Payday Loans

Borrowing A No Fax Cash Advance To Meet Holiday Expenses

If you are short of cash and there is no alternative way to meet your holiday expenses (such as, using a credit card or borrowing from friends or relatives), you might be tempted to borrow no fax cash advance loans, as they feature fast approval and are very easy to qualify for. Lenders often advertise this type of loan as Christmas-special payday loans during holiday seasons, but they do this only to attract more customers. Otherwise, holiday special no-faxing payday loans are no different than usual no-faxing cash advances. Following is a brief rundown on some of the various aspects associated with the same.

Christmas Instant No-Faxing Payday Loans

Christmas-special instant no fax cash advance programs though are advertised for people who are looking for extra cash to fund their Christmas celebration, you can borrow these loans to meet general emergency expenses also. Payday loan companies that offer these types of loans never ask you to describe how you are going to use the money borrowed. You can use the borrowed money to meet any kind of expenses as per your needs and requirements.

Instant No-Fax Loans To Fund Vacations

The success of Christmas-special no fax cash advance programs has encouraged payday lenders to offer similar loan programs for various other occasions, such as for those who need money to fund their vacations. Though the terms and conditions of all these loans remain the same, lenders offer these loans under different tags just to attract customers from different segments. If you want to take your spouse and kids for a vacation, but do not have enough money to fund the same, you can borrow a no fax cash advance and get the money you need within just one to two business days.

Who Are Eligible?

As compared to usual payday loans, a no fax cash advance program makes the eligibility criteria much easier. As the term suggests, this type of loan does not require you to fax any documents as part of the application process. You just have to fill out the necessary information about your employment,

bank account and residence in the online application form. Lenders verify those details by using the Teletrack services. Teletrack is a company that maintains records of financial activities of consumers. Payday lenders check your Teletrack report to verify the details submitted by you and to determine whether you

are financially strong enough to repay the loan in time.

Benefits Vs Risk Factors

The benefits look obvious – you get instant money without going through complex paperwork. But, while everything looks quite tempting, you are advised to look at the negative aspects also. No fax cash advance programs charge interest at an APR ranging between 300% per annum to over 1000% per annum. For example, in the state of Missouri, all types of payday lenders are legally allowed to charge interest at the rate of up to 1980% per year. Therefore, you are advised to cialis uk calculate the ‘actual’ cost of the loan thoroughly before you borrow this type of loan.

Hidden Catches In Advertisements

The charges advertised in the advertisements of no fax cash advance programs may not show you the accurate picture about the total cost of the loan. For example, lenders may advertise their loan offers at an attractive interest rate of $35 only. But, the amount of $35 does not give you the complete detail. In general, the advertised amount of interest is charged on every $100 of loan issued for a 14-day period. It means if you are borrowing $600 for 28 days, you will have to pay a total interest of $420, which means the eventual outstanding balance on the due date will be $1020. What is worse, certain fees are charged additionally, such as verification fee, processing fee and others. The additional charges may amount to up to $20 per $100. When you add up this charge, your overall outstanding debt balance on the scheduled due date becomes $1240, which is more than the double of the principal amount of money that you actually borrow.

Overall, you are strongly recommended to avoid your temptations and make your decision on the basis of thoroughly calculated figures.

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