An online payday loan is a short term cash advance which is typically repaid over one month or less. They are a convenient and simple way of borrowing money and as the loan is arranged entirely online, there is no paperwork to fill in and no documents to fax. At application takes around two minutes, and in many cases the borrower receives an instant decision as to whether the loan is approved. Once approved, an electronic credit agreement is forwarded to the customer for an e-signature. If the customer accepts and signs the credit agreement, the cash is transferred directly into their bank account.

Online payday loans are the modern equivalent to an advance on wages. They are useful if an unexpected expense should occur like a car break down, a household emergency or an unforeseen bill. The loan is usually repaid automatically on the customers next payday, although some companies do now offer loans which can be rolled over one or two pay periods. Payday loans are designed to be used as emergency credit, so the approval process is as quick and simple as possible. In most cases the loan will be paid into the applicants account by the next working day.

Sometimes applying for a payday loan can be a hassle because there are things an applicant must fax over. However, there are no fax payday loans that people can apply to get.

These types of loans are easy to apply for. These loans do not require people to fax over any type of information. Many places want people to fax over items such as a photo ID, pay stubs and other stuff such as bank details. This is why it is best to find a company that allows a person to apply for a no fax payday loan.

This type of loan is very easy to get approved for because people with all types of credit are typically approved for them. People with not so perfect credit are usually approved for these loans. However, a job is required before an applicant can be approved for a loan. This is because most payday loan companies will want to make sure that an applicant has the cash to pay back the money they borrow.

A checking account is also needed because once approved, an applicant will get their money deposited straight into their checking account. Lenders will also take out scheduled payments straight from a bank account too.

No fax loans are not only easy to get approved for, but they usually carry low interests rates. This means that a person does not have to worry about going broke or digging themselves into a hole because they had to take out a payday loan.