Faxless Cash Advance
Faxless cash advance loans are small cash loans that are granted on the merit of the application and information it contains.
Faxless cash advance loans are loans that are obtained without additional documenting evidence being faxed to the lender. Some cash advance loan lenders certain information be faxed that includes a copy of the applicant’s state issued drivers license or identification card, a copy of the applicant’s latest pay stub and bank statement. Some lenders also require a copy of a utility bill, mortgage document or lease agreement with the applicants name and physical address noted on it.
Usually, once the lender has the required information and the applicant applies for a second loan, the additional information is not required to be faxed again. Faxless cash advance loans are available to applicants who have provided the information once. Only when the information changes, does the applicant need to fax in supporting evidence when applying for the loan.
Some lenders offer faxless cash advance loans all the time. The application contains all the information necessary to approve a loan. No faxing required makes the loan process efficient and easy. The best part of a faxless cash advance loan is the applicant does not have to find a fax machine. In the event an applicant does have to fax information and does not have fax capabilities at home or on their computer, fax machines can be found for public use at print and office supply stores, the public library and the office where the applicant works to name a few of the available places. An alternate to a fax machine is to scan the required documents and email them as an image file to the lender.
Faxless cash advance loans work the same way as the loans that do require faxed information. They come with the same finance charge, 15 to 35% and the same payback time frames, 7 to 30 days. The faxless cash advance loans are approved in a very timely manner and distributed to the applicant by electronic transfer, sometimes within minutes, to the applicant’s bank account.
Faxless cash advance loans not paid in a timely manner will be subject to penalties and late fees that could add several hundred dollars to the cost of the loan. Even though faxless cash advance lenders do not check credit when approving an application, most lenders will report late payments and default loans as well as timely payments and successful discharge of loans to the credit bureau.
If an applicant finds they will have a problem repaying their faxless cash advance loans, they should contact the lender as soon as possible and work out a payment plan that will allow the loan to be paid back in smaller installments rather than one lump sum payment over a longer payback period. The lender would rather work out an alternate payment plan rather than chase an applicant for payment. If the applicant shows good faith to pay back the loan, the lender will give the applicant a break and not report the applicant to the credit bureau.