Whenever you borrow money, you need to review your loan agreements carefully. In the U.S., loan agreements must comply with the Truth In Lending Act ("TILA"). When you take out a faxless payday loan, you will likely be presented with both a "TILA" agreement and one or more ACH debit and credit authorization forms.
Here's what you need to look for. First, read the TILA agreement carefully. Make sure your name and other information is spelled and presented correctly. Next, make sure the loan effective date (the date that you sign the agreement and commit to the terms of the agreement) are accurate. If the effective date shows a date in the past, or an otherwise incorrect date, don't sign the agreement!
Now, check the loan due date. Most payday lenders issue loans that are due on your next paydate. If you typed in your next paydate wrong, the due date will be wrong. If your due date is wrong, your bank account will get debited on the wrong date (and you'll get hit with overdraft or NSF charges). Don't let this happen to you! If the loan due date is wrong, don't sign the agreement.
Next, check the APR and the fees that you are agreeing to. Make sure that the APR and fees are clearly disclosed on the TILA. If it is not clear how much you need to pay for the loan, don't sign the agreement.
Finally, check other details about the agreement. Some lenders may be based overseas. Do you want to do business with an overseas lender? You may be ok with it, but make sure you aren't surprised. Read the agreement carefully. Only after you have carefully read the agreement, and you are comfortable with all of the terms and details should you sign the agreement. Remember, you are paying the lender money for the loan. Make sure you are doing business with a lender you trust, and with a lender that fully and clearly discloses the terms.