Category Archives: Loan Tips
What is a Faxless Payday Loan?
The faxless payday loan is ideal for people who are looking to borrow money on a short-term basis and who are willing to guarantee the loan against their next paycheck. Considering the alternatives such as credit card cash advances and the conventional bank loan, a faxless payday loan is quick, convenient and offers far more competitive rates.
Most lenders do business online. This reduces their overhead costs such as office supplies (e.g. paper, pens used for application forms), and allows them to automate processes such as application assessments. Lenders are able to operate more efficiently, so that the cost savings can be passed on to their customers.
The first step is to fill out the online application form. Many people see this as an advantage, since they do not need to make trips to the bank and wait in line. They can file their application with minimum fuss in the comfort and privacy of their home or office.
This is how information about the borrower is collected. The data gathered is used to assess if the application will be approved or not. With the online payday loan no faxing of documents is required and the application as good as approved, as long as employment and bank account information are easily verified.
In fact, eligibility requirements are quite simple. Borrowers just need to be over 18 years old, employed and have a checking account. A less than perfect credit score is not a problem, since a perfect credit record is a rarity these days and most lenders do not hold innocent bad credit slip ups against their borrowers.
The assessment itself can take anywhere from 30 minutes to a few hours, significantly faster than the process for a conventional bank loan. Any additional information that may be required can be submitted quickly online with minimal effort on the borrowers part. Compared to going back and forth to the bank and waiting in line again this is another advantage of faxless payday loans over conventional bank loans.
Following the approval of the application, funds are transferred to the borrowers checking account within one to three business days. For repeat customers with good standing, it is possible to get the money within the day.
The loan is usually on a fixed interest basis and is payable on the next payday. However, it is possible for the lender and the borrower to work out an arrangement where the term is for a longer period and still on a fixed interest basis. It is in the best interests of both lender and borrower to do this, since it is proof of responsible lending on the lenders part and ensures that the loan is paid on time by the borrower, without putting him or her deeper in debt.
Finding The Best Payday Loans
Are your expenses for the month going overboard and are you finding it difficult to keep them within your budget? You are not alone with the current economic trend; living within ones means is always a great challenge. Regardless of however careful we are on certain months, we fall short of money in such situations. During these times, payday loans are a great relief. You can find so many payday lenders that are willing to give you loans to help you out of your financial crunch.
Though there are many payday loan lenders, you need to carefully choose your lenders so that you get the best UK payday loan. Before you take any loan, you must compare the lenders, their interest rates and their terms and conditions so that you get your online payday loans at the lowest interest rate possible.
If you start searching for your payday loan company online and review each one of them individually, you will end up spending a lot of time on the internet and you will only end up in confusion as there are so many loan companies and to pick the best lender is very difficult task. Moreover, you can never be sure whether you have searched all the UK loan companies and compared them. Payday loans are for emergency situations and you cannot afford to spend a lot of time on the internet just searching for pay day loans. You will receive the money fast, so going about searching for individual lenders on the web will not be a practical approach.
Alternatively, you can consider using Paydayonly.co.uk. This website will save you a lot of time as you can find your payday loans within a short time. Using the Find A Lender feature on this website, you can easily get all the top lenders in the market. You just need to fill the form once and submit your preferences and you will find all the top payday loans companies lined up for you. You can also compare between various payday loan companies because you will get the best deals only when you compare various payday lenders.
When you compare payday loans, you must remember to compare them on all the important parameters such as roll-overs, higher loan value, fund transfer speed etc. You should not blindly compare just the loan fee. You must also check whether there is any processing fee for your payday loan. You must also remember to read the reviews of all the top lenders so that you can make a well informed decision.
Never make a hasty decision when you want to get a payday loan because your hasty decision can lead to a lot of loss. Always anticipate your expenses so that you can plan your budget well and even if you have to get a loan, you will have enough time to shop for the best payday loan.