of paperwork while taking any kind of cash advance. We know that we will be required to at least fax our documentary proofs to the lender to get approved. And it's true also. Even today majority of payday lenders require borrowers to fax in documents to verify the authenticity of their information. The idea of being able to take out a cash advance does seem a bit far-fetched because lending money involves risk for the company. Before discussing instant no fax payday loan, let's refresh our knowledge of cash advance service.
Cash Advance Service - A Basic Description:
Cash advance is usually a loan of a small amount - $100 to $1000. You need to pay this amount back to the lender along with interest when you get your paycheck after availing this facility. For this service, lenders charge interest rates that are substantially higher than those of other type of loans. And the rates vary significantly from one lender to another. Mostly you find lenders charging interest between $10 and $30 per $100 loan. If you are a legal U.S. citizen, 18 years of age or older and are employed with a minimum monthly income of $1000, you are eligible. And you require a 3-month old account in addition. Since lenders give you money based on simple qualifying criteria, they need to be sure about your credentials to minimize their risk. That's something that makes the idea of paperless cash advance all the trickier.
How's Instant Loan Made Possible Without Paperwork?
Well the idea behind the concept of instant no faxing payday loan is rather simple. It's Internet that has made it possible. The companies offering such services operate online. They have their websites that contain an application form wherein applicant is required to fill in the requisite information. The information furnished by the applicant is verified online using latest software and reliable databases. Thus any need of submission of papers or faxing the same is dispensed with completely. It takes just about an hour for getting approved and the money is credited to the borrower's account practically within 24 hours. That's why this service is called instant cash or fast cash.
So, it's true that paperless cash advance services are available. However, how authentic companies claiming to offer such loans is another matter. The risk factor increases both for the lender and the borrower in case of such services. You can benefit from this facility only if you act with caution.