A payday loan is a short term loan. These loans are meant to be paid back within a week or two. Because these loans are usually only for up to $1000, the lenders do not make credit history a big issue. The “no fax” part in the name of the loan simply means that you may not be required to fax information to the lender. Some borrowers, however, are required to fax the information to the lender. The “no fax” part in the name of the loan is partly to get prospective borrowers to consider using that particular lender’s company.
What are the Requirements for a No Fax Payday Loan?
Alexia went to the bottom of the web page and read all that she could about this particular loan. Her parents had always told her not to get into any type of contract without reading all about it first. A no fax payday loan is a short term loan available to people eighteen years old or over.
This was good for Alexia because she had just turned eighteen. To be eligible, the prospective borrower had to have a source of income of more than $1000 per month. There are a few types of income that are accepted. Wages from a job, Social Security, unemployment checks and child support checks. There were also some types of income that were not accepted.
Social Security checks in your child’s name, Social Security checks in somebody else’s name, or state welfare checks. It was also required that the borrower have a bank account that had been open at least ninety days. It was also required that the borrower’s source of income be direct deposited into their account. Alexia met each of those requirements. Still, she knew that there was more to learn before she decided if she was going to apply for the loan.
How Does the No Fax Payday Loan Work?
She could take the loan out for either 7 to 14 days, or 14 to 21 days. At this time, she would be required to repay the loan. The loan is repaid with a loan fee as well. The loan fee depends on the amount of money borrowed. If she were to borrow one hundred dollars, her bank fee would be between $18 and $20, depending on which lender she uses. The most amount of money allowed to be borrowed is $1000.