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Most online lenders have moved to the
online faxless loan application process.
What does this mean for you the consumer?
Let us explain abit more in details so
you can become aware of what there term
faxless means in regards to online payday
loan applications via the internet.
In previous years prior to 2002 online
lenders required customers to complete
applications online which required you
to fill out a long lengthy application
form. Once you completed this cash advance
application you were required to download
agreements and documents.
These documents or (contracts) needed
to be physically printed and signed in
order for consumers to finalize a loan
request. Once these documents were signed
you were required to fax in the agreements
to the lender whom was funding your cash
advance loan application online.
In 2003 most online lenders switched
to a no faxing model. This means that
if you apply online
for a cash advance you will be presented
with your loan documents and truth and
lending act without the need of downloading
anything to your computer. Technology
now enables you to sign the loan document
referred to as an esignature directly
from your browser. The esignature is a
legal and binding contract which can and
will be held up in a court of law. Faxless
payday loans are actually a convenience
for customers whom apply online without
the hassle of faxing in documents to complete
a loan request. Just be sure to read the
disclosures carefully before signing any
loan document via the internet. |