payday loans no faxing

If you need a payday loan no faxing to take care of your urgent financial needs there are various options that you can choose from. However most of these options involve lots of formalities. The formalities include faxing several documents like pay slips or driver's license. There is one option that does not involve any such formalities. It is the payday loan no faxing option.

Payday loans no faxing is actually a short term cash advance. However it is unlike any other short term cash advance option, the difference here is that you do not have to fax any documents or any type of verification papers.

Features of a payday loans no faxing option

The Payday loans no faxing option have distinct features. First of all in this option the loan is provided for a short time period. Generally the loan provided through this option has to be paid back in 7 days to 30 days. However the loan term can be extended also but it solely is the lender's discretion. Usually the loan term extension is only given if you agree to pay certain extra charges apart from the fixed rate of interest. The usual term extension is for 14 days.

The interest rate on these loans is usually charged on every £50 or £100 which is then multiplied by the total number of £50 or £100 of the loan amount. The loan amount can vary according to the requirements of the borrowers. It could be anywhere between £100 to £1500. Since these are small loans, they are ideal for medical bills or any other form of payments. They are approved very fast, hence are ideal for emergencies like, car repair, medical check-up or any other unforeseen expenditure.

The Payday loans no faxing option is an unsecured loan option, hence there is no credit check involved. Also there is no need for any collateral. There are almost negligible chances of any disapproval on account of your credit status.

Eligibility criteria for Payday loan with no bank account

There are some eligibility criterions that have to be fulfilled if you want to opt for the Payday loan no faxing option. First of all you have to be 18 years old or above, also you have to be a permanent employee with a monthly salary of about £1000 or more. This is to make sure that you have the required financial status to repay the payday loans you will be taking. Also you need to have an active checking account. This acts as a proof of your credibility.

Source: Ezine Articles