May 22, 2009, Newsletter Issue #58: When a Fax is Necessary for No Fax Payday Loans

Tip of the Week

For many who find themselves in need of a quick loan, no fax payday loans are particularly appealing for a number of reasons. One of the most attractive factors for these borrowers is the ability to acquire a loan without the need to fax any documentation to the lender. However, in most cases these loans are not truly faxless. Most lenders will require verification of the amount of funds currently available to the borrower. This is typically accomplished by having the borrower’s bank fax a copy of the most recent bank statement to the lender. Therefore, the borrower is able to provide the lender with all of the necessary information via telephone, but the transaction isn't completely faxless since the bank is providing documentation on the borrower's behalf.

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