Saturday, February 09, 2008

Faxless Payday Loan

It is getting easier and easier to apply for a payday loan via the internet these. Many sites allowed for a prerequisite application whereby you just need to answer or should I say in this case, tick yes or no to three basic questions. There are really no personal financial documents that you need to fax over to the company. The three basic questions are:
  • Are you employed or receive income regularly?
  • Are you earning $1000/month if employed or $800/month of fixed income?
  • Do you have an active bank account?

Since the requirements are really basic and there are many payday loan lenders that had mushroomed over the internet and in real life as well, one need to be careful that the company that we are dealing with meet the individual state's laws on lender. There are certain states
that can only charge up to 15% on a maximum loan of $300 and this enable the government to regulate the interest rates for the benefit of the consumer. Other states will governed the length of the loan and also the prohibiting of lenders to revise the contracts. This can help ensure you as the borrower do not go into a perpetual long term high interest debts. Do read up the information for your individual needs before embarking on acquiring a payday loan.

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