What Are Faxless Payday Loans and How Do They Work?
In the past, applying for a personal loan or cash advance might require you to fax the paperwork to a lender. However, with the advent of online loans and faxless payday loans, loan applicants usually don’t have to worry about finding a fax machine to send their loan applications.
Submitting a Faxless Payday Loan
Many online loan providers allow a person to submit all of their information via computer or mobile device without ever having to use paper.
Online faxless payday loans take out the pain of applying to a direct lender. By completing the request process online, the applicant may save time. This also helps the lenders save time in offering fast cash.
Faxless payday loans are paperless and can be applied for with an internet connection. Faxes have become a way of the past.
Quick fax-less payday loans are for those with a busy schedule and in need of emergency cash.
The applications may be processed quicker than at a storefront lender, and the money is offered via fast money transfer if the customer is approved. Applicants have the luxury to apply online directly, where high-tech algorithms may determine approval within moments. If approved, the consumer can digitally sign the agreement and receive the loan funds in their bank account.
The loan ranges depend on the status of the applicant and their loan demand, as well as other factors like state regulations and lender preferences. Other terms and conditions of the loan agreement may vary from lender to lender, too.
What are the Requirements for a Faxless Payday Loan?
Good credit may not be a requirement. While all online and storefront lenders run a credit check, many are lenient when it comes to bad credit scores. This is why faxless payday loans are the way to go if you suffer from a negative loan history.
Obtaining a payday loan now is far simpler than it used to be. With faxless loans, you have the liberty to apply for money when you need it. However, before proceeding with the form, you will have to meet a few requirements from the direct lender.
- You must be a resident of the state through which you are applying.
- You must be at least 18 years old.
- You must obtain an open and active checking account.
- You must provide your lender with an active phone number and email.
- You must provide your current address.
After filling out the initial online form, you may have to submit an application that the lender will review. The application for a faxless loan is simple and easy, and it will not require much time to complete. While receiving instant approval is never guaranteed, you should have an answer within minutes.
What Are No TeleTrack Payday Loans?
Some lenders use TeleTrak to review previous borrowing attempts and repayment records. A no TeleTrak loan is one where your information is not run through the TeleTrak system.
These lenders may still have a tracking system in place. Or, they may use other tools to determine loan worthiness, such as a stability index.
Advantages of Online Loan Requests
The traditional loan request often involved a lot of paper shuffling and the faxing of documents. Faxless payday loans remove a lot of the work, making it easier, simpler, and faster for borrowers to request a loan and get their money. Being able to request an online loan has numerous advantages over traditional loan requests, some of which are listed below:
- Convenience - Being able to apply for a loan from the comfort of your own home without going anywhere is one of the greatest advantages.
- Emergencies - When some unforeseen circumstances arise, such as an accident, loss of job, or car trouble, a faxless payday loan allows you to get the money that you need fast, sometimes as soon as the next day. These loans can also be requested at any time, either day or night, so there’s no need to wait for a brick and mortar lender to open their doors.
- Numerous choices - A good number of lenders offer online loans. With so many lenders, the consumer is able to comparison shop and find the best option for their needs.
- Less time - Applying for an online loan can take as little as a few minutes, and approval can happen within minutes as well.
- Fast cash - The streamlined application process of requesting for an online loan means it is sometimes quicker to receive a loan. Borrowers can have their money as soon as the next business day.
Many borrowers prefer to apply for their loans via the convenience of the internet. You can forego the trouble of faxing loan papers. This is also a cheaper method to get things done. With the internet taking over the world and mobile phones in almost everyone’s pockets, this is the fastest way to get the cash you need now.
Faxless loans are often available on a lender`s website, such as the online application offered by SpeedyCash. It can be used right from the comfort of your home. As a matter of fact, given the lack of fax machines in most households, it would be a genuinely great challenge for many to apply for a payday advance through fax.
One last benefit of unsecured loans is that no collateral is required to complete the transaction.
Disadvantages of Faxless Payday Loans
Just as an audiophile may prefer the turntable to the CD player, some people prefer older technology like fax machines. These are a few of the reasons why people prefer faxing in their applications.
- Some borrowers worry about putting their information on the web, preferring to “stay off the grid.”
- Hackers are more likely to access your information when it’s entered into a website than faxed to a lender directly.
- Using technology you are more comfortable with may reduce the chance that you will make a mistake. Putting incorrect information into a loan request form may result in you being denied funding.
These are some reasons why people may shy away from online funding requests, trusting their old-fashioned technology instead.
Bad Credit Payday Loans
It may be possible to receive a no fax cash advance even with a poor credit history. Payday lenders may focus on your source of income and current capacity to repay the loan rather than your past mistakes.
If you have a high enough income, then this will give them the reassurance they need, knowing that they can withdraw the amount borrowed from your incoming paycheck.
When you apply, the lender may ask for your bank account information or a post-dated check. This will allow them to withdraw the cash when it is due. It shows them your ability to repay the loan on time.
Valid income sources may include but are not limited to a regular paycheck, alimony, child support funds, or pension.
On the other hand, if you are suffering from a relatively low credit score, you can always seek out the help of credit counseling. Credit counseling companies can be non-profit organizations that aim to help individuals overcome their financial hardships. Typically, their counselors are accredited and qualified in the areas of consumer credit, money and debt management, and budgeting. Counselors are there to discuss your financial situation and help you to generate a tailored plan to resolve your credit difficulties.
Some areas that counselors can help are:
- Advise you on handling your money and debts
- Help you produce a budget that is a well-fit concerning your financial status
- Help you acquire a copy of your credit report and scores to comprehend your credit standing fully.
- They may even extend free educational courses and workshops to help set you off on the right foot.
- Most important, they are there to help you create a debt management plan to pay down your debts and eventually be free of loans.
What are the Interest Rates for Faxless Payday Loans?
While it may not be the most accurate way to show the cost of a loan due within a couple of weeks, lenders should show you the annual percentage rate (APR) associated with your loan. The lender will calculate APR using several factors, which may include state regulations, local competition, and your credit situation.
For decades, the fax machine was the main tool for quickly transmitting documents without having to mail them or send a courier. Those glory days of the fax machine are pretty much behind us. This is good news for people who are thinking of applying for a loan, but don’t have easy access to a fax machine. Getting a loan online has never been easier.
A Brief History of the Fax Machine
Before email and electronic documents, fax machines were the standard method for moving paperwork quickly. The word fax is short for ‘facsimile,’ which means a copy. One of the functions of a fax machine is to copy. The fax machine digitizes a document, converting the data into a bitmap. It then transmits the data in audio tones to another fax machine that prints a copy of the original document.
The technology behind the modern fax machine originated in the mid-1800s, predating even Alexander Graham Bell’s invention of the telephone. A Scottish inventor named Alexander Bain developed a chemical device that could transfer an image from one cylinder to another. An English physicist named Frederick Bakewell improved on Bain’s design to achieve a clearer image.
A few years later, Italian physicist Giovanni Caselli invented the pantelegraph. He also introduced the first commercial telefax service between Paris and Lyon in 1865, 11 years before the invention of the telephone.
Over the next 75 years, the technology continued to be developed in Europe and the USA. In 1888, the telautographic was developed by Elisha Grey. It allowed signatures to be sent by wire to verify ownership and identity.
By the 1920s, technology had advanced significantly. In 1924, AT&T had achieved the ability to send pictures “by electricity.” On May 19, 1924, scientists transmitted 15 photos of a high enough quality to be reprinted in the newspaper. Also, in 1924, Richard H. Ranger of RCA invented a wireless photoradiogram, or transoceanic radio facsimile.
On November 29, 1924, a photograph of US President Calvin Coolidge was successfully sent from New York to London, making it the first photo picture to be transmitted and reproduced by the transoceanic radio facsimile. Within two years, the device was being used commercially.
The first color fax was transmitted in 1924 by Herbert E. Ives of AT&T.
In the following decades, corporations and the military primarily used the technology. However, by the mid-1960s, Xerox had developed the first consumer fax machine. By the late 1970s, fax machines were being produced by companies all over the world.
Although most businesses maintain some form of fax capacity these days, such as fax servers, most companies rely on email and other forms of electronic documentation. As a result, the once-ubiquitous fax machine is now becoming a rarer sight in the business environment.
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