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No Fax Payday Loans
NO fax payday loans are the norm these days for borrowers who want online short term loans. The need to fax
documents is a thing of the past. No more running out to to a public fax machine to fax sensitive personal and
finanical information for your loan. Today's no fax payday loans are quick and easy, involving a
no-hassle application that can be completed in minutes. So when you're in need of emergency cash, shop around
for an online payday loan application that advertises "no faxing". Whey would you choose any other way?
No fax payday loans are really like an advance on your paycheck, with a fee. Lots has been said about the
fees on no fax payday loans. The fees are on average $15 per $100 borrowed. People who don't have
access to traditional loans and credit cards see this fee as part of the convenience and speediness offered by
payday loans. When they need emergency cash, and there's nowhere else to turn, no fax payday loans provide a
service that nobody else will provide folks who exist on the fringe economy.
The APR of a no fax payday loan is misleading. That's because there are short term loans that are not to be
carried over for more than about two weeks. When you annualize the fees and interest on loan that is supposed
to last less than one month, and compare it to a loan that is designed to last over a longer term, you are
comparing apples and oranges.
Long term loans require collateral and extensive background informationon the borrower. That is how they
make sure they are lending to someone who is considered a good risk. If they review a potential borrower's
credit history and decide it's not good enough, they won't lend the money. No fax payday loans don't require a
credit history. As long as you're over 18, a US citizen and have a job with regular pay, you get the loan. The
rate of approval is almost 100% if you can completely fill out the application.
Lenders of no fax payday loans have no collateral so they charge the fee. What you get for the fee is
extraordinarily fast service and convenience and an almost guarantee of approval. So, there's hardly any
comparing the different types of loans because they are so different in so many ways.
When you consider the alternatives for folks who exist on the fringe economy, even the annualized APR on a
payday loan is cheaper. Let's take a look at a $100 situation. If you take out a $100 payday loan, the fee is
$15. That comes out to a 391% APR. It doesn't sound like a good deal when you compare the rate to a
traditional bank loan. But a traditional bank loan is not an option for many of the people appying for no fax
payday loans.
What are the options when you don't have the cash to cover an urgent bill? Well, there's a bounced check.
Adding up the various NSF and merchant fees, you get $48 in fees. That comes out to a 1,251% APR!!
How about a $100 credit card bill you can't pay? Take the average $26 late fee and that come out to 678%
APR. Still way above the APR of a payday loan.
Not paying a utility bill is the worst deal of all. A $100 utility bill carries $50 in late fees and
reconnect charges. That's a whopping 1,304%. Better to consider taking out a no fax payday loan and going with
that %391 APR. But if you pay back the payday loan on time, you will be in the best situation of all these
scenarios.
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