A faxless payday loan is one where you never have to fax documents to the lender. A decade ago, many lenders asked borrowers to fax recent pay stubs, a void cheque and bank statements. Today, almost every online lender in Canada verifies the same information digitally, which is faster and keeps your documents off shared machines.
How faxless verification works
During your application you choose your bank and sign in through a secure verification service. The service gives the lender a read-only snapshot of your account: recent deposits, balances and account holder name. The lender does not see or store your banking password, and the connection cannot move money.
The lender uses that snapshot to confirm three things it used to need faxes for: that you are paid regularly, how much you are paid, and that the account is yours.
What you might still be asked for
- A photo of your government-issued ID, taken with your phone.
- A recent pay stub or benefits statement uploaded as a photo or PDF, if the bank connection does not show your income clearly.
- A void cheque or direct-deposit form, uploaded rather than faxed.
Signing your agreement electronically
Electronic signatures are valid for consumer loan agreements in every province where payday loans are offered. Before you click to sign, the agreement must show the amount borrowed, the total cost of borrowing in dollars, the APR, the due date and your right to cancel. Save a copy for your records.
Keeping your information safe
- Only use the bank verification step from inside the lender’s own secure application.
- Never give your online banking password to anyone by phone, email or text.
- Check that the page address starts with https before you upload ID.
Read how we handle your data in our privacy policy.