The application process has changed
quite a lot since the days when we filled in forms at the bank. The options are
much wider, and much more immediate, allowing for a larger number of applicants
to send their applications to the relevant lenders. The speed of the process
means that fast loans are common, even to get payday loans without faxing.
Of course, a large percentage of
people will never actually have used faxes to submit all of the specific pieces
of information and documentation. However, it has become a mode of
communication that has helped the process speed up. But when time is of the
essence, fax-free payday loans are actually faster.
For those who are not so familiar
with what payday loans are, they are loans approved based on pay checks and not
the general factors associated with traditional loans. Basically, the loan is
repaid from funds directly from the next pay check received by the borrower,
though the repayment can be spread across two or three checks.
This is, of course, a great idea as
the term of the loan is extremely short and repayment is practically
guaranteed, so credit ratings are improved.
Why Faxes Were Necessary
So why would faxes be needed if the
application is so quick anyway? Well, the truth is that most documentation
needed is at home, and faxing the information is more convenient.
In the past, applying for payday
loans without faxing meant journeying into the city or area of town to the
lender, bringing all of the documentation in hand. When it comes to loans
approved based on pay checks, things like a copy of a pay slip, an employment
contract and proof of address are required. But should anything be forgotten,
then the applicant would have to head home and visit the lender again.
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