There seems to be come confusion between fax and no fax payday loans. It’s a matter of semantics, really, and both fax and no fax payday loans should be taken in accordance with their literal meanings. No fax payday loans are simply that. They don’t need paper works and documentary evidence of the requirements. But since no fax payday loans have a higher degree of uncertainty involved, they are considered laden with higher risks. Hence, no fax payday loans are meted with higher interest rates.
On the other hand, fax payday loans require the submission of documentary proof of the requirements. However, fax payday loans allow the applicant to submit them through the convenience of analog transfer, i.e. the fax machine. An applicant for a fax payday loan does not need to leave the comforts of his own home. He could apply, and eventually be granted, a fax payday loan without even having to leave his house.
So what are the documents needed to be transmitted for a fax payday loan? Let’s take a look at them.
* A fax payday loan requires you to submit evidence of regular employment. This requirement for a fax payday loan can be in the form of your employment contract, your pay sheet, or a letter from your employer verifying your regular employment. A fax payday loan makes this necessary to determine whether or not you’re a high risk investment for the lending institution.
* A fax payday loan requires you to submit evidence of regular income. Again, this requirement for a fax payday loan can be in the form of your pay sheet, your latest income tax return or a copy of your deposit book.
* A fax payday loan requires you to submit your application via analog transfer as well. Your fax payday loan application should include, among other things, your personal details, the amount you want to borrow, and the date of your next payday. Fax payday loans have a maximum amount of borrowings pegged at $800 to $1,200, depending on applicable state laws. Also, the date of your next payday would determine when the fax payday loan would become mature, hence, due and demandable.
Fax payday loans are fast. If you would apply for a fax payday loan on a weekday, you’re sure to be granted the same come the next day. Also, fax payday loans are meted lower interest rates since the lending institutions would be able to determine the risks involved, courtesy of the documents you have sent through fax.
Fax payday loans may be more onerous to prepare compared to no fax payday loans. But ultimately, your extra efforts would go an extra mile, as fax payday loans are indeed more beneficial than no fax payday loans.