No Fax Payday Loan
A No Fax Payday Loan is a promise to avoid the hassles of seeking fax machines to send applications to a lender. The entire application process can be done online, which is convenient and efficient for both the applicant and lender. More efficiency means quicker results in the retrieval of a Payday Loan.
On average, No Fax Payday Loans will lend between $200 and $500. However, there are lenders that can lend $1,000 or more. Remember: the amount to be borrowed depends on the monthly income of the applicant.
It is understood by Payday Loan lenders that applicants may need their cash quickly. With this in mind, most No Fax Payday Loan services have a 24-hour turnaround or one business day on weekends. However, there is the chance that an applicant may have to wait longer, but such occurrences do not happen often.
A no fax payday may not require a traditional credit check. This doesn't mean a lender won't use other financial and credit checks to assess your risk.
Most No Fax Payday Loan Services will agree to a time frame of fourteen, twenty-one, or twenty-eight days. Depending on the time frame, a corresponding financial fee will be present - the longer the time, the greater the financial fee. Within this pay period, however, the applicant's financial fee is based on two factors: the length of the time frame and the loan amount yet to be paid by the applicant. Depending on the No Fax Payday Loan lender, an applicant can be charged anywhere from $10 to $30 for every $100 borrowed.
Since an applicant is only required to pay the financial fee each time frame, the paying process can continue for quite some time. If the fee was $15 for each $100 borrowed, that would be an APR of 391.07%. As the applicant, keep in mind that a Payday Loan is meant to be a short-term solution for financial needs and plan your limits accordingly.
Eligibility requirements for a No Fax Payday Loan differ depending on the individual lenders. However, it is generally sufficient to be eligible if the applicant is 18 or older and receives a monthly income of at least $750. Otherwise, an applicant is required to have a computer with Internet access in order to obtain the application necessary to apply for a No Fax Payday Loan.
After a loan has been approved by a lender and is received by an applicant, the lender will not restrict the loan's use. The applicants decide what they use their money for.
Multiple Online Payday Loans
Since many lenders require a loan to be fully repaid before receiving a new Payday Loan, an applicant taking out multiple loans is usually not an option. However, this is solely dependent on the lender in question, and might be an option to applicants. As an alternative, some lenders will allow a current loan to be reevaluated, potentially increasing the current loan's amount. This decision, however, depends on whether an applicant's monthly income is high enough to warrant such a change.