Sometimes consumers incur an emergency expense such as a car repair or perhaps an unforeseen medical bill but the funds aren’t available to pay for it. In a short term emergency such as this, one way for a consumer to get the funds is to apply for a No Fax Payday Loan.

A No Fax Payday Loan is a short-term loan that usually has a 30-45 days maximum term. Loan values typically range from $100.00 - $1,000.00 with the average range being $300.00-$500.00. This type of loan has several interesting features.

On-line Application Available

Instead of traveling to a local lending institution, consumers can safely apply on-line from a secure website. Some of these sites have relationships with a list of potential lenders who contact the borrower directly if loan criteria are met. Many others are lender sites who process their own applications. The advantage of a “brokered” site is that the applicant only has to fill out one application instead of going from site to site.

Financial Information Is Not Reported to Credit Score Companies

Information from a No Fax Payday Loan is not shared with anybody. This is a personal, unsecured loan. These loans do not appear on any credit report.

Convenient Electronic Processing and Payment

After approval, the loan value is transferred electronically to the borrower’s account the same day. If cash is needed immediately, the borrower can pick up the funds at the local vendor’s location – again on the same day.

Payment is also processed electronically. As part of the approval process, the lender obtains from the borrower the date of the next paycheck deposit. On this date, funds are then electronically transferred from the borrower’s account to the lender.

No Backup Paperwork Hassle

Remember that this No Fax Payday Loan is a personal, unsecured loan. Collateral is not required from the borrower. Therefore there is no faxing to the lender of paperwork such as mortgage documents and the like. However, the applicant may provide collateral if he/she chooses.

A Workable Option for Military Families

People in the military have a distinct advantage over non-military applicants. Their job is secure with no (or little) risk of layoff. The paycheck will exist on a consistent basis.

Fees and Interest Typically Less than a Credit Card

Many credit cards, especially those set up for lower income earners, have very high revolving credit interest rates and fees. Penalties for a missed payment can be severe. A No Fax Payday Loan also, relatively speaking is a high interest and high fee loan, but in the short term can be cheaper than using a credit card – if the loan is paid off on time.
And as with any loan, that’s the rub.

If the consumer feels that there is a substantial chance that additional problems may occur that could prevent the loan being paid off on time, different avenues of securing the needed funds should be pursued. Remember that a No Fax Payday Loan is meant to be for the short-term. Although the payment of the loan can be “rolled over” to the next paycheck, more fees and interest will accrue.