What is a “No-Fax Cash Advance”?

Posted on Thursday, August 6th, 2009 at 8:09 pm in Helpful Payday Loan Info

When you’re looking for a cash advance (also known as a payday loan) on the internet, be aware that there are two different kinds of application process. Some lenders ask you to fax them copies of your identity documents, paystubs and bank account information to support the data you provide in your online application form. Increasingly these days, cash advance companies and paycheck lenders are offering no-fax, or faxless, cash advances for your convenience.

With a no-fax cash advance, you simply fill out the lender’s form on their website, send it off and wait for the approval decision. This could take as little as a few minutes, or up to several hours. If you are given the loan, they will transfer the money to your bank account and you can withdraw it the next business day.

On the application form, you’ll be asked for your personal details, where you work, how much you earn, as well as your bank details. Some lenders also ask for contact details for a couple of references – pick close friends or relatives who’ll vouch for you as they might get a phone call. The company will probably also call your employer, but don’t panic – they just want to verify that you work there, and won’t disclose why they’re calling.

The basic requirements for getting a no-fax cash advance are:
* US citizen
* 18 or older
* An active bank account that you’ve had for at least three months
* A steady job with the same employer for at least three months
* Take-home pay of at least $1,000 a month
* Or – social security, disability, alimony or child support of at least $800 a month

Some cash advance lenders only approve people who have a checking account with a positive balance and no outstanding bounced checks, while some will accept a savings account. Others are happy to take you on even if you’ve only been in your job one month, and some want to see six month’s consecutive employment. Check each company’s terms and conditions carefully before you complete the application to avoid any surprises further down the line.

You can apply for a faxless cash advance of as little as $100, or as much as $1,500. The amount you can borrow depends on the rules that apply in your home state. It also varies according to your income, and first-time borrowers usually get a smaller amount than repeat customers. In most states, the standard duration of the loan is two weeks. If you want to extend it, and depending on state regulations, you’ll have to pay an additional charge that is usually equal to your initial fee.

If you decide to pay back your cash advance instead at the end of the loan period, the lender will debit your bank account for the principal (the amount you borrowed) plus the fee or interest charge. If you need some fast funds for emergency purposes, take a look at a convenient no-fax cash advance today.