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Instant Approval No Fax Payday Loan FAQs

Jul 1, 2008
No fax instant payday loans are small short-term loans that are intended to cover a borrower expenses until his or her next payday. Some of the FAQs on the subject are listed below.

What Are Payday loans?

Cash loans are small quick loans, which are offered until the borrower next payday. The amounts offered are generally small ranging from $100 to $1500.

Who Can Apply For It?

Any person who is more than 18 years of age, has a regular job with pay of more than $1000 can apply for these programs.

What Is The Documentation Required?

As suggested by the name, the procedure and documentation is very simple. Instant approval and no fax is the motto and they live up to it. Only documentation needed may be the statement of your bank or your employer verification note.

Do You Need Any Bank Guarantee For These Loans?

Answer for this question if certainly no, as people with bad credit history can also apply for these loans. There is no need of any collateral.

How Do I Pay Back The Loan?

At the time of processing the loan, the borrower has to give a post-dated check to the lender, which will include the interest on the amount borrowed. On the payday, the borrower is expected to return the borrowed amount in cash or else the lender can use the post-dated check.

What Are The Rates Of Interest Levied By The Lenders?

As the loans are for short period and with easy procedures, the interest rates are rather high. Generally, the rates vary between 390% and 780% when expressed as APR.

Are There Any Penalties In Case The Loan Is Not Paid In Time?

Most lenders will lay it clearly in the agreement; there will be additional interest put on defaults. Besides, legal proceedings can be initiated against non-payment of loans.

Are These Faxless Instant Pay Day Loans Available Online?

Yes, there are large numbers of online companies providing no fax instant cash advance. Be careful in checking their history before sharing your personal information and financial history with these sites.

What Are The Regulations And Legislations On The Issue Of No Fax Instant Payday Loans?

Regulations of lending institutions are primarily handled by individual states. 37 states have legal and regulated procedures for cash advance program. At most, other places there are strict laws regarding APR and money lending rates. So check in your state before you take an instant payday loan.
About the Author
Instant approval no fax payday loan is a loan that can be got online without submitting any documentation. It is instantly approved, is hassle free, hence its name.
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