Faxless Cash Advance – No Foxes Allowed

Delbert Bridge’s famous brown fox first became popular during our news report on quik payday loan problems.  Today I, Brian Gumball, have had a chance to sit down with Fred the Fox to interview him about his loss of employment following the previous report.  Today on WPLR – Payday Loan Report – we bring to you the story of the Fred the Fox and the Foxless –er, Faxless Cash Advance.

Faxless Cash Advance – What is it?

“Fred, what exactly is a Faxless Cash Advance?  Is it something new?”

“Well, Brian, a Faxless Cash Advance is a short-term loan.  It’s like the loan you took out to buy your high-rise condo or your brand new sports car.  You went to a bank and said you needed money to buy these things.  They checked your credit and offered you an amount and terms, which you accepted.  The bank wrote you a large check which you used to buy those things.  Then each month, you send the bank checks for your loans.  Part of this goes to pay the principle – the original money you borrowed, and part goes to interest – the amount the bank charges you to use their money.  You get what you want right away and the bank receives its money.”

“A faxless cash advance does this on a short-term basis.  You apply for a loan.  Sometimes the payday loan company will run your credit, but more often than not, they’ll just make sure that you are employed and receive a steady income.  They give you a small amount of money – usually $100-$500 that can be used as emergency cash to pay bills or buy groceries.  On your next payday, you repay the amount of the faxless payday loan plus interest or fees.  For a short term loan, this is usually 10-30 percent.”

“I understand that Fred, but where does the Faxless part of the faxless payday loan come in?”

“Well it used to be that you could do your whole application by fax.  You’d sit by a fax machine and wait for the application, fill it out, and fax it back to the payday loan store to get a cash until payday loan.  Once the internet gained popularity, people could download an application or even apply on line – like at www.paydayloanreport.com.  To verify their information, customers would have to fax papers in to the payday loan store.  I’m sure the person who had to do this the first time invented the Faxless Cash advance.  In a faxless cash advance, your information is confirmed online and no fax is necessary.”

Faxless Payday Loan Blues

“So why have you come to us about this, Fred?  What’s your connection with the Faxless Payday Loan?”

“Well after your last report came out about me having dropped a letter, suddenly people wanted a paperless payday loan to ensure that I didn’t drop any more information.  They realized a fox was not the way to go to transfer information.  So they came up with a concept of a foxless payday loan.  That dropped me out of a job faster than an EPA representative at a coal mine.”

Fox Discrimination in a Faxless Payday Loan

“Oh I see – people assumed a foxless payday loan and a faxless payday loan is the same. So they quit calling on your as well?”

“That’s right, Brian. And its unfair treatment against foxes.  I want to fight this thing all they way up to the supreme court.  This is fox discrimination.”

“But Fred, as I understand a payday loan, once people apply online, they can just have the money transferred to their bank account.  If they have a savings account, they can even apply for a no checking account payday loan.  It seems like such an easy and fast process, so there’s not really a use for foxes in the payday loan market anymore, right?  With the faxless payday loan becoming more prominent, you are just an extra expense and another barrier to making a easy payday loan.”

“Oh yeah?  I don’t have to take this from you! . You’re just an anti-fox reporter sitting here with your fox checkers!  You’re not interest in the fox news!  I’m going to find another place to take my story about the faxless payday loan and its impact on the foxes!  I’m going to find a network made just for foxes!   That’s right, Brian, I’m going to a fox news network where they want just the fox!”

And as Fred storms off the set, this is Brian Gumball with WPLR news and the Payday Loan Report signing off.  Good night.

Websites Offering Payday Loans Online:

•	Quik Payday - They claim to offer the quickest payday advance online. We are investigating.
•	National Cash Advance - National Cash Lenders Funding Every State? Hmmm.. Aren't there laws?
•	Cash Loans Calculator - Payday Lenders Marketing A Cash Cow? Very Interesting Articles.
•	Responsible Lending - The Center for Responsible Lending is fighting predatory lending.
•	Sonic Payday - Sonic Payday - Loans From Sonic Cash.