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Fax Free Payday Loan
Many payday loan companies require documentation to support your application for a payday loan. Usually they require a copy of your last pay stub, which shows your take home pay after all deductions and a copy of your latest bank statement. They are attempting to establish that you have regular income, that your wages are not garnished and that you have a regular full time job. The bank statement is required for a number of reasons. The payday loan companies will use your bank account to deposit the payday loan and to repay your payday loan on your next payday. In addition, the payday loan companies will also review your account statement to confirm that you have not had any NSF checks during the past thirty days.
While this may seem onerous, they are taking these steps to protect themselves and ensure that you are a reasonable credit risk. Some companies will also provide small loans to consumers without this documentation. These are called fax free payday loans. Most companies require a faxed copy of your pay stub and your bank account, however if you are unable to find a fax machine, fax free payday loans are also available. These types of loans are generally smaller in value as compared to other types of payday loans.
All of the same requirements are required for regular fax payday loans and a fax free payday loan. You will still need to meet age requirements and resident requirements for the state and country that you live in. Consumers will still need to be able to demonstrate that they have a checking account for deposits and withdrawals.
While fax free payday loans may satisfy an emergency or another requirement that just cannot wait until payday, readers should be aware that these loans are expensive compared to other types of personal loans. The banks will often charge rates that are much lower and administration fees are usually less as well. The best approach is to avoid any kind of payday loan and find a solution that allows you to wait until payday to avoid these high charges. Borrowing from a friend or a relative may be a cheaper alternative to using a fax free payday loan.
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