Get Payday Loans – No Faxing

Many payday loan companies require the applicant to fax documents to them as part of their approval process. These documents are usually pay slips which the loan company wants as documentation of a job and when the paydays occur. The fax requirements make the whole process a little more difficult because most people either do not keep their pay stubs or do not have them readily at hand. Other loan companies offer payday loans with no faxing required and they advertise themselves as a ‘no fax company’ in an effort to be more competitive.

These companies set up the loan to be paid on the customers payday. They set it up so there is an automatic debit to the customers account on payday when the money is supposed to be there from the customers paycheck. The idea is to get the payment before the customer has a chance to spend his or her pay. Usually the loan company only takes the fee and does not take payment for the original loan. It is up to the customer to take the initiative to pay back the loan and stop any further fees from being generated. If the loan is not paid back on the payday another fee is generated for the next pay period and will be debited out of the persons account automatically on the next paypay. This process will continues until the loan is paid back. The fees are high and will quickly add up to much more than the original loan. The customer should pay the loan back as quickly as possible to avoid incurring the high fees needlessly.

Often the customers do not realise exactly what they are getting into with a these type of loans and before they know it a huge fee is being taken each payday. When a person obtains a payday loan it should be for a dire emergency and the person should have a plan for paying it back on the very next payday. If the loan is paid back on the next payday that is the end of it, if not fees will be debited from the account until the loan is paid back. If the customer defaults on the payments the loan company will continue to debit the account generating an overdraft and or return item fees and eventually will begin very aggressive collection tactics that will prove very embarrassing. They will contact the customer’s employer and referees and let them know the situation.

Only use payday loans when there is a true emergency and pay it off as soon as possible to avoid further fees and other problems. Always look for alternatives before taking a payday loan and if possible go with any altrnative before taking one of these very expensive loans.