No Faxing Payday Loans - Application
How do they work?
No faxing payday loans are easy to arrange if you’re prepared to visit a loan company in person. There are a growing number of payday loan companies in America, despite the fact that they are only legal in 36 states. In fact, in Missouri alone there are more than 650 companies prepared to lend you money against your pay check and the industry’s expansion shows few signs of slowing down.
To get a no faxing payday loan you’ll need a driver’s license and proof of employment (last month’s pay stubs will do). You’ll be required to leave a post-dated check as guarantee for the money borrowed, which the loan company will cash on the pay back date.
Citibank, Ace Cash Express
Ace Cash Express Inc., based in Texas, is the largest chain of check cashing outlets in the nation; operating 725 company-owned stores and 100 franchise stores across 29 states. Ace's 1997 payday loan revenue of $10.1 million was more than double that of the previous year and the trend looks set to continue. Ace, like many other payday loan companies, requires that potential borrowers turn up at a branch with ID, a couple of utility bills and last month’s pay slip. However, not everyone wants to jump through so many hoops.
One solution is to find an online payday loan company. Not so long ago the only way to borrow online was to fax through reams of documentation. However, in recent years things have changed and today a number of companies are prepared to offer ‘no fax’ loans; so long as you can provide the information electronically. You email your bank account and employment details; and it’s up to the payday loan company to check that everything’s correct. The great advantage of doing it this way is that you can apply for a loan from your PC (even if you don’t have a fax machine) and the whole process is sped up considerably.
If your loan application is approved funds will then be deposited, and later withdrawn, electronically. A number of national banks, such as Citibank, have set up payday loan divisions which will lend money to anyone who already has an account with them.