4 Questions to Ask When Applying for a Faxless Payday Loan

Faxless payday loans offer a quick and easy way to get a short term cash advance. These loans typically are obtained on the Internet, and you can have the cash wired directly to your checking account, usually the next business day. I’ve discussed faxless payday loan alternatives, but regardless of which lender you choose, there are 5 questions you should ask.

1. How much will the payday loan cost?

Generally, faxless payday loans cost between $15 and $25 per $100 borrowed for up to seven (7) days. As the length of the loan increases, so does the cost. In addition, the cost varies from one state to the next because of local laws that regulate how much a fast cash lender can charge. Because there’s a big difference between $15 and $25 per $100, it pays to consider your options before deciding on a lender. PayDay One is one of the payday loan options I’ve seen with lower costs and is worth considering.

2. How do you qualify for the faxless payday loan?

While the qualifications to obtain a payday loan can vary from state to state and lender to lender, generally you must meet the following requirements:

• Have a job or proven source of income
• Have an email address and verifiable phone number
• Have a checking account in good standing
• Be at least 18 years old

In addition, you generally must be a U.S. citizen.

3. How quickly can you get your payday loan?

One of the advantages of a faxless payday loan is that they are fast. In most cases, you can submit your loan application online and receive a response in just a couple of minutes. If your loan is approved, you can obtain the cash the next business day, as this chart reflects:

4. Do you have alternatives to no fax payday loan?

It’s always important to consider your alternatives. For example, you may be able to borrow money from a friend or relative. You may also have access to a cash advance from a credit card, or a line of credit from a bank. These alternatives should be considered, particular the cost of each option, before applying for a faxless payday loan.