The Advantages of Faxless Payday Loans
Your familiar with the saying, “The only sure things in life are death and taxes.” Well, you can add a third sure thing to the list—that technology will evolve faster than you can master the last new technology.
It’s sometimes mind-numbing to witness the rate of speed that technology changes—and how quickly we adapt. Digital cameras, smart-phones, Internet search engines (that make finding out about anything so easy)—all these were novel inventions to us as little as ten years ago. Now we can’t imagine a world without them.
These technological advances have affected every area of our lives, including our financial transactions…payday loans included.
Traditional Cash Advance Loans
Traditional quick cash loans involve faxing (remember when faxes were the latest and greatest technology!) a series of personal documents, including
• Your loan application with personal information (including your social security number)
• Recent paystubs
• Bank account statements
But here’s the problem with faxes. Some sources estimate that up to 30% of sent faxes don’t end up with the intended recipient, putting your personal information in the wrong hands. Even if the right person gets your information, they will have your application paperwork sitting on their desk where anyone walking by can grab or read it.
Fortunately, technology has provided a better way—the Internet.
Online Faxless Loans
Many payday lenders now offer faxless cash advances. If you apply online this will most likely be the process you use:
• Complete an online application
• Provide employment information, usually just the employer’s name and phone number
• Provide bank account information, such as your bank’s routing number and your personal checking account number
While there are still privacy risks, much of it has been minimized with the online process. For one, you’ll be sending your application directly to the email of the loan representative handling your account. It’s in their mailbox and only they will see it. When you are approved, your loan amount will be sent directly to your bank. It is worth taking the time to ensure that your lender will use high-end encryption when sending your personal information digitally. Rest assured that if your bank information is stolen, and you suffer a loss, the amount would be covered by the FDIC.
Increased Ease and Convenience
Along with the convenience of technology comes certain risks. Protect yourself by working only with licensed and accredited financial companies. Ask about their security practices before you apply. Once all your questions are answered, and you feel comfortable with the lender and what they offer, enjoy the ease and speed of a modern, faxless payday loan.