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Faxless No Credit Check Payday Loans Canada

Have you ever heard of a faxless payday loan? I’m sure you haven’t. Of course, you probably know what a payday loan is, or at least have heard of it, but how is it different from a fax-free payday loan?

Or are they the same thing? To answer this question, it helps to understand what a payday loan is in the first place.

What is a Payday Loan?

Basically, a payday loan is a type of short-term loan that consumers take out to cover urgent expenses for which they do not have enough money. These loans are usually for amounts not exceeding $1 000 and must generally be repaid when their next paycheck is received. Interest rates are high, and this solution should be regarded as a last resort.

This type of loan is called “cash advance loans” because payday lenders essentially advance you the money you would receive on your next paycheck. Getting approved for a payday loan is fairly straightforward and no collateral is usually required. You simply need to be the age of majority in your province, have a steady job, have a bank account, and have valid and up-to-date contact information. There are no credit checks or additional financial verifications.

While payday loans can be seen as a lifeline at a time when cash is needed in an emergency situation, the interest rates charged are generally exorbitant. With such high rates, it can be very difficult to repay the original loan amount plus the added interest. They charge high rates, often have other hidden fees, and do not require much financial background checking of borrowers. It’s important to perform in-depth research before deciding on a payday loan.

Without much verification, even borrowers who may not be financially capable of repaying these loans are often approved. Actually, many payday lenders promise guaranteed approval even for those who are unlikely to be able to repay them.

What is a Faxless Payday Loan?

A faxless payday loan is generally the same as a traditional payday loan except that the documentation required by the lender can be submitted electronically rather than having to be faxed. In that sense, the name makes a lot of sense.

Faxless payday loans are designed to make it very easy for borrowers to apply for and obtain approval for these types of short-term loans. Without having to go through the hassle of faxing documentation, the process is quick and easy.

Lenders can get the information they need in minutes and approvals can even be granted in hours. In addition, recurring borrowers with the same payday lender can go directly to the loan approval without having to resubmit their documents because the lender will already have everything on file.

Basically, all payday loans these days can be considered fax-free. With the advent of the Internet, it is no longer necessary to scan and send documents by mail. While you can always choose to fax your documents or visit a payday lender in person, almost all payday loan companies accept applications and documents via the Internet.

Faxless payday loans are certainly very convenient and can provide you with the money you need right away, but they have rising interest rates that can make these types of loans very expensive.

Applying for an Online Loan is easy as 1-2-3

How it works?

Alternatives to Faxless Payday Loans

Rather than applying for a high-interest, interest-free payday loan, there are alternatives you may want to consider. Perhaps the best alternative to a payday loan is a personal installment loan.

These types of loans are usually taken out at a bank or credit union and allow for a much longer repayment period. Rather than having to repay the entire loan amount in a single payment in a short period of time as is the case with a payday loan, a personal instalment loan allows you to repay the loan in regular instalments over a long period of time.

In addition, interest rates are not as high as payday loans. This makes payment much easier.

Who is Eligible?

In Conclusion

Many Canadians need cash to cover last-minute expenses and sometimes turn to payday loans to get the money they need. Faxless payday loans make the application and approval process simple and convenient by not requiring any documents to be faxed or presented in person.

However, no matter how easy these types of loans are, borrowers should be aware that they can be extremely expensive and very difficult to repay in such a short period of time.

Before taking out this type of loan – or any other type of loan – make sure you do your due diligence and make a sound decision that works best for you.