Posts Tagged ‘Payday loan no faxing’

Pros And Cons Of Payday Loans No Faxing

There are times when you do not have enough savings and all of a sudden an unexpected expense pops out of nowhere. If in that situation, your payday is still a couple of weeks ahead, it is obvious to get tensed. Payday loan no faxing programs look like an easy solution to your problem, but you are advised to first review its pros and cons thoroughly before you sign up. Now that the debate on the predatory nature of payday lending is only getting hotter and hotter with every passing day, now that over a dozen states in the US have either banned or strictly prohibited extremely high-rate lending, now that almost every state have come up with specific pay day loan laws to protect consumers from unfair payday lending practices, you obviously have to be very careful with your decision. Make sure that whatever decision you make is based on realistic logic, reasoning, and information, not just on temptations. Following is a brief rundown on some of the pros and cons associated with these loan programs.

Attractive Features

No wonder why payday loan no faxing programs look like a very attractive financing option to those who need instant cash to meet their temporary financial emergencies. As the term suggests, the application process is a very simple one and does not take much time. You are not required to go through complex paperwork. You are never asked to submit or fax any documents as part of the application process. Even the approval comes within a day or two; in some cases, your application can even be approved within a matter of just a few hours. No credit checking is another attractive feature. It means your application for the loan is approved regardless of whether you have a good or bad credit score. The eligibility criteria are very simple – you just have to be a US citizen, at least 18 years of age, a decent employment record, and a checking bank account in your name.

Risk Factors

The positive side of payday loan no faxing programs are no doubt quite lucrative. For a person who needs instant cash, these loans can be quite tempting. But, it is very important for you to keep in mind that there are several risk factors associated with the same. Therefore, you must be well aware of the negative side as well. Before you sign up for this loan, make sure you can afford it. The repayment period on these loans is very short, usually one to four weeks. The interest rate is very high, usually 200% to 600% per annum. Besides that, additional finance charges also apply, which can again be a substantial amount of money. On the set due date, which is often the next payday (when you get your salary credited in your checking account), you will have to pay a significantly much higher amount of money than what you initially borrow. In most states, for a $100 of loan, you may have to pay back over $150. Due to any reason, if you fail to repay the loan in full on the scheduled due date, you are likely to be charged hefty penalty fees. Besides that, you will also have to pay additional interest for every single day of delay. If you are late by one month, your overall outstanding loan balance can become double or triple of what you initially borrow.

What To Do?

As you can see, the positive side of payday loan no faxing programs is very lucrative and the negative side is very horrible, you have to be very careful with your decision. First of all, you will have to do a thorough review of the lender as well as the program they are offering. Is the lender duly licensed to issue cash advances in your state? Are the programs they are offering in compliance with the payday loan laws applicable in your state? Can you realistically afford to make the repayment in a timely manner without fail? In cases, where you are not sure whether you should get a payday cash advance to meet your financial needs, you are advised to work on other alternatives.

You can get detailed information regarding the alternatives to payday loan no faxing programs by visiting the “payday loan alternatives” section in the “payday loan” category on this blog.

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