New Technology Advances Payday Loans

These days everybody has heard of payday loans. This type of loan gets an unusually high amount of press, and not necessarily good press. These loans are usually quick and easy, the consequence of which is a higher than normal interest rate. Whether you believe they are good or bad, the reality of the situation is that a lot of people rely on these loans for their financial needs.

When applying for a cash advance most lenders will require certain documents such as a bank statement and paystub. Previously this would have meant having to fax or email the said documents. However, there is now a new technology that enables entirely faxless online payday loans.

What does this mean?

Well firstly the speed and ease of applying for a cash loan is now greatly improved. You can apply online at without even having to leave your house. You fill out the application and then use the faxless utility to send in your bank statement. The programme enables you to send screenshots of your online banking statement, which are then sent automatically to the lender.

Is it safe?

Yes, this process is one of the safest ways you can send your information online. The programme simply takes a capture of what is on your screen and sends it directly to the lender. Email and fax always carry risks that your information could go to the wrong person, but with this new option that is not something you will have to worry about.

What happens next?

Once you send in your screenshots then your loan application will processed within the hour. The money is usually sent through email money transfer, a simple method which means you can receive the funds straight away. The loan is then repaid on your next payday along with the fee charged. It is important to be sure you budget and are able to repay the loan in full without having to reborrow, otherwise you can end up in a cycle of loans.

Payday loans can be a useful financial tool if you used sensibly. They can provide a quick answer when you have a financial emergency. And with this technology it is quicker than ever to get the cash. The most important thing to remember is to never borrow more than you can afford to pay back.