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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.
The Disadvantages of RFID Credit Cards
RFID credit cards are taking the nation. Also known as Radio Frequency Identification, RFID for short, these cards allow you to make purchases with your credit card without even having to type in a pin number, swipe your card through a reader, or even sign for the sale. Instead, a coil radio transmitter insider your cardimagine how small it must be!sends out a tagged radio signature, that then gets transformed by the way you move your finger over the card.
In essence, your personal way of “swiping” your card with your finger gives the signal a distinct “shape” that acts like an electronic fingerprint. In theory, no one else could have this electronic fingerprint. Its not so much theory anymore. Some credit card companies are already experimenting with RFID technology. You can use them at gas stations, convenience stores, maybe even vending machines.
But is this technology as secure as all the experts say it is? It may be, but the thought of not signing for your purchase may make you have the heebie-jeebies. Also, usually with regular credit cards, the cashier is supposed to look at your card and compare signatures, to make sure you are you, each and every time you make a purchase. With RFID cards, you forgo this extra step of security.
Another issue with RFID cards, and one you wont hear the credit card companies make, is that RFID cards make it possible to too easily to spend and drive up your debt. If all a person has to do is wave their card at the fast food restaurant, to get gas, to buy that expensive new flat-screen televisions set, then chances are they may start waving their card more and more. In the long run, that will make a ton more money for the credit card companies. But for the buyer, that could mean a long lifetime of living in debt.
Another potential issue with RFID technology is that it could be the next wave of the future for everything from passports to security to get into buildings. It could be used possibly to even track your movements throughout the day, the week, and the year. Just imagineyour car, every building that you enter into, your house, your workall of them have RFID security technology. That makes for a chance for Big Brother to keep an eye on you. A scary thought, and pretty far-fetched, yes, but a possible reality none the less thanks to RFID.