Paperless payday loans subtract the paperwork hassle from the
application process. But, you still must meet the payday loan
company's requirements to be approved. They may also delay your
approval if your information has to be verified by hand. A
lender with good customer support will ensure a quick approval.
No Paperwork Hassle
The greatest bonus with a paperless payday loan is that you
don't have to worry about paperwork. No searching for bank
records, past bills, or pay check stubs. No rushing out to your
local copy center to fax records. You can complete the entire
process online at any time.
Once your information is submitted over a secure connection,
your payday loan lender will verify the information through
their database. You can be approved for a cash advance in less
than an hour.
Must Still Meet Requirements
Even with the convenience of a no fax payday loan, you still
need to meet the requirements for a loan. While there is no
credit check, you will usually need to have at least $1000 in
monthly income, which can include a job or social security
check. You must also have been employed at your current job for
at least 60 days, sometimes longer.
Additional requirements include being at least 18 years old,
providing correct contact information, and having an open
checking account. Some lenders also require no NSF checks and at
least a $100 balance in your checking account.
Longer Process Time
While most paperless payday loans are speedy, there can be
delays in the process. Most often this occurs when there are
errors in your application, usually misspelling a word or
transposing numbers. When this occurs, the computer rejects the
application and a person has to verify the information.
To avoid these delays, double check your application before
submitting it. You may also find that faxing documents will save
you time.
When choosing your payday loan lender, make sure that you are
getting the best service and rates. Look for lenders that offer
customer support through email or phone calls. This way, if
there is a problem, you can be assured that it will be handled
quickly.
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