When applying for a payday loan, some lenders will require you to fax them your personal information, such as a simple bank statement to prove that you have a checking account and a paycheck stub to prove that you are currently employed.

Since fax machines are becoming more and more obsolete, some people just see using them as an inconvenience - as they may have to rush over to the nearest Staples or OfficeMax and pay money to use theirs.

With no fax payday loans, you can send all the information you need to the lender online. Typical no fax payday loans can be taken out for up to $5,000 and the term period usually lasts for two weeks, but you can request longer payment periods that can range up to 28 days.

However, with a longer term period, you can also expect higher interest rates, so if you're looking to avoid excessive interest, taking a out a short-term no fax payday loan might be a better option. Some lenders even allow you to pay back the loan in installments.