Consider These Things Before Borrowing

Before you get an online no fax payday advance, there are some basic facts you should know about these kinds of loans. Below you'll find everything you need to know before applying.

Required Documentation

In some cases, you might be required to produce certain documentation to corroborate the details of your application. Some lenders may offer a no-fax option in which you are not required to do so (varies by lender). Usually, you will have to produce your most recent pay stub (not more than 30 days old). If you are on social security, you will need to provide proof of your award letter. Many lenders also require your most recent 30-day checking or savings account statement. Additional documents may be required, depending on your lender.

Members of the Military

Congress has passed very specific regulations governing what online no fax payday advance lenders can and cannot do with military borrowers. These requirements may vary by state, and there are usually caps on the fees the lender can charge a member of the military. Additional action may also be required, such as contacting the borrower's commanding officer to alert him or her that one of his personnel has applied for an online no fax payday advance.

Finance Charge Schedule

The cost of an online no fax payday advance will vary from lender to lender. Typically, though, lenders will offer what is called a finance charge schedule. This schedule shows the APR and the finance charge for various amounts financed. For example, the chart might show an APR of 460% and a finance charge of $36 if you borrow $200. You can ask your lender for the finance charge schedule or you can consult your consumer loan agreement to find your APR.

Use Discretion

It's easy to fall into a vicious cycle of borrowing if you are not careful with your online no fax payday advance. For one, even if you qualify for a larger amount, don't take out a larger loan than you need. Figure out how much cash you need to get by until payday and borrow only that amount. Borrowing more will result in higher finance charges, which will only put you deeper in debt. Similarly, don't be tempted by offers to extend or roll the loan over for more time if you don't absolutely need them. If you can pay your online no fax payday advance on the due date, do so. Avoid extending your repayment time if at all possible because this will result in even more finance charges. Usually, the extra time just isn't worth all of the extra costs.

I have a regular source of income.
I receive at least $1000/month.
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Here are the answers to the most commonly asked questions about payday advances. Learn More Learn some money management tips to help you handle your cash flow better. Learn More