Payday Loans No Faxing!

An exciting new development has occurred in the deferred presentment or payday loan industry, which will help increase the ability of ordinary working people to acquire small loans in a more secure manner than before. That is the new practice of making a payday advance without having to fax your information to the payday cash advance lenders. That means payday loans no faxing!

Anyone who has ever had an urgent need for a small amount of money (some states allow as much as $1500) for a short time (usually one or two weeks, that is, until payday) has seen the benefit of payday loans. No faxing is a big change in the way these loans are advanced, since formerly, an applicant’s personal information had to be faxed in, faxed back, floated in the ether of identity theft. Now you can get a payday loan no faxing, with just your social, your signature and proof of a regular job and a personal checking account.

These days, it is far easier for a lender to check credentials of a potential borrower, and automatic depositing of the loan means that more security exists for both parties to the contract. All a borrower has to provide is proof of a job and a monthly income – usually the application requests the person’s Social Security number, which can easily verify your income, making it easier to get a payday loan no faxing. It is important to search online lenders’ application page for the little lock icon indicating the quality of the site’s security.

In the old days of payday advance lending, negative impressions arose from a lumping together of all short-term lending, such as check cashing services. The perception arose that these lenders were unscrupulous and predatory, and perhaps there were those elements in previous years.

The impression persists that payday lending somehow leads people to get into debt over their ability to repay. The frightening image of a small loan costing the borrower as much as $500 percent APR is a gross exaggeration, since loans cannot be ‘rolled over’ more than a specified number of times. If a loan remains unpaid after the prescribed number of times, it goes to a collection agency.

If a borrower needs a small amount to meet an emergency expense, and can pay it back within the prescribed term of the loan, a payday advance loan (especially one with no faxing!) can be a much more economical choice than paying overdraft fees at the bank. Those mount up and can have a negative impact on your credit score. Payday advance loans, when used responsibly, have no negative impact on your credit score, and can even improve your overall financial condition.

The industry has made great strides in reinventing itself, forming an organization to support and direct the activities of the deferred presentment industry (where the borrower postdates a check for the loan amount and fees, and the lender cashes it but presents it at a later date). The Community Financial Services Association (CFSA) in 1999 set to work to dispel outdated, negative notions about payday lending and to establish standards for the industry.

The result is the CFSA’s requirement for membership, their Best Practices for the Payday Advance Industry. Among other things, this standard requires lenders to fully disclose all potential fees, not to charge any fees that are not authorized by state or federal law, to be truthful in their advertising, and not to threaten customers with criminal action if a problem arises in repayment.

You can find this document and much more information on the CFSA website at http://www.cfsa.net/. You should always check any potential lender for membership in the Community Financial Services Association of America by looking for the CFSA seal prominently displayed in their store or on their website. Not all lenders are members; it just makes sense to deal with a secure, reputable, and responsible lender.