Cash Advance with No Faxing No Credit Checks - Lending at its Worst?

Cash Advance with No Faxing No Credit Checks

A cash advance with no faxing and no credit checks may sound like a dream come true for people who often find themselves living from pay check to pay check. Unfortunately, it is this exact demographic that these no fax or faxless cash advance payday loan lenders are banking on for their business.

Cash Advance with No Faxing No Credit Checks Practices - The REAL Costs

Did you know that the practice of cash advance or payday loan lending is sometimes called predatory lending by industry analysts? Payday loan lending didn't really exist till the early 1990's but now?

There are thousands of cash advance lenders out there and the number keeps growing. According to the Center for Responsible Lending, pay day loan lending gets $3.4 billion annually out of its myriad customers. And now with features such as no faxing and no credit checks, more and more borrowers are being sucked into the payday loan lending game because of its relative ease and convenience.

Do you know the REAL costs of a payday loan and how it can easily lead you to debt? Say you borrowed $100. With a finance fee of $20, you need to pay $120 on your next payday to settle this loan.

If you cannot pay, you ask the lender for an extension. The lender just gets the finance fee ($20) and then... he charges you another $20 on your next payday. Can't pay again? That's ok; the lender will just get another $20. By your 5th cancellation, you've already blown away the $100 you originally borrowed!