Faxless cash advances are a convenient source of quick cash until your next paycheck. It is important to remember, however, that faxless payday loans should be used for short-term financial needs only, not as a long-term financial solution. Customers with credit difficulties should seek credit counseling.

So here are a few of the cash advance lenders that are members of the CFSA. If you are looking for a loan, you may want to consider them:

Fastwirecash: Fast Wire Cash offers payday loans typically from $100 to $1,000. All you need is a checking account in good standing, a steady source of income, and identification. If you apply online, the cash is deposited directly into your checking account, and the loan amount and fees are then withdrawn from your account on your next payday. Fast Wire Cash also offers a “Refer-a-Friend” program. If you have received a loan from them, you can then refer friends and family and receive $25 for each referral.

Cash Central: Cash Central offers faxless payday loans via a quick, online application. To qualify for a loan, you must have been employed three months or longer, take home a minimum of $1,000 monthly (after taxes), have a valid checking account in your name, have a current (and valid) home and work telephone numbers, be a U.S. Citizen, and be over 18. Cash Central’s website is easy to use and offers a lot of

The payday loan industry’s best practices have been developed by the Community Financial Services Association (CFSA). The CFSA “was established in 1999 to ensure consumer confidence in, and long-term success of, the payday advance industry. Our mission is to promote legislation and regulation that provides payday advance customers with substantive consumer protections while preserving their access to short-term credit options, and encourage responsible industry practices by requiring.”

Full Disclosure. A faxless payday loan member of the CFSA must comply with the disclosure requirements of the state in which the payday advance office is located and with Federal disclosure requirements. These federal requirements include the Federal Truth in Lending Act. A loan contract between a payday loan lender and its customer must fully outline the terms of the payday advance transaction. SFSA members agree to disclose the cost of the service fee both as a dollar amount and as an annual percentage rate (“APR”).

Compliance. Payday loan members must comply with all applicable state and federal laws. They cannot charge a fee or rate for a payday advance that is not authorized by law.

Truthful Advertising. A faxless payday loan member must not advertise the payday advance service in any false, misleading, or deceptive manner. Furthermore, they are supposed to promote only the responsible use of the payday advance service.

Rollovers. Cash advance members shall not permit a borrower to rollover a loan unless expressly authorized by state law. But where the law does permit payday loan rollover, members must limit rollovers to four (4) or the state limit, whichever is less.

Right to Rescind. Payday lenders who are members of SFSA must give their customers the right to rescind, at no cost, a payday advance transaction on or before the close of the following business day.

Appropriate Collection Practices. CFSA members are required to collect outstanding debts in a professional, fair and lawful manner. A payday loan lender cannot use unlawful threats, intimidation, or harassment to collect accounts. CFSA further believes that the collection limitations contained in the Fair Debt Collection Practices Act (FDCPA) should guide a member’s practice in this area.

Extended Payment Plan. Some payday lenders offer its customers various extended payment plans. If they do, they must abide by the CFSA code of Best Practices for Extended Payment Plans. For customers who are unable to repay a loan according to their original contract, the code requires the lender to extend the option of repaying the loan over a longer period of time at no additional charge.

Internet Lending. A cash advance member who offers payday loans via the Internet must be licensed in each state where its customers reside and abide by that state’s regulations of the short term loan industry.

What factors go into the cost of a faxless payday loan?

There are several factors that determine the cost of a cash advance:

Amount Borrowed: The amount borrowed is a major factor in determining cost. The more money borrowed, the higher the fee.

Length of the loan: Payday loans typically range from 7 to about 30 days long. The longer one borrows the money, the higher the cost.

Where you live: States regulate faxless payday loans, and the regulations vary from state to state. Some states cap the amount of fees a lender may charge. In some states, the limit is so sever that the payday loan industry has left the state all together.

Which payday lender you choose: The fees charged also vary from one payday lender to the next. That’s why it’s always a good idea to shop around before deciding where to get your loan.

Faxless Payday Loan Costs–Paydayone

If you want to find out the costs of a payday loan in the state where you live, one of the best resources is PayDay One. If you go to PayDay One and click on the “Loan Cost & Terms” link toward the top left, it will take you to a map of the U.S. that looks like this:

Simply click on any of the blue states and Paydayone will show you the cost of a loan. So if you are looking for a quick payday loan that’s faxless, PayDay One is a good place to start.

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.

Secure Money Store: Secure Money Store offers cash loans of up to $1,500. Their online application takes about 2 minutes to complete, and once approved, the cash is wired directly to your checking account, often the same day. When the loan is due, the amount of the loan plus fees are automatically deducted from your account. You can apply for a loan from the Secure Money Store by clicking here.

Paycheck Today: Paycheck Today offers cash loans of up to $1,000. Once all of the necessary information is received via the online form, it usually takes just minutes to know whether you have been approved. Once approved, the cash typically is transferred to your account the next day. You can apply for a loan from Paycheck Today by clicking here.

Team Quick Cash: Team Quick Cash offers faxless payday loans of up to $1,500. The online application takes about 2 minutes to complete, and you’ll be notified immediately if you are approved. You can apply for a cash loan from Team Quick Cash by clicking here.

Of course, you should evaluate all your options before applying for a faxless payday loan. And if you do obtain a payday loan, paying it off in full when it is due is critical to avoiding additional fees.

There is one aspect of online faxless payday loans that you should know about to help avoid being a repeat customer–automatic renewal of the loan. May payday loans are set up so that you will only pay the finance charge when the loan is due. At that time, your loan is automatically extended AND you are charged another finance fee. Here’s how it works.

Let’s assume you borrow $300 and are charged a $50 fee. When the loan is due on your next payday, many of these loans are set up to withdraw from your checking account just the $50 fee, not the $300 loan amount. Instead, these loans automatically extend the $300 loan until you next payday AND charge you another $50 fee. Typically, payday loans will automatically extend your loan 3 or 4 times, and then require you to begin making payments toward the principal balance of the loan. If your payday loan is automatically extended like this, you’ll end up paying far more in finance fees than the amount of the loan.

But it doesn’t have to be this way. You can instruct the payday loan lender to withdraw from your account the entire amount of the loan at your next payday. You typically can do this by calling or faxing the lender. Either way, make sure to know whether the entire amount of the loan will be withdrawn from your account, and if not, what you have to do to make sure it is.

What is a faxless payday loan?

A faxless payday loan is a small loan (usually a few hundred dollars) that does not require a credit check. Payday loans have short terms of usually one or two weeks and must be paid back when the borrower receives his or her next paycheck. Payday loans are intended to provide cash to cover financial emergencies until the borrower’s next payday. These loans go by other names, including “cash advance”, “check cashing”, “payroll advance” and “deferred deposit.” Many payday lenders are not licensed, bonded or regulated by state governments

Payday loans are expensive, at least my one measure. For example, a typical $100 payday loan will cost the borrower $20, or 20% of the loan amount. Annualized, however, the 20% fee turns into an APR of over 500%. What is debated is whether it is appropriate to use an annualized percentage to evaluate the costliness of a short term loan. Many believe that such a comparison is unfair and misleading.

How do faxless payday loans work

There are several requirements before an individual can obtain a payday loan. First, the borrower must be 18 years old or older. Second, they must be employed and making a minimum monthly wage, typically $1,500 to $2,000 per month. Third, they must have a checking account. No credit checks are typically performed, so bad credit will not disqualify somebody from a payday loan.

When the borrower obtains the loan, he or she writes a post-dated personal check for the amount of the loan plus applicable fee. In the case of a $100 loan costing $20, the borrower would write a post-dated check for $120 made payable to the lender. Many payday loans are obtained via the Internet, which can accommodate these transactions through the use of bank wire transfers. The lender then advances the loan amount, and when the loan period has expired, the lender cashes the post-dated check and the loan is repaid. If the borrower is unable to repay the loan at the end of the loan term, they often obtain yet another payday loan to cover the cost of the first one. Called repeat borrowers, they are usually the type of consumer state legislation is designed to protect.

There are many online faxless payday loan lenders available, and I’ll evaluate some of your options in an upcoming article.

Payday Loan Regulations

States regulate payday loans in a number of ways. First, many states, including New York, outlaw payday loans altogether. These states view the fees charged by the payday loan industry as usury, and believe that such loans cannot never be beneficial to consumers. Other states have implemented laws to regulation the industry rather than to ban it outright. These regulations general restrict payday loans in one or more of the following ways:

• Limiting the fees and interest that a payday lender can charge
• Limiting the number of payday loans a borrower can obtain in a year
• Limiting the amount of a payday loan

There have been many academic studies of the payday loan industry. These studies general conclude that consumers who use payday loans just for occasional emergency actually benefit from having access to this credit. In contrast, those who repeatedly use faxless payday loans do not. Instead, the find it difficult to breakout of the cycle of accessing payday loans one after the other. Thus, regulations that limit the number of payday loans a borrower can obtain in a year may benefit consumers, but eliminating payday loans altogether may actual hurt many consumers.