No Faxing Loan

No faxing loans are an easy and convenient way for people to borrow a small amount of money until their next payday. They are called "no faxing" because, unlike other payday loans, the lenders don't require documentation to be faxed to them. Most of the services that offer the no faxing loan only require an online application to be submitted. Like any seemingly good thing, though, this type of lending has its costs. The lenders charge fees, and penalties can be steep if the amount isn't paid back.

The lender's fee varies depending on the service. Some charge as little as $15 per $100 borrowed while others charge as much as $35 per $100 borrowed. Most no faxing loan services use a stair-step guideline to determine how much the individual can borrow. Repeat customers get a larger loan each time they borrow up to a set limit like $1,000 or $1,500. Borrowers who fail to repay the loan at the time agreed can lose any chance of obtaining future amounts with the service.

Many no faxing services will directly deposit the funds into the borrower's checking account then debit the repayment on the date agreed. If funds come back insufficient, the service will most likely try to debit again and attach fees to the initial amount. Even if the borrower does pay back the funds, this type of lending is not a good cycle to get into. The fees on a no faxing loan can get expensive and if the consumer has to extend the initial term, those fees will add up quickly.

Most consumers will want to avoid getting into this type of borrowing. Some better options would be to borrow money from family or see if one's employer will provide a payday advance. Also, consumers need to consider why they are in a financial crunch. The need to borrow often stems from a poorly planned budget, lack of a budget or overspending each month. Many times, consumers who need no faxing loans need them because they just weren't careful with their spending. Borrowers need to consider seeing a financial counselor. It's wise to ask around at church to see if anyone there would be willing to help in developing a budget.

For those who happen to be of the rare few who didn't cause their own financial crunch, it might be a good idea to turn to this type of lending. They must choose a reputable company that's well-known, though. Many national cash advance services with physical locations also have websites and offer no faxing loans. First and foremost, though, borrowers should see if friends or family would be willing to lend some money. Unlike banks or no faxing loan services, they probably won't charge fees or interest. "Have pity upon me, have pity upon me, O ye my friends; for the hand of God hath touched me" (Job 19:21).

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