As the world evolves with technology today, no faxing payday loans are becoming a standard fare in the lending industry. Many lenders are doing away with the obsolete fax machine to fax over multiple copies of data that used to accompany a loan application. Today, many consumers and lenders do not have a fax machine. Most strata of society are using the computer with full Internet connection to enjoy the convenience and quick processing speed offered. This is how no faxing payday loans operate today. While it used to be that you would fill out a loan application of several pages thick in the lender's office, you can apply for that same loan at home using your computer linked to the Internet today. It would take you only a couple of minutes to key in the necessary information on

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Presently payday loans are available in excess and it is now choosing the cheapest online payday loan that needs the attention. Because of the nature of the loan advances that require no credit checks the finance charges are the only matter of concern now. A wise decision can definitely keep away even this element.

First of all, a thorough check of online payday loans needs to be carried out. The payday loan rate laws differ in each state and so depending upon the state the charges can come down.

Then there are many lenders who really offer cheap loans since the operating charges online are quite low and the lender can afford to lend the money at a cheap rate.

Again because of the heavy competitions between lenders, lenders also need to be competitive in their finance charges and so they always offer discounts and special rates for the online loans.

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Payday loans are usually short term loans having duration of between 7 and 31 days, through special arrangement the period can be extended beyond that, thus it is possible to even have 100 day loans when the duration of the payday loan is extended up to one hundred days. Payday loans provide instant cash for workers who find themselves in emergency financial situations that need urgent attention. This type of loan does not required any collateral as a pre-requisite, neither does it require good credit score and the process is devoid of the usual bottleneck found when applying for conventional loan from the bank.

The process begins with the client filling a simple online application form in which he provides some demographic information about himself, his employers, and his bank account to the lender he has chosen. Once the application form is completed and submitted, if the client is eighteen years and above, has a regular job that earn him about $12,000 per annum and a functional bank account, the loan is approved instantly and within the next 24 hours the loan is wired directly into his bank account.

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