$1000 Same Day No Fax Payday Loans
A $1000 payday loan can help you navigate an emergency situation, pay for an unexpected bill or finance your monthly bills. If you are running short of cash just before payday and need a small loan to get your through to payday, a same day no fax payday loan might be the answer to your cash flow needs.
A no fax payday loan in particular is a short term cash advance loan that requires no faxing. Payday loans are also loans that give you cash in advance of your pay check with the promise that you will cash your check and pay back your payday loan. Some groups report that the default interest rates of payday loans are as high as 15 to 20% which is very high for the lending business in general.
These loans can really help people who are short of cash and have no savings to draw on. This is one of the reasons that payday loans and no fax payday loans have such high interest rates and high APR’s. The high APR’s are used to offset the high risk that has been associated with these types of loans. Unfortunately a small percentage of customers cannot repay their loans and their credit rating with these agencies suffers greatly until they can repay their loans.
$1000 Same Day No Fax Payday Loans are really Unsecured Personal Loans
This statement turns out to be true in most cases since these loans are personal to the individual that is borrowing the money and the loan is not secured with any collateral. The decision to lend the money is based on payroll records, payment history if they the borrower has borrowed money previously and overall credit dependability. Lenders would like to be able to have some collateral to secure their payday loans that they are lending; however the reality is that most of the customers are just not in the position to be able to provide security for a loan.
Same day payday loans with no fax requirements provide a service to many people who need cash to help get them through to the next paycheck. They may need to put groceries on the table, pay an unexpected bill, or deal with some other kind of emergency and this loan gets them through this emergency until their pay check arrives.
Do I Need a Bank Account for a No Fax Payday Loan
The process used by some pay day lenders is an online process which works well for many customers. Instead of faxing your information, customers will fill in an application on line and the lender if he approves the loan will transfer the money to the customer’s bank account within 24 hours. The money will also be withdrawn in this manner when it is time to repay the loan as well. Having a bank account is the only way that this particular process can work and unfortunately many people have decided to forgo having a bank account due to the high cost that banks charge for service fees associated with these accounts. In situations such as this the payday lenders may be able to provide a check cashing service as well for customers that are located in the same city as their offices.
If there are insufficient funds in the account when the money is due, the bank may charge an insufficient funds fee and the lender will certainly charge a penalty fee as well. Failure to repay your loan when the payday loan is due can result in some high fees relative to the value of the loan and your credit rating with that payday loan lender is crushed. Obtaining a payday loan in the future might be more difficult.
Not all states and provinces allow payday lending, no fax or fax loans. They are effectively against the law and the primary reason is the high APR associated with the loan. Another variation of payday loans is income tax refund loans. Although technically these are not payday loans, they operate in the same manner. The customer will need to show that he or she is expecting a tax refund and will be approved for a payday loan based on this refund. Since it may be a few weeks before your tax refund arrives, the cost of these loans may be higher as a result.
Can You Wait Instead of Taking a Pay Day Loan
Pay day no fax loans are more expensive than traditional loans due to their perceived high risk and track record of many applicants. Loan companies pass on the losses to their customers through higher rates for these type of loans. The question that we would like to pose to every applicant is whether they can wait until pay day? If they can, they will save money in terms of interest rate and fees, which is money they can use for many other items that they and their families many need.
Many people live pay check to pay check and often find themselves in a financial predicament. There might be medical bills to pay for or a prescription for their children and they really need to have the money right now to pay for these kinds of items. While pay day lenders really want to lend the money, they also know that if they can establish a strong relationship with their customers the will have a much more successful business relations ship with them.
Encouraging customers to save some money for emergency expenses is one way that they try to build on that relationship. If clients can save 10% of their paycheck every week or month and only use these savings for emergencies, they will be much further ahead and have money to deal with these emergencies that always materialize.
Ten percent may sound like a lot to many people, however if you can get used to living on 10% less, knowing that you have this savings set aside for something that might come up, pretty soon you will get used to living on 10% less. Clients will also have the confidence financially when they know that there is money to deal with these emergencies.
If you still need a $1000 no fax pay day loan your application can still be processed quickly and the money in your account within 24 hours.