Two types of lenders of online No Fax payday loan operate in the market, namely - those who require physical documentation and those who offer a ‘faxless’ payday loan. In the early days of introduction of online payday loans, most lenders required certain paperwork to be faxed to them, like - paycheck stubs, bank statements and a blank voided check.

These days, although documentation is still required by some payday lenders, things have become more convenient for the borrowers with the concept of ‘faxless’ payday loans catching up fast.

In case of a ‘faxless’ payday loan the lender verifies the information on the borrower’s application via their place of employment. When an application is submitted, it is reviewed; and e-mail is sent to the borrower, requesting them to contact their payroll department. The borrower then notifies their payroll office that a payday loan representative would contact them, to verify the information provided in their application. Payroll officers are accustomed to employment verifications in regards to finance for things like - credit card applications, rental verifications, home loans etc.

Though the cash clearance times vary from company to company, most ‘faxless’ payday loan lenders have the cash advance of the borrower electronically deposited into their bank account in a day’s time. Some ‘faxless’ payday lenders may be quick enough to have the borrower’s loan money available on the day of the application itself, often as early as within a couple of hours.

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