This loan request comes from a soon-to-be borrower in Chicago, IL who desperately need to pay her heating bill before the heat gets turned off. She wants to borrow $1000 dollars in a hurry, so she is applying for a 100% paperless payday loan. This is a payday loan that does not require any kind of paper verfication, such as faxing and mailing.

The issue here is that most paperless payday loans max-out at $500 dollars, when the applicant needs $1000. We found a paperless payday lender who lends over $500 to a maximum of $800 (listing on our site – use the search function). So what we did was make the short-term emergency loan app for the maximum $800 – this is with a fee-to-principal ratio of 30/100. This is a normal fee used by paperless lenders and it correlates to a fee of $30 for every $100 borrowed.

We will base the loan on the above information as provided by the borrower, and we will show you the results of this high interest lending below. Before that though please read the loan application. You can see how desperate someone can get when they don’t confront their arrears head on. You should never be in a situation where one of your utility providers is warning to shut off their service(s).

Type of Loan :: Payday Loan (paperless – no faxing required for verification)

Why do you need a loan? – Explain in detail :: I don’t have any collateral and I have a very bad credit rating. I have some outstanding bills that I have to pay or the electric company says they will shut off my power. Winter is coming and I really need this quick emergency loan before it gets any colder. I live in Chicago so I’m desperate to get the funds in my bank account now.

My mother lives with me and my two kids so this money is not just for junk – I HAVE to pay the electric company or else I won’t be able to provide heat for my kids or my Mom and I. She is 83 years old and very sick, so I can’t let our power get shut off!

How Much Do You Want To Borrow? :: Over $1000

Length of Employment :: Under 6 Months

Time at Address :: Under 6 Months

Age :: Over 21

Extra Info Here – anything else that would help us get your loan approved :: Like I said, I have a bad credit rating, and I need this $1000 dollar loan ASAP. I do have a part time job in a factory making children’s toys, and I get paid $1300 dollars month. I do live in the USA of course, and I am over the age of 18 as I put on this application form.

If you could find it in your heart to transfer $1000 dollars into my bank account, I would really appreciate it and of course pay you back. I will even pay the loan back early if you really want that to happen. Thanks for considering this loan – really like the fact there is no faxing required, no verfication, and no paper.

Sex :: Female

Marital Status :: 3rd Marriage

Ever Claimed Bankrupcty? :: Yes – discharged

What Country is Your Primary Address :: United States

What State and City/Town is your primary address in? :: Chicago, IL

Checked your credit report lately? :: No

How is your credit rating? :: Poor

Collateral? :: N/A

Down Payment? :: N/A

Employment Industry, Title, Experience, Background :: I work in a children’s toy factory and I have been for 3 months now. My boss likes me and said that I will always have a job there if I want it. I like my job and I am very good at running the assembly line. I used to work for Wal-Mart for 3 years, but I was let go because of lay-offs. I liked that job too, and I have a good recommendation letter from them – that is how I got hired at the toy factory so easily.

Reading that is quite saddening when you realize that small children and an elderly person (retired and possibly disabled) are involved, and would be literally “left in the cold”, if this loan is not approved.

So now we need to look the APR on a paperless payday loan of $800. You average payday lender who provides paperless loans will use the fee structure as shown in this handy table.

Paperless Payday Lender’s Fee Structure - $30 per $100 Borrowed

The most common factor with any Paperless lender is their $30 fee for every $100 borrowed. This is the costly part about it.

Amount of Loan	Paperless MPR	Paperless APR	Paperless Repayment	Fee Paid
$100	31%	374%	$130	$30
$200	31%	374%	$260	$60
$300	31%	374%	$390	$90
$400	31%	374%	$520	$120
$500	31%	374%	$650	$150
$600	31%	374%	$780	$180
$700	31%	374%	$910	$210
$800	31%	374%	$1040	$240
$900	31%	374%	$1170	$270
$1000	31%	374%	$1300	$300

Conventional Payday Lender’s Fee Structure – $15 per $100 Borrowed

Using a traditional payday lender’s fee structure at $15 charged for every $100 borrowed. Still highway robbery and this lender will require a fax machine in action, verification of employment, driver’s license #, etc.

Amount of Loan	Non-Paperless MPR	Non-Paperless APR	Non-Paperless Repayment	Fee Paid
$100	16%	186%	$115	$15
$200	16%	186%	$230	$30
$300	16%	186%	$345	$45
$400	16%	186%	$460	$60
$500	16%	186%	$675	$75
$600	16%	186%	$690	$90
$700	16%	186%	$805	$105
$800	16%	186%	$920	$120
$900	16%	186%	$1035	$135
$1000	16%	186%	$1150	$150

So our borrow is borrowing $800 from the paperless lender at a 30% charge for the month. I have highlighted her choice of borrowing in pink in the first table above. Very expensive way to borrow money with a total repayment amount of $1040.

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