Faxless Payday Loans

How Much Do Faxless Payday Loans Cost?

For anybody considering a faxless payday loan, the natural question to ask is how much they cost. While the cost of cash advance loans varies from one lender to the next, the cost typically doesn’t vary significantly. And so it’s easy to get a rough idea of what you’ll pay for a short term loan. I’ll walk you through some of the factors that determine what you’ll pay, and then give you a breakdown of the costs of a typical faxless payday loan based on information available from an online lender.

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.

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.

Online Faxless Payday Loan Alternatives

There are many online faxless payday loan options to choose from. As with any loan, you should evaluate your options carefully, including the cost of each option. What follows are several online payday loan alternatives to consider.

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.