How to Find the Best Faxless Payday Loans

By: David Roberts

If you have obtained or even considered a payday loan, you have probably heard terms like faxless and no fax payday loans. The payday loan industry developed these terms to describe a payday loan that does not require you to fax documentation to be approved. Without this requirement, borrowers can obtain a short term loans over the telephone or online usually within one business day.

Before we turn to finding the best faxless payday loans, we should cover one critical question. Are faxless payday loans expensive? There are two answers to this question. First, faxless payday loans generally are no more expense than any other short term cash advance.

Second, any payday loan will be expensive. A typical $100 loan held for 7 days will cost $15 or more. If the loan enables you to avoid a late fee or bounced check fee, than it may be money well spent. That said, managing your money to avoid ever having to get a payday loan is, in the long run, the best way to go.

So how do you find the best faxless payday loan? In the payday loan industry, there is an association that has defined the best practices for cash advance lenders. Called the Community Financial Services Association, or CFSA for short, it is an association representing the payday loan industry. While it does not represent consumers, it has established industry best practices that its members must comply with.

These best practices include disclosures that payday lenders must make to its clients. The CFSA best practices limit the number of times that a borrower can rollover a loan. The CFSA requires that its members comply with state and federal laws regulating the payday loan industry. It prohibits its members from harassing borrowers who have defaulted on their loans. In short, it has developed a set of guidelines designed to improve the payday loan industry.

So if you are looking for a faxless payday loan, consider a lender who is a member of the CFSA. Once you have identified CFSA members, you can then compare the cost of each lender. Most of the faxless payday loan lenders have similar requirements to qualify for a cash advance. These requirements generally include the following:

1. You must be at least 18
2. You must be a U.S. citizen
3. You must make at least $1,000 per month
4. You must have a valid checking account in good standing; and
5. You must have a valid telephone number and address

One thing to note is that must faxless payday loan lenders do NOT require a credit check. In fact, even with bad credit you can get a short term loan.

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