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Applying For a No-Fax Cash Advance Loan
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What is a "No Fax Cash Advance Loan" and how do I get one?
Cash advance loans or payday loans as many prefer to call them have grown in popularity over the past few years. This is more prominently seen among people who live paycheck to paycheck and don't have any kind of nest egg or savings to help bail them out in the event of a financial emergency. You can’t turn on the television or radio these days without being inundated with commercials for companies who offer quick cash when you need it.
The number of companies in the United States that offer cash advance loans has skyrocketed in recent years with business people seeing how easy it is to make a high rate of return on their money in a short period of time. With very little overhead, it is inexpensive to start and run a cash advance loan business, which explains why there are so many of them these days. One good thing that has arisen from this is that there is increased competition among payday lenders to offer better rates in order to stay in the game. With the convenience of the Internet coming in to play, companies who are seeking an edge, came up with a way to make an already easy cash advance loan process even easier.
How is a "No Fax" cash advance loan any different?
In order to apply for a typical cash advance loan, you will first be required to show proof that you are old enough to enter into such a contract. The legal age in most areas to sign a legal document without a cosigner is eighteen (18). You will need to provide evidence that you have worked at the same job for at least three months and that you meet the minimum requirement for monthly income, which is usually about $1,000. A check stub is usually enough to satisfy both of these requirements. You will also need to show that you have an active checking account in your name with no returned or "bounced" checks on it. Lastly, you may need to show proof that you have maintained the same residence for at least three months, preferably longer.
What makes a no fax cash advance loan different is that unlike a typical payday loan there is no requirement for you to fax in copies of the various documents as proof. The cash advance lender verifies your employment and income by other means, usually with a phone call to your employer. They can also verify your checking account in much the same manner, and the same applies to verifying your residency. As you can see, a no fax cash advance makes it even easier and more convenient for people to apply for and receive a payday loan without ever setting foot in a brick and mortar cash advance lender's office.
How can I get a no fax cash advance loan?
There are literally hundreds of online cash advance lenders who offer the no fax cash advance loan program and a simple internet search will provide you with plenty of choices.
How much does it cost to take a cash advance loan?
Remember when you grandmother said "there's no such thing as a free lunch"? Well she was absolutely right and payday loans are no exception to this rule. Cash advance lenders are in the business to make money and believe me, they are making lots of it.
According to a recent survey by the Consumer Federation of America, the average American who takes advantage of no fax payday loans borrows on an average about five hundred dollars. The average cash advance loan is for a period of two weeks at which time the borrower must pay back not only the original amount that was borrowed but also a substantial fee – which is about $25 per $100 on average or an annual percentage rate (APR) of 650%!
According to the Truth in Lending Act of 1968, all financial lenders must disclose up front any and all fees associated with the loan they are offering and must offer that disclosure to the borrower in writing. This disclosure also includes informing you of the annual percentage rate (APR) of the loan, or in simpler terms, how much the loan would cost you on an annual basis.
Before deciding to take out a payday advance, read the disclosure and all other associated documents thoroughly and carefully. You should always try your best not to borrow more than you need or more than you are able to pay back with your next pay check! With the high interests rates, borrowing more than is necessary could get you further entangled into a financial mess. |
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