No Fax Payday Loans are loans designed to be repaid in the shortest amount of time possible, ideally within two weeks or the receipt of the borrower’s next paycheck. Because lenders understand that people’s budgets may come up short, they allow these people to borrow from them on short notice. Of course, they do earn a lot from this venture. Most loans carry a 15 to 30 percent fee that is charged on every hundred dollars borrowed. Since the payback is big, lenders are willing to risk removing some requirements in order to hasten the approval of applications. After all, the more money the lend out, the more money they will earn.