Without faxing any documents of your earnings, employment, residential address etc, the amount of loan can be electronically deposited in your bank account within 24 hours for its timely use in paying off an urgent bill. Since these loans are offered to salaried class of people, the loan ranges from $100 to $1500, depending on your monthly salary. To qualify for these loans, you must be earning a monthly salary of no less than $1000 from a job for last six months at least. You must be 18 years of age or above, with an active bank checking account.

Approval of these loans is usually for two weeks, requiring you to return the loan at the time of next paycheque. However, for salaried people, these are expensive loans, as typical rate of interest goes up to 30 percent and even above. This makes the repayment highly burdensome, especially if the repayment is carried for a month.

A feature of the advance is that there are no credit checks done on the borrowers. The loan is thus a relief for bad credit borrowers, who are combating multiple problems like late payments and arrears in their names. If repaid on time, the loan becomes a useful tool of improving your credit rating shortly.

To take out no fax payday advance loans at competitive rate of interest, make comparison of number of such offers on internet. You may come across some of these loans, which are being offered at comparatively lower rate of interest. Do not forget to study the terms and conditions of such offers.