Do you need some quick cash and cannot think of a way to gather it? Well, in that case a payday advance may come to your aid. A payday advance or loan is essentially a short term loan that enables a person to take care of his expenses until he gets his next paycheck. The person is expected to pay back the loan when he gets his next salary. However, the rates of interest charged on these loans are fairly high and therefore should not apply for it unless you really have to. And when it comes to such loans most people opt for the no fax payday loans. Do you want to know how these no fax loans work? Well, if your answer is yes, you need to read on.
The no fax loans allow you to apply for the payday loan without having to fax the loan lender your bank statements or pay stubs. If you loan is approved, the amount will be transferred to your bank account with two business days. However, if you will be wrong to think that ‘no fax’ means that you will not have to fax anything at all to the lender. In most cases, a payday advance applicant needs to fax his or her income proof to the loan provider. No lender sanctions a loan without the applicant’s proof of income because if an applicant does not have a regular source of incomes chances are likely that he will be able to pay back the loan in time.