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Today more banks and financial institutions are providing payday loans to borrowers. This kind of loan is very lucrative to the banks and other institutions. The interest rates on these loans are very high compared to many other loans. The loan is offered only for a short term and the borrower has to return it within the stipulated time. That is one of the main reasons why these loans are approved within a short time. They realize the urgency of the borrower for the cash. Companies like fast cash online provide payday loans no faxing, where you do not need to provide the company with any kind of paper work to avail the loan. They check whether the borrower has a verifiable income source by which he can make the repayment. Many companies take in post dated cheques before giving the loan. So that when the next paycheck comes in the borrowers, repayment gets deducted from the account. .