What Are Faxless Payday Loans Exactly?
As the name suggests, faxless payday loans are online loans that do not require you to send any documents to a lender via fax machine.
Typically, payday lenders mandate borrowers to forward some important documents, which could either be done in person or by fax. But when applying for a no-fax payday loan, documents are either sent electronically or the lender comes down to procure a physical copy.
Pros and Cons of Faxless Payday Loans
Several benefits and risks may arise from taking out a faxless payday loan. We highlight the major merits and drawbacks below.
Pros
Below are some perks of faxless payday loans you stand to gain when you apply.
Electronic Submission
With traditional payday loans, you may undergo the stress of uploading documents by fax. But with faxless loans, you can simply do so through your smartphone or desktop.
Lenient Requirements
Lenders are relaxed with their eligibility criteria for these payday loans. So, bad credit borrowers have a good chance of getting their applications approved.
Quick Funding
Many lenders offer e-transfer payday loans, which ensures that the funds are transferred on the same day your application is approved. There's no need to visit the bank or cash a check.
Cons
On the flip side, here are some risk factors associated with faxless payday loans.
Automatic Bank Withdrawals
Most faxless payday loans usually authorize the lender to withdraw the loan amount automatically once it's due.
High Interest Rates
The annual percentage rates on faxless payday loans are exorbitant, with some being as high as 500% or more.
How to Qualify for Faxless Payday Loans?
To qualify for a payday loan, here are some requirements you must satisfy.
- Legal Age: You must be aged 18 years and above.
- Residence: You must be citizens of Canada or permanent residents of its provinces.
- Bank Account: You must provide an active Canadian bank account.
- Income: You must have a stable source of income, such as salaried employment, pensions, or government benefits.
- Contact Information: You must provide an accurate phone number and an active email address.
Does WeLoans Offer Instant Faxless Payday Loans?
WeLoans does not grant loans directly to borrowers. Instead, we work as a broker, connecting you with reputable lenders offering fast, faxless payday loans.
We understand how stressful a financial emergency can be, so we have streamlined the loan application process. When applying for loans through our platform, all you have to do is fill out an online form and make your comparison from multiple offers. There's no need to do any paperwork or submit documents by fax.
Reasons Why You Should Get Faxless Payday Loans through WeLoans
As one of the most trustworthy brokers in the Canadian market, using WeLoans presents many advantages.
Instant e-Transfers Available
Our lending partners support e-transfers and ensure that the funds are disbursed to you within minutes. In this case, ensure your bank supports e-transfer transactions.
No Hidden Costs
Using WeLoans is absolutely free. There are no hidden charges when you apply or get offers from our partner lenders.
All Income Sources Accepted
Although having a regular source of income is a major condition for receiving payday loans and you don't necessarily have to provide employment income. For example, our lenders offer online payday loans that accept disability.
24/7 Application
Making a loan request is not only easy, but it is also available 24 hours a day and seven days a week.
Security and Privacy
All the information you provide to WeLoans is secured using bank-level encryption, which ensures your data is protected against unauthorized third-party access.
3 Simple Steps to Get Faxless Payday Loans with WeLoans
WeLoans does not require borrowers to visit any physical office or submit paper documents. On the contrary, the application procedure is entirely online and only takes a few minutes.
Complete the Form
Fill out and submit the online loan application form. Ensure you accurately provide your personal information, financial information, and the amount you need.
Compare and Accept Offers
We'll forward your details to our network of lenders. Interested companies will reach out to you with offers. Compare and accept the most suitable one.
Receive Funding
Sign an agreement with the lender, and you can expect to receive cash in your bank account within the same day.
FAQs
1. How Much Can I Get from a Faxless Payday Loan?
Most faxless payday loans usually have a starting amount of $50. At WeLoans, you can get loan offers from lenders within the range of $50 to $1,500. However, the exact minimum and maximum loan amount available usually depends on the laws in your province.
2. How Quickly Will I Receive My Money?
As soon as your loan is approved by the lender, you'll need to sign important paperwork. Afterward, the lender will make an e-transfer of the loan amount to your bank account. It typically takes less than 15 minutes for the payment to reflect in your bank balance.
3. Can I Take out Faxless Payday Loans with No Credit Check?
Yes, borrowers can enjoy payday loans without credit checks. However, in order to evaluate your application, lenders usually take a look at your income source to determine if it is regular enough to repay your loan.