The Benefits Of Faxless Loans

Getting money fast is now an achievable task. For whatever reason, if you need money now it can be done. Fast online payday loans like a 1 hour payday loan are available in the form of faxless loans. The concept is not only quick, but it reduces the amount of paperwork and speeds the loan process alone. It is really the best way to expedite the loan process. As many people know, standard loans can take at least a week to get together. The process is slowed down by credit checks and lots of paperwork. But with a payday loan or a payday loan consolidation this lengthy process is avoided.

Several businesses online are ready and waiting for people to fill out their loan application. In just over an hour after the borrower fills in a simple loan form, the lender will have an answer of whether the can be loaned. A lot of these online companies offer 100% approval rates. Of course, there are a few requirements that state you must be employed full time, be at least 18 years old and have a checking account. That is it! The requirements are simple and the process allows nearly anyone to obtain a loan no matter what their credit score may be.

Of course, not requiring a credit check with faxless loans comes with a few drawbacks. Payday loans are usually limited to $1000 but are determined based on your income. Plus, they come with hefty fees and less than desirable interest rates. The average fee for per $100 borrowed is around $20. Typically, you are required to pay the entire loan amount off with your next paycheck. If at all possible you should do this. If you do not, it is called rolling over the loan. This means that the lender adds an additional fee plus interest to your loan balance. If you decide to roll over a loan just once, borrowing $100 initially then turns into at least $140 (plus interest) that you have to pay back. Then if you let the loan roll over a second time, you will then have to pay $160 (plus interest) back. You can see how this loan can get expensive really quickly if you do not pay it off with your next paycheck.

Although payday loans can become quite expensive, if used wisely and properly they can help you save your utilities from being turned off, repair you car so you can get to work or pay for your telephone service so it does not get shut off. If used properly, the initial fee for a payday loan will be substantially less than the fees that you will have to pay to reconnect your phone or utilities. Plus, if you car is broken down the loan can help you save yourself from getting fired for not showing up to work the next day. Faxless loans have saved countless people from incurring fees from all of their other creditors. Plus, they help families feed their children when payday just is not close enough and the pantry is empty.

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