If you’re looking for a fast and easy loan, you’ve probably encountered the phrases “faxless payday loan” and “no fax payday loans.” Wondering what these phrases mean? Here’s a closer look at these unique loans, how they work, and why they’re popular.
DEFINING PAYDAY LOANS
Payday loans, also known as cash advances, are small short-term loans. Generally, these loans are for less than $1,500 and payments are typically due within a month, generally on your next payday. Often, payday loans are referred to as gap financing — they get you through the “gap” between right now and your next payday.
UNDERSTANDING FAXLESS PAYDAY LOANS
To get a payday loan, some lenders require your identification, a copy of your paycheque stub, and/or a copy of your bank statement. Unless you want to visit the lender’s store, that used to require you to fax the information to the lender. Today’s instant approval faxless payday loans don’t require you to fax in any information, which can make them more convenient for customers.
HISTORY OF FAXLESS LOANS
Faxless online payday loans can be more convenient for customers than the traditional payday loan and much more discreet because you don’t have to leave your home. Typically in the past, if you wanted a payday loan, you had to gather proof of your address, your ID cards, a voided cheque, and a paycheque stub. Then, you had to go to a payday loan store. There, you might have to wait in a line, and eventually, you would get to meet with the lender. If your loan was approved, you got the cash you needed and you could leave, but the process could take some time depending on the location.
As the internet became more popular, payday loans became more convenient. During this time-period, many lenders started offering online loans. However, these lender often required you to fax in information. If you didn’t have your own fax machine, you had to go to a place like FedEx that offers faxing services, which again took time and money.
Eventually, some lenders started accepting scanned documents over email, and that made things easier for people that need to borrow money. Payday lenders such as LongTermPaydayLoansOntario began providing an online, no-fax payday loan application process. This means the entire application and loan approval is over the internet making the process easier.
HOW NO-FAX PAYDAY LOANS WORK WITH LongTermPaydayLoansOntario
There are a couple of options that LongTermPaydayLoansOntario offers that makes the income verification process less of a headache for you. One of the options is to send your bank statement to us.
The second option is to email a digital copy of your bank statement to LongTermPaydayLoansOntario. This can be a downloaded digital copy of your statement, or you can snap a picture of your statement and send it to us. Our Resource Section provides more information on how these tools work and what the system requirements are to use these methods.
Quality Leaders like LongTermPaydayLoansOntario use strict encryption software, so that borrowers don’t have to worry about information being stored or intercepted by a hacker. These lenders use web-based security tokens to ensure your session and your information is safe. Whichever method you use, LongTermPaydayLoansOntario goes through great effort to make sure your personal information is secure. Payday lenders can use many different techniques so you can avoid faxes while also ensuring your information is completely safe and secure.
LongTermPaydayLoansOntario processes your loan application quickly and securely. You can get your money within 30 minutes once your loan is approved. In some cases, additional verification can occur via phone and sometimes additional documentation might be needed.
CREDIT REQUIREMENTS FOR NO FAX PAYDAY LOANS IN CANADA
Faxless online payday loans can be a good fit for people with less than perfect credit. If you need a loan and have less than perfect credit, this is a great option to explore. While most payday lenders pull your credit report, LongTermPaydayLoansOntario does not. Rather, the amount of your loan is in part based on how much money you earn and other factors.
However, if you have good credit, that doesn’t mean that a payday loan isn’t right for you. Even people with great credit have the need for convenient, fast funding in the form of a faxless payday loan from time to time.
Now that you know all about faxless payday loans and how they can be a great fit if you need money fast, it’s time to apply. You can start the easy application process now – click here to get started!