No fax cash loans are so convenient aren't they? All you have to do is email or fill out an online web form stating your personal, banking and employment information and you can be approved for the no fax cash loan you want in minutes!
Fax less cash loans are so easy to get that surely thousands of people get such loans right? Oh, they sure do. So how are no fax cash loan lenders staying afloat?
Aren't they running out of money to lend? Nothing can be further from the truth.
Cash loan lenders are raking in billions of dollars annually from cash-strapped borrowers. How? Through sky-high annual percentage rates or APRs.
An APR is what is known in the lending industry as the true cost of a loan. It is generally used to compare loan programs from various lenders. And how do cash loan lenders compare?
Oh, payday loan or cash loan lender APRs can be anywhere from 300% to 800%! So now you are probably thinking that the best cash advance loan lender to deal with is one that translates to a low APR. In general, yes.
Unfortunately, however, not all cash loan lenders reveal their APRs and even if they do, there are so many ways that an APR is calculated that a cash loan lender with a low APR may not necessarily be your best option.
Hopefully, help is on the way. Cash loans are such buzz words right now that it has gotten the attention of legislators and a move is being studied to compel lenders to reveal the APR of the loans they are offering.
For now, let's be grateful that we can get a no fax cash loan(because they are so darn convenient) and
just be more picky when choosing cash loan lenders.
