The application process has changed quite a lot since the days when we filled in forms at the bank. The options are much wider, and much more immediate, allowing for a larger number of applicants to send their applications to the relevant lenders. The speed of the process means that fast loans are common, even to get payday loans without faxing.
Of course, a large percentage of people will never actually have used faxes to submit all of the specific pieces of information and documentation. However, it has become a mode of communication that has helped the process speed up. But when time is of the essence, fax-free payday loans are actually faster.
For those who are not so familiar with what payday loans are, they are loans approved based on pay checks and not the general factors associated with traditional loans. Basically, the loan is repaid from funds directly from the next pay check received by the borrower, though the repayment can be spread across two or three checks.
This is, of course, a great idea as the term of the loan is extremely short and repayment is practically guaranteed, so credit ratings are improved.
Why Faxes Were Necessary
So why would faxes be needed if the application is so quick anyway? Well, the truth is that most documentation needed is at home, and faxing the information is more convenient.
In the past, applying for payday loans without faxing meant journeying into the city or area of town to the lender, bringing all of the documentation in hand. When it comes to loans approved based on pay checks, things like a copy of a pay slip, an employment contract and proof of address are required. But should anything be forgotten, then the applicant would have to head home and visit the lender again.
Why They are No Longer Necessary
Fax-free payday loans are still in existence, but only because of the speed of alternative methods rather than the ineffectiveness of the fax machine. For example, while a fax can still be sent, most people use an email service to send details so that can apply for payday loans without faxing.
In fact, in this time of the paper-free office environment, it is possible to fill out an application form online, scan passport pages, take snapshots of a bank account online, and then direct it all to the lender. And because of the speed with which loans approved based on pay checks can be given the green light, the successful applicant can find cash in their accounts within 24 hours.
Advantages of Fax-Free Loans
The key advantage of fax-free payday loans is speed. The reasons why they are so much faster comes down to the approval process that lenders typically have, and the fact that so much can be quickly run through.
For example, a statement on a traditional application form is generally checked out. If the income amount given is $3,000 per month, then the figure needs to be verified. But since verification can be provided for payday loans without faxing, but via the internet, providing and checking this info takes only a minute or so. Besides, in practice, loans approved based on pay checks are emergency loans requiring very fast approval.
Other advantages include the fact that applications can be sent to more than one lender, without the extra cost that each fax sent accumulates. Also, fax-free payday loans are generally more secure, since only the person receiving an email can read the info. With faxes, anyone passing by the machine can take the details.
With such advantages, it is not difficult to understand why most people now like to apply for payday loans without faxing.
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