Let's pretend you're in a jam and need money right away, but you don't get paid until next week. How can you get the money you need? You probably have a few options; borrow money from a friend or family member, ask your boss for an advance on your paycheck, start going door to door offering to mow your neighbors' lawns.
There is an easier way. A payday loan can provide you almost immediately with cash that is borrowed against your next paycheck. So, you start looking online and find that payday loan companies may or may not require faxing payday loan information in order to give you the money.
There are some pros to faxing payday loan information. For instance, you will probably get a better interest rate because the loan company will have proof of your identification, social security number, employer information, and bank information. Most companies won't do a credit check, so even if your credit rating isn't high, you can probably still get a loan. If you don't make your payment on its due date, it probably won't go on your credit rating.
On the other hand, many companies now offer services and don't require faxing payday loan information. These companies may charge a slightly higher interest rate, but you may be able to get your money faster because you don't have to find a fax machine to send your documents, and the loan company doesn't have to wade through your information. If you fail to repay your loan, it may go on your credit report.
With instant loans from companies that require faxing payday loan information, you want to make sure the terms of your loan meet your needs. You won't be able to borrow too much money to pay back, because the loans are dependent on how much money you make per paycheck. Keep in mind that if you borrow from the company, you're giving them permission to take that amount out of your account if you fail to make the payment. You'll need to have the full amount in your checking account if this happens, because you won't want your account to bounce if they take the money out. The bank will charge you overdraft fees. The interest rate on the loan may continue to rise until they receive the money, so getting the loan company their repayment in a timely manner is crucial to avoid running up further charges.
One of the most important things to remember is that like any other loan, payday loans should be used very sparingly and only in times of great emergency. It can be addictive to get money whenever you need it, but setting a few dollars aside per paycheck in a savings account will help you in future emergency situations. Plus, who wants to be faxing payday loan information to a loan company all the time?
Whether you decide to use an instant approval service or one that requires faxing payday loan information, use your time and loan wisely!