Online payday loans are known for their convenience and availability to those facing emergencies. This form of short term financing can also be considered eco-friendly.
Online payday loans require no paper and no faxing which requires fewer resources and produces less waste. The process is entirely electronic from the online application to the distribution of payment.
These paperless practices are described in detail below:
No Paper Applications
The application process for an online payday loan is completely digital with no paper forms required. Fill in an online application and it is immediately processed. Providing additional paper-based documentation beyond the application is normally not required.
If additional direct deposit or payroll information is required, that too can be provided electronically. With banks and payroll departments using primarily electronic documentation, this is as easy as downloading the statements or pay stubs from the source and emailing it to a loan provider. No printing or paper use is necessary.
Secure Digital Communication
Payday lenders transmit contracts, payment reminders or other correspondence is done electronically. Customers sign contracts with an electronic signature and transmit them back to the lender. Payment reminders and other communication transpire by telephone or email, once again eliminating the need for paper.
Just as banks and credit unions offer online banking, payday lenders offer customers a way to log in and check their accounts. Schedule payments earlier, check account status and even apply for another loan once the original loan is paid off. These functions can be done entirely online and without the use of paper.
Direct Deposit and Payment
Funds are deposited directly and payments taken directly as well. Online payday lenders cut down on paper usage more this way by not using paper checks.
Some lenders go beyond abolishing paper and employ other environmentally friendly policies. Office recycling programs and using alternative power sources are two ways companies in the lending market will embrace environmental principles. Often customers will see these practices described on company websites.
Enjoy convenience and know you are helping preserve the Earth’s resources. Look into online payday loans to meet your emergency financial needs.