No signature payday loans are different than electronic signature, or faxed paperwork that you have signed. Your electronic signature is often the last four digits of your social security number. No signature payday loans should never be trusted, and you could get a loan without your knowledge.
First let’s go over what an electronic signature is. Electronic signatures are used all over the internet for an array of forms from the IRS to credit card applications. The last four digits of your social security number, the first letter of your first, middle and last name, or even a PIN number you have created or have been assigned can be used to sign documents. Electronic signatures are trusted all over the internet as generally something has to be entered in order for a contract to be approved.
Fax Payday loans are required when electronic signatures are not. You will be required to print out a contract and sign each form and then fax it back to the company. This will show that you understand the terms and conditions and accept the loan.
No signature payday loans can be given to people by simply answering a few questions and giving bank account information. People often will back out of the loan halfway through the paper work not intending to take out the loan. Within 24 hours they will find out they have been approved and funds deposited into their account. Calling customer service will do no good. Apparently the borrower somehow accepted the terms and conditions of the loans without signing any documentation.
When you are looking to take out a payday loan don’t go to any websites that offer no signatures. Sometimes it can take a few minutes of filling out information online before you get to the part about not signing anything. Once you read anything that says no signature payday loans stop the process and exit the website.