A lot of people ask whether no fax payday loans are actually worth getting. However, it is not possible to answer this in a straight manner. The answer really varies from person to person. There are quite a few things that are commonly asked regarding a payday loans direct lender.
When you send in an application for no fax payday loans and you get approved for one, you do have the privilege to find out the balance of your loan no matter when you want to. Of course it is as long as you ask within the business hours of the lender. This is something that was given as a right to borrowers via the Fair Lending Act. You should be able to ask your payday loans direct lender regarding the balance of your loan, the previous payments that you have made, and how much your next payment should be. You can ask these among with other facts that are pertinent to your loan.
It is also true that you can pay off the loan whenever you can and want to as long as it is on or before the due date. There are even a few lenders who would even suggest that you do this because it helps you save some money on the final total. Doing this will allow you to get back on your feet a lot faster.
Of course when you take out a payday loan you have to be prepared to pay off the interest. The reason why lenders charge an interest rate is so that they can earn but also so that you can be given a short-term solution to your money problem. Lenders should be okay with you paying off the loan before the due date but make sure that there are no hidden penalties that the lender will be charging you for doing so.
Once you have paid off the loan that you currently have, you are entitled to ask for another one. In fact, it should be easier to get approval for the second one since the lender has already proven that you are a borrower who can pay back what you borrowed. You do the same process - you go online or go to a branch of the payday lender to send in your application. You might no longer be asked for additional documents if you are a returning customer because the lender has already proven your ability to pay. People who have previously taken out a loan and have paid it on time can also enjoy a higher amount lent to them than the usual maximum of $1,500.