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August 8, 2008, Newsletter Issue #18: Verification Process for Faxless Payday Loans
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Tip of the Week
The verification process for faxless payday loans is usually quite simple. The applicant can supply the lender with the majority of the required information either online or over the telephone, eliminating the need to fax documents to the lender for verification purposes. However, most lenders will require the applicant to have his bank fax a copy of his most recent bank statement to them during the application process.
The other information which must be provided when applying for a faxless payday loan is the applicant’s identity and employment status. The applicant can generally provide the necessary information to verify his identity over the telephone and the lender will be able to verify employment information by contacting the applicant’s employer via telephone.
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