A no-fax cash advance is a form of short-term financing. This type of loan is also known as a payday loan. There are four steps required to get a no-fax cash advance: meet the application criteria, locate an Internet-based cash advance company, complete the application, and obtain the funds.
A no-fax cash advance application criteria may vary, but is based on full time employment, direct payroll deposit into a bank account, and online pay statements. Some firms have additional requirements, such as the length of employment must be greater than six months, place of residence at least one year and a direct phone line at work. The amounts you are eligible for depends on your net or take home income, the length of the loan and your history with the loan company. There is no credit check with this type of loan.
To locate a no-fax cash advance firm, search the Internet for this type of company. Read the information on the site carefully and check the contact page to see where they are located. Look for enhanced security information on the application form, as you will be providing your banking information.
The application for this type of loan requires your personal information, payroll frequency, and employer name and phone number. They will also require the website of your bank, your user ID and password to gain access to your online banking records. It is important to note that once you have provided this information, they have full access to your bank account and can view all your transactions. The purpose of this access is to verify that your pay statement is deposited directly in your bank account for at least three consecutive periods.
Upon approval, the funds will be deposited directly into your bank account, usually on the same day. Once you have received approval, it is highly recommended that you change your password to your online banking. Reconcile your banking transactions carefully for the next few months to ensure that no additional funds are being removed. The bank customer fraud insurance program will not cover any claims once you have given access to your online banking to outside companies.
A payday loan provides quick access to cash but is a very expensive form of financing. The interest rates charged are very high and are often just slightly less than loan sharking rates. To avoid being trapped into recurring payday loans, try to earn extra money to pay off the loan in full on your next pay date.