Faxless payday loans are referred to as such because of the fact that they don't require a lot of paper-work as the other types of loans. The name is probably a relic from the past, when the main mode of communication, before the advent of the Internet and email was the fax, and when getting a loan typically involved a lot of 'to and from' faxes between the person looking for the loan and the lender who granting the loans.
In a way, the faxless payday loan is an instant loan, which you get not through a 'check in the mail' but a direct wired transfer to your bank; meaning that the money can get into your account in a few hours after your application of the loan.
Of course, there are different lenders offering different faxless payday loan products; and for product differentiation purposes, all faxless payday loan products don't come equal. Some are obviously superior to others.
One of the features of the best faxless payday loan products is speed of payment. After all, the typical person who applies for a no faxing payday loans is usually a person who is faced with a situation that requires urgent monetary intervention, and that is the last person who would want to hear about delays in getting the money that they ask for on such an urgent loan. Granted, though, most no faxing payday loan products are advertised as being instant, but then there are those who while paying the loan amount instantly upon approval of the loan, will take ages before actually getting the approval done - meaning the borrower ends up being late in getting their loan all the same. There are also faxless payday loans products that are advertised as being instant; and whose approval is indeed instant (or within a reasonable period of application), but which then take ages from the time of approval to the time the money is transferred to the borrower's accounts after having been approved - leading us to the position where we argue that a delay, by whatever name or mechanism, is still a delay.
The best no faxing payday loan products come with minimal bureaucratic requirements. After all, if the loan applicant wanted to go through the 'red tape' then they would have surely applied for a normal bank loans. Yet some faxless payday loan providers, while always advertising their product as 'red-tape free' still go ahead to put in place all manner of bureaucratic requirements for the application, leading to a situation where the applicant ends up going through the very type of stressful situation they were trying to avoid when applying for the no faxing payday loan.
Another feature of the best faxless payday loans products is of course reasonable pricing in terms of interest rates and other processing fees. Granted, being essentially an emergency loan, a payday loans would have to be a bit pricier than an ordinary bank loan; but the cost of it must also not be as high as to be shylock-like. This is because, after all, if the borrower didn't mind 'shylock-like' interest rates and processing fees, they would have headed straight to the 'shylock joints' and gotten themselves an 'instant loan.'
So at the end of the day, the best no faxing payday loans product has to be as free of bureaucracy as far as possible, quick in 'going through' and reasonably priced in terms of interest rates and processing fees.
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