The application process has changed
quite a lot since the days when we filled in forms at the bank. The options are
much wider, and much more immediate, allowing for a larger number of applicants
to send their applications to the relevant lenders. The speed of the process
means that fast loans are common, even to get payday loans without faxing.
Of course, a large percentage of
people will never actually have used faxes to submit all of the specific pieces
of information and documentation. However, it has become a mode of
communication that has helped the process speed up. But when time is of the
essence, fax-free payday loans are actually faster.
For those who are not so familiar
with what payday loans are, they are loans approved based on pay checks and not
the general factors associated with traditional loans. Basically, the loan is
repaid from funds directly from the next pay check received by the borrower,
though the repayment can be spread across two or three checks.
This is, of course, a great idea as
the term of the loan is extremely short and repayment is practically
guaranteed, so credit ratings are improved.
Why Faxes Were Necessary
So why would faxes be needed if the
application is so quick anyway? Well, the truth is that most documentation
needed is at home, and faxing the information is more convenient.
In the past, applying for payday
loans without faxing meant journeying into the city or area of town to the
lender, bringing all of the documentation in hand. When it comes to loans
approved based on pay checks, things like a copy of a pay slip, an employment
contract and proof of address are required. But should anything be forgotten,
then the applicant would have to head home and visit the lender again.
Why They are No Longer Necessary
Fax-free payday loans are still in
existence, but only because of the speed of alternative methods rather than the
ineffectiveness of the fax machine. For example, while a fax can still be sent,
most people use an email service to send details so that can apply for payday
loans without faxing.
In fact, in this time of the
paper-free office environment, it is possible to fill out an application form
online, scan passport pages, take snapshots of a bank account online, and then
direct it all to the lender. And because of the speed with which loans approved
based on pay checks can be given the green light, the successful applicant can
find cash in their accounts within 24 hours.
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