How Common Are Faxless Loans Online?

How Common Are Faxless Loans Online

You may be familiar with the headlines of faxless payday loans, payday loans with no faxing and so on. Such promotions are frequently displayed on broker sites, but just how common are faxless loans online with direct lenders? The request of documentation such as bank statements and wageslips are required in most cases on the high street with lenders like The Money Shop, but when applying online, such documentation is less commonly asked for these days. Requests do spring up though when an application falls short and extra supporting documents must be sent through. In most cases though, the credit check should be enough to provide an answer of yes or no.

A recent development has been for some companies to contact employers. This is through a brief telephone call whereby they are just looking to check that you work at where you say that you are currently working. They obviously wouldn’t pose such questions as how long have you worked there for, what is your pay packet and so on. And so, faxless loans online aren’t as common as they once were with them generally being used to backup an application that didn’t scrub up well through the credit check or the underwriting that followed. If what they ask for can’t be supplied, then the application will be declined.

Much of the discussion here has stemmed around the payday sector. When you are looking at products with much larger sums such as a guarantor or logbook loan, then it would be much more likely for various documents to be presented as part of affordability checks. With logbook lenders, many of their customers are self-employed and so obviously they need to prove that money is going into their bank or at least show that the income is coming in some form (for those with no bank account). Gathering any such documents together is easy enough, but some people may feel uncomfortable about showing bank statements due to any past reckless spending.

If so, just come back soon when you can show that you are only taking out cash for food and paying rent, utility bills etc. It may also be an idea to take out a free credit report to check through your finances. Planning how much you exactly need and picking an affordable repayment schedule could make the difference when you are looking to put forward a strong case that you in a good position to repay back without any problems. Otherwise, you may be planning to send various documents today. Most usually ask for uploads (rather than by fax) that can be done easily enough with a mobile with a camera phone or a scanner.