Get the Money You Need Without Leaving Your House
Believe it or not, fax machines played an integral role in getting approved for a short-term loan not too long ago. These machines became popular with consumers in the 1980s as a means of transferring data using the phone line. Applicants found similar convenience by sending their information off and waiting for a response from the lender. Faxed documents were the easiest way to transfer personal information without having to visit a store in person. Before home computers were commonplace, electronically sending applications was viewed as a convenient alternative for those individuals who needed money quickly and did not want to risk long lines and the travel time to the lending store.
Faxless payday loans gained prominence as the Internet grew to reach the vast majority of American households. This new type of service became very popular since most applicants could get the relief they need without having to physically send documentation to the provider. Instead of filling out paperwork during the application process, customers complete an electronic form. Throughout the last decade, many reputable lenders adopted a faxless system because they found it much easier to collect information electronically than having to personally review handwritten documents. In most instances, consumer data is better protected when transferred securely, reducing liability and identity fraud issues. Many companies embrace the Internet alternative because they can usually deliver funds quicker, boosting their consumer image and reputation.
Some Jurisdictions may Still Require It
Some states require providers to collect additional documentation or physical signatures from applicants. To this end, short-term borrowing options that require the faxing of documents remain, albeit they are quickly becoming overshadowed by exclusively online alternatives. The types of required documents may include (but not be limited to) copies of identification, bank statements or signed documents. In these instances, faxing is inevitable and should be factored into the amount of time it takes to get the money you need. Thankfully, the majority of states do not impose these requirements, making online borrowing options available to a broad base. If the current trends continue, the future looks bright for electronic short-term borrowing options. It is likely that the jurisdictions that require additional faxed documentation will resort to online alternatives like scanned copies of identification, making the entire process electronic no matter where you live.
The Costs Associated
If you do not own a fax machine (few people do these days), you might not be aware of the expenses that come from using one. Office service stores charge close to $5 for a basic outgoing fax. Once your application is sent, you have to wait for the company to review the paperwork and make a decision. If the provider requires additional information, you will undoubtedly have to spend the extra money to send additional documentation and pay more! If you need money in a hurry, it is easy to see why this could be a major inconvenience. It is also easy to understand the incentive companies have to provide convenient online lending options. Handling electronic data is undeniably easier and more cost effective than processing and storing vast amounts of paperwork. On the other hand, not every applicant has access to the Internet, making traditional options necessary in some cases. Those who have yet to become comfortable with using computers may be better served by filling out an application by hand and physically sending it to the lender.