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Payday Loans have become a financial tool of choice for many who want to weather the storms of short term financial emergencies that are sure to crop up in the life of every working man & women. With today's high cost of living -- especially in regards to the price of gasoline, food, and housing -- some people find themselves short of necessary funds right before their next paycheck. In light of this widely known fact, the idea of instant online payday loans was born.

The concept of payday loans revolves around the premise that the financial emergency facing someone is short-term, and the person only needs the funds from his/her next paycheck to recover. A short term fast cash loan, usually between $100 and $5000, will be advanced to the applicant with the understanding that he or she must repay it by his/her next payday.

In the past, payday lenders were located in the many storefronts that dot suburban United States, and applying for a loan involved going into one of these stores and filling out an application. The lender would then advance the applicant the funds either in the form of a check -- which the applicant would deposit into their checking or savings account -- or electronically through a wire transfer.

Recently, technology has greatly boosted the way payday loans work. One no longer needs to go into a payday loan store and apply for a cash advance in person. A simple online search can yield hundreds of payday loan websites where one can easily browse terms and conditions from various lenders. Most payday lenders used to require a faxed form to be sent to their office in order for an applicant to be approved. The required documents would most likely be two paycheck stubs (most recent) and a voided check to validate the applicant's checking account.

Intense competition among payday loan businesses has resulted in the lowering of basic requirements. As a matter of fact, most people are likely to come across lenders who no longer require faxing to be approved. Why is that? Because most lenders today offer no fax instant payday loans. This means that the website can verify all of the applicant's information without subjecting him to the further inconvenience of having to fax any sort of documentation. The faxing of documents has always proved a great inconvenience to many people because most of them do not have fax machines in their homes; meaning they end up having to make a trip to a 'fax & copy' store, such as Kinkos, in order to send or receive faxed documents.

No fax instant payday loans have become very popular for both customers and lenders alike because they are extremely easy to apply for and there is little hassle on both sides of the fence. The customer is able to gain access to the funds they need immediately, and the lender can verify any & all information online. Not only that, but when the due date of the loan comes up, the lender will be able to easily collect the money owed (plus any applicable fees) directly from the borrower's checking account. This greatly minimizes the lender's operating costs and collection efforts; which in turn allows them to offer such easy approval loans in the first place.