No Fax Cash Advance
The growth of e-commerce has allowed cash advance lenders to have totally automated online storefronts. Each loan is handled completely as an Internet transaction from the initial application to approval and from initial money transfer to repayment. The application takes only minutes to fill out. Then, because information on the application is verified through the Internet, approval can be given in minutes and the transfer of the cash to the borrower’s account can be completed just as quickly.
Customers who have easily verifiable employment and banking information can be approved for an online cash advance loan without ever presenting an actual document to the lender. The need to fax copies of bank statements, utility bills, etc. is no longer necessary in these new systems. Customers handle the loan transaction any time of day or night, in the privacy of their own homes. This flexibility, plus the ease of getting a cash advance loan, allows the consumer greater control over his or her finances.
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One down side to this increased automation is that if the borrower does not have convenient access to email, to an automated bank account, and to the Internet, he or she may be shut out of this type of loan. Another disadvantage to this increasingly automated process is that this type of loan, which was designed to be used only occasionally, in emergency situations, may be overused. Customers who would find this type of loan process appealing are more comfortable technologically.
Cash advances are available in amounts from $100 to $1,500, varying with the lender, the state in which the borrower resides, and on requirements that must be met by the borrower. Terms for repaying the cash advance type of loan are the same whether the borrower handles the transaction online or goes to an actual loan office. Payment of the loan, plus the flat transaction fee, is due on the next payday (or within two weeks). Reliable online lenders will list the amount of the fee in both a flat fee and APR version on their web sites. Because the entire transaction is handled online, and the lender automatically deposits to and withdraws from the customer’s bank account, it is important that the customer research a lender before taking out a loan.
Because of the risk to the lender for this type of loan, interest rates are high. However, because of the ease of checking an applicant’s information, many of these automated sites are allowing larger loans, greater flexibility in repayment, and lower fees.
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* Cash-Advance-USA.org provides information and research on cash advances/payday loans. We are not a payday lender or broker, nor are we necessarily affiliated with the companies profiled on this site. Not all products and services are available in each state.
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