Rates & Fees
There is no fee to apply for a faxless payday loan through our online application. However, lenders will charge interest or flat fees for access to quick cash. Before you decide to take out a loan, it is important that you understand all of the costs involved, and that you read the agreement carefully before agreeing to the terms.
Interest rates vary by lender.
Most loan companies base their interest rates on the national prime rate set by the Federal Reserve. How many percentage points they charge over the prime rate can depend on many factors. Some of these factors include: the amount of money borrowed; the length of time the loan will be in play; and the borrower’s credit score. Other charges incurred might include processing or underwriting fees.
However, with lenders accessed through FaxlessPaydayLoan.com, you won’t have to worry about your credit score affecting the interest rate you are charged. None of the lenders who offer a faxless payday loan through our site will require a credit report. Be sure to read the loan offers thoroughly before you choose which company you’ll use for your faxless payday loan.
The basic requirements for a faxless payday loan are simple:
- Be a U.S. citizen or legal resident.
- Be at least 18 years old.
- Earn at least $1,000/mo. after taxes.
- Be employed for at least 90 days consecutively.
- Provide a working phone number and email address.
- Have a checking account in your name.
The government regulates faxless payday loan providers.
Like any other lending institution, companies that offer a faxless payday loan are regulated to make sure they are following the laws that govern banking and lending. In fact, payday loan companies have stringent guidelines and laws that they must adhere to concerning the amounts they lend, the terms of repayment, and even how they operate their businesses. For instance, in many locales, city, county or state governments can regulate how many cash advance loans an individual can take at one time.
The Truth in Lending Act requires all lenders to fully disclose all rates and fees before accepting your signature on any loan documents. This means that the faxless payday loan companies in our lender network are mandated to disclose all of the information you need to make your decision — up front, and in writing. They must disclose the full amount they are lending, including the interest rate and all other fees, in clear, understandable language before they can lend a cash advance.
There’s no charge and no obligation when applying with us.
Our service is completely free and takes only a few minutes to complete. If you meet the requirements to obtain a faxless payday loan, you can expect to receive several offers in less time than it takes to drive to a retail lender and fill out an application!