Abbey asked us the following question:
I once got a payday loan from a neighborhood lender years ago. There’s a slight stigma attached to visiting one of these loan stores. I felt like someone I know might see me and speculate about my financial situation. Anyway, I heard payday loans nowadays are done online. How does it go if I apply over the Internet? Don’t I need to show up somewhere to get the cash? – Abbey, 56, Detroit, MI
Those were the days, indeed.
During the early days of payday loan businesses, people who wanted to borrow money always had to visit their nearby cash advance stores in order to get a personal loan during financial emergencies.
However, as technology develops, so do our requirements. Thanks to the Internet, payday loans have become more available and easy to get. Nowadays, more and more people use the Internet to use the online payday loan services.
It is a convenient way to obtain money because all you need, in most cases, is an active personal bank account, and a steady, decent job that guarantees you salary big enough to repay the loan.
How It Works
Some states have specific laws about payday loans. In Michigan, the Attorney General states your rights and options regarding payday loans.
Generally, you can fill in the application form via the Internet and have an answer regarding your qualification within an hour or less. You may be required to provide documents to some payday loans providers by fax, but there are also companies that do not require this. The latter service is known as a faxless online payday loan. So what do you need there? You only have to fill in the form and from then on, you can wait for your money to be transferred to your bank account within a twenty four hours.
So, basically the faxless online payday loan service does not change the application process in any way, it just makes it much easier and convenient for the borrower to apply because not everyone has access to a fax machine.
Faxless online payday loans provide the borrower with quick money without even making them go out of their house. Moreover, the provider does not need a credit check. Also, the borrower does not have to wait for documents to be sent back and forth for original signatures. Signatures are sent electronically (directly from the borrower’s computer). Thanks to the modern technology it is now much easier to get your payday loan and take care of whatever bills or other financial obligations you may have. The faxless online payday loan is the right answer to quick and easy access to the immediately needed money.
About Martin Glover:
Martin Glover has a solid academic, journalistic and industry background in financial planning. He’s privileged to share his proficiency specifically about online loans with Americans grappling to understand the in and out of this capital stream. He holds a Masters of Arts in Economics from the Darla Moore School of Business, University of South Carolina and a Bachelor of Science in Business Administration major in Finance in the same university.