It is easy to think that there are no loans available for those with a bad credit rating. However, payday loans may be something which you could consider. There is no need to look into your credit history and you can gain the money the instant you gain approval. However, it can be difficult to find loans which require no faxing.
Do you need to send proof?
The same day loans will often require that you send proof for your income and your identity. However, there are not so many people who have fax machines anymore. You will be told upfront whether you need to send your detail via fax and if you do, then this is not the company for you.
Can you scan the images? There is always the option of scanning the images rather than faxing them. Not all companies will accept these because there are chances that you changed them on your computer. This is something which you will need to look for in the fine print before you apply for the loans.
Can they check online for you? There are companies which can now check for your details online. They will have a connection to a database which will have your personal details and your employment details.
Why do they need proof?
The online payday loans are guaranteed to you as long as you can meet a few requirements. There are no checks into your credit history, which puts the companies at risk of not getting their money back. Their requirements usually include that you are in full time employment and that you earn a set amount each month. These are also known as "30 day loans" because you will need to repay all of the money you borrow within this time. The only way in which they can ensure you will be able to pay the money back is by checking that you are who you say you are.
Only use them as a last resort
A payday loan company is not something which should be considered as the first option for borrowing money. There are a lot of risks to them and the interest rates are high. There are other options if you have bad credit, such as high interest installment loans. Even though the interest is high, this is just in comparison with other personal loans and is usually much lower than payday advances.