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Faxless Payday Loan

Many people feel they have no choice but to turn to check cashing outlets and storefront lenders when they need a loan because they lack access to a fax machine. This simply is not true because many fax-less payday loans are now available.

Anybody who has access to the internet should be able to apply for and get a loan without using a fax machine. By going online a person can bypass the storefront lenders and get a better deal on a cash loan. Going online also gives a borrower access to a wide variety of loans they wouldn’t normally be able to get.

Persons who don’t have their computers can use the computers at work, the computers in the public library or internet cafes to get a fast cash loan. Anybody who knows how to read and write should be able to use the computer to get such a loan.

How a Faxless Payday Loan Works

A person applies for a faxless payday loan by going to a lender’s website and filling out a form with basic information. Traditionally such loans required a person to fill out and sign a form that is faxed into the lender’s office.

Many modern websites use electronic signatures that are encrypted. This means that the lender can instantly approve or turn down a loan and a borrower can get their money faster. Electronic signatures are encrypted so they are very secure.

To get a faxless payday loan a person will have to provide basic information including their Social Security number and possibly a driver’s license number. The lender needs this information so they can confirm the borrower’s identity.

Once the loan has been approved the lender will electronically deposit the funds borrowed into the applicant’s bank account. This process works like the direct deposit used by many employers and requires the lender to have a bank account and provide banking information.

A faxless payday loan is usually paid back using the same method. The borrower agrees to let the lender take the money out of their account on a certain day. The lender assumes that the borrower will have the money in the account on that day.

What You Will Need for a Faxless Payday Loan

To get a faxless payday loan a person will need internet access and a bank account. Those who lack internet access in their homes can use the computers at their work or public computers such as those at the public library. A person can also use a computer belonging to a friend or relative to apply for such a loan.

A borrower will also need a bank account usually a checking account for the electronic deposit of funds. A person who can’t get a regular bank account because they have bad credit should be able to get one from an online bank such as Account Now. Account Now and Paypal make bank accounts accessed via Visa cards available to anyone. The money can be deposited in these accounts much as it is deposited in a regular bank account.

One advantage to this arrangement is that allows the borrower to get the funds quickly. One disadvantage is that it gives lenders access to your bank account.

Faxless Payday Loans

Nobody should be required to use a fax machine to get a cash loan. Anybody should be able to go online and get a cash loan without using a fax machine.