If you are in dire need of money in the middle of the month and you find that your salary is all spent, what are the options that you have? Ask friends or relatives? You know that short term loans are available but your credit history is not all that good - you have many unpaid loans. Also, your financial standing is nothing to boast about. Before issuing a loan, the lender does a thorough check on these aspects and so the chances are that you will not be given a loan. So you do not even want to take the trouble of applying for one. But do not despair. You have an option of applying for a loan. You can easily avail of payday loans no Teletrack.
A payday loan is a loan which is to be returned on payday that is the day the borrower receives a salary. It is like a salary advance - a loan granted on the understanding that it will be repaid as soon as you receive your pay. Generally, payday loans are not teletracked.
Teletrack is a system where in a person’s credit history can be checked. So, when a borrower applies for a loan, the lender conducts a credit check by using this system. If the borrower has a checkered credit history in the form of many unpaid or partly paid loans, the lender may refuse to grant him a loan. Payday loans no Teletrack are exceptions to this.
When a borrower applies for a payday loan, there is no Teletrack, that is, the lender does not use the system to check the applicant’s credit history. All that the lender checks is whether the borrower has a regular salary income as it is from that he will recover the loan amount with interest.
The borrower should have a checking account. This will be the account where the loan amount will be deposited and from which the lender will directly recover his money on payday.
Payday loans no teletrack are granted only to those people who have a regular salary income. The borrower has to pulge his employer’s name, date of joining the job and amount of salary.
No documents need to be submitted.
The loan can be borrowed online and the process of application and approval is completed within minutes.
The loan amounts are generally small, not exceeding $1000.
The APR or the annualized percentage rate of this loan is very high. For a loan of $100, you may be charged $30 as interest and processing charges.
The chances of default are very high in case of payday loans no teletrack. This is because borrowers of these loans are generally salaried people from low income groups. Since no credit check is conducted, they are able to borrow these loans easily but are unable to repay on payday.
Payday loan lenders claim that the loans they give help those people who no other lender would lend to. Borrowers of these loans are happy that they are able to get money immediately in an emergency.