When it comes to needing cash immediately, many applicants are frustrated by fact that approval processes can be too slow. Even when banks promise a 24-hour approval services, this may be too late as far as the applicant is concerned. But with faxless loans, the whole process can take as little as just one hour to be completed.
The name is self-explanatory, with the fact that they offer loan approval with no faxes needed. Of course, we are talking about loans offered by online lenders, since traditional lenders, like banks and credit unions, usually require detailed information to be handed over the counter.
But speed is of the essence when dealing with cash loans, especially online. And thanks to the development of near to immediate electronic access to information, lenders no longer really needs faxes to assess the suitability of a loan applicant. So, fax free personal loans have become a common option when a small cash loan needs to be accessed fast.
Key Information Required
When applying for any loan, there is some key information that is typically required, regardless of whether it is for a faxless loan or not. Firstly, the applicant has to prove that they are over the age of 18. So, providing identification such as a drivers license, a birth certificate or other government issued documentation is necessary.
Secondly, the applicants need to show that they are employed and receiving an income large enough to cover the repayment of the loan. For loan approval with no faxes, the actual pay slip may not be necessary – a social security number may do.
The third key piece of information is proof that the applicant has an active bank account. To get a fax free personal loan this is essential, since money will be paid into the account directly, and repayments are withdrawn from the account too.