subject: No Faxing Cash Advance In Business [print this page] A no fax cash advance allows individuals in financial emergencies get immediate cash without having to submit financial documentation. Unlike traditional lending agencies, financial companies that do not require applicants to submit personal or business financial statements also do not perform credit checks for loan approvals. A cash advance is secured by a borrowers next paycheck. Once the borrower gets paid, the lender automatically collects the payment.
The application process for a no fax cash advance can be quickly and easily filled out in person, over the phone, or through a lenders secure online application. Some lenders process applications in minutes, which means that borrowers get their money within a few hours. Cash advances only require an individual to have a steady source of income, to not have outstanding cash advances, and possibly have a bank account that allows direct deposits. Once an application is approved, the lender deposits the cash into the borrowers account.
Because of the few requirements and the easy approval process, lenders who provide no fax cash advances typically cater to individual with bad or no credit. This makes the interest rates or fees on cash advances much higher than traditional funding, such as bank loans. Cash advances require no collateral to secure repayment, but if an individual fails to repay the advance, the lender can charge extra fees along with the amount owed. However, repaying a cash advance can help improve an individuals credit score, making it easier to obtain better loans in the future.
A no faxing cash advance allows individuals to get the money they need quickly and easily without faxing financial documentation to a lender. The lenders who provide cash advances are usually independent, non-traditional financial companies that specialize in giving fast cash to individuals. With a cash advance, a borrower writes a check for the amount loaned, plus any fees, and the lender will hold it until a specified date.
Most loan applications require applicants to provide personal or business financial statements so that the lender can determine the risk associated with that applicant. Because no faxing cash advances do not require these documents or collateral, lenders who provide these loans are more likely to lend to high-risk individuals, those who have had past credit problems. This means that the interest rates or fees applied to cash advances are much higher than traditional loans. Failing to repay an advance can result in additional fees and can damage an individuals credit.
The application process for no faxing cash advances is easy and quick, mainly because applicants do not have to provide financial documents. Applicants must only have a steady source of income, not be in bankruptcy, and have a bank account that permits direct deposits. Lenders have simplified the process by offering secure online applications, which take only a few minutes to complete. Once submitted, the application is reviewed in as little as one business day. If the lender approves it, the funds are deposited into the borrowers account.
by: Sadie Hurst
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