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Faxless No Credit Check Payday Loan

It should be possible for a person with bad credit to get a payday loan that involves no faxing and no credit checks.

Lenders are willing to make faxless no credit check payday loans available because payday loans are cash loans. Cash or hard money loans are loans where the lender bases the loan decisions on the amount of cash the borrower can get their hands on the near future. A payday loan is simply a loan based upon a borrower’s salary and the amount of their next paycheck.

In a payday loan the lender bases the loan on the supposed amount of the borrower’s next paycheck or the borrower’s salary. No credit check is needed for such a loan because the amount lent will be limited to the amount of the borrower’s salary.

Why No Fax is Needed

The lender is able to eliminate the fax in a faxless no credit check payday loan because the internet allows borrowers to send in the information almost instantly. Instead of faxing in documents people can e-mail in documents such as bank statements or pay stubs many of which are available on line.

The advantage to these loans is that the loan approver can examine them almost instantly and approve or deny the loan. Even if the income verification documents are on paper they can be scanned in and e-mailed.

What you need to get a faxless payday loan

To get a faxless no credit check payday loan, a person will need internet access and a bank account usually a checking account. The best place to apply for such a loan online is on your computer at home but those without internet in the home can also use a computer at work or a public computer say at the library.

Applicants will need a bank account because the money will be deposited electronically in the bank account. Most payday lenders will take the loan payment amount from the bank account as well.

Those without a bank account maybe able to get the money sent to a preloaded credit card or wired to a supermarket or check cashing store that has Western Union or Money Gram capability. 

How a Faxless Bad Credit Payday Loan Works

It is possible for a person with bad credit to get a faxless no credit check payday loan because payday lenders base their decision on the amount of money that a person has available to pay a loan off with.

These decisions are usually based on the amount of money a person has in their bank account or on income. Persons who prove they have a reliable source of income such as a good a job, a pension or a regular government benefit such as social security should be able to get such a loan fairly quickly.

To verify income most lenders may ask for documents like pay stubs and bank statements. Since these documents are available online they can usually be sent to the lender via e-mail.