Even the best financial planning cannot stop tough financial situations. The fact of the matter is that there are situations that come up such as a death in the family, vehicle breakdowns, plumbing or air conditioner repairs and medical problems that we just cannot plan for. When this happens suddenly there is a need for cash that simply could not have been anticipated. This can be down right scary when you know your credit is less than perfect because you are not able to access traditional loans. The good news is that there are no faxing payday loans available to you.
Payday loans are a great option because they are not based on your credit score. Instead, your job is your credit. So long as you are employed you can apply for these loans and be approved for a certain amount of cash based either on your ability to pay or on the maximums set forth by the law.
To be considered for no faxing payday loans you will need to provide proof of employment, current bank account information, proof of residence such as a utility bill and a valid ID. You will fill out an application and the payday loan lenders will go over all of the information and determine how much they can lend you based on your income.
When you are approved you will need to write a check for the amount that you are borrowing in addition to any interest that you’ll owe. This check does not need to be cashed, rather it is used as collateral so if you don’t come back to pay the loan in cash the loan provider can still collect their funds. The great thing about these loans is that you can have the cash in hand within an hour so you can take care of the pressing issues that have you in a pinch for cash!
Your loan will usually be due to your no faxing payday loans direct lenders in two weeks or on your next payday, depending on local law and the creditor’s specifications, as each area has different laws that apply to it. When you pay off the loan you will also pay the interest rate, which is much higher than you will see on traditional loans.
When applying for and repaying your no faxing payday loans it’s important to remember that these bad credit loans are meant for short term use, so if you cannot pay the loan off by your next paycheck you should consider applying for a more traditional loan. You might have a relatively high interest rate due to the bad credit but it won’t be as high as you would see with payday loans. While quite costly, these loans are perfect for those who need cash in a pinch but they are only a great option if you can repay them in the specified amount of time.