The Fax Payday Advances

by : Jone Player

A fax payday advance is a short term, low rate loan that will help you cover unexpected bills or emergencies. Generally the loan amount is held until the next payday, although some companies allow up to 30 days for repayment. Short term loans are meant to be distributed quickly and hassle-free but also repaid quickly, so the amounts are generally low - between ?100 and ?1,000. If you don't have a fax machine, you can check your local library, shipping center, college or supermarket.

The most convenient method of getting a payday advance is online. There are many sites offering fax pay day advances. Once you find a reputable online lender, you will need to fill out an application on their website or phone them to give your information to a representative. Next, you will need to fax supporting documents, which may include: a voided cheque, a piece of mail with your address on it, your last pay stub from your employer (or stub from an unemployment/social security/penion cheque), an automatic debit agreement form and sometimes a driver's license to prove your identity.

Pay day advances are low cost but not entirely free. The higher the loan, the higher your fee will be. Your fee may be as low as ? 15 or as high as ? 100. For instance, if you were to borrow ? 200, you would be expected to pay back ? 240 at the end of the repayment period. However, if you borrowed ? 500, you would owe ? 600 because it's a bigger risk. However, if you paid back the full amount within 14 days, you would be rewarded and wouldn't be required to pay any of the interest fees.

At the other end of the spectrum, it's possible for you to take out an extension on your payday advance if you cannot repay in full at the end of the month. There will be a small flat fee to extend your agreement but it's best to make arrangements responsibly and ahead of time if you suspect you may not be able to fulfill your obligations. Otherwise, you will be whacked with a high interest rate, which is much, much worse.