No Teletrack Payday Loan - a Friend you Can Lean on

By: Apurva Shree

A no teletrack payday loan can change the state of your finances if you use it wisely. Many look at it as a boon and there are some who view it as a quagmire of getting deeper into financial trouble. The fact of the matter is that the convenience that a no faxing loan provides you can turn out either ways. Used wisely, this system of rapid financial help can put you back on to the path of fiscal stability. Many people have used these loans to recover from tricky emergencies and the number is growing rapidly.

No Extensive Checks

The no teletrack option in the cash advance refers to the fact that the load giving agency relies solely on the data provided by you and does not carry out a credit check. While this places the onus of correct information on you, it speeds up the process of approval considerably and ensures that help is available to you when you need it. A no fax service typically uses the web to accept certain information from you and based on this it will go through a rapid approval process and the money is credited to your account by the next working day.

Minimal Data Needs

The data required by the no telecheck provider is really very straightforward. You have to be a citizen of the US, over 18 years of age, and holding a full time job. Bank details of your salary account are required and an authorization to debit a pre-agreed amount from your account on each payday is needed. With just this data, the no telecheck no teletrack payday loan system swings into action and you get the emergency funds you are looking for.

What is the interest rate that you pay on a typical pay day loan? If you were to ever plan to extend a no teletrack payday loan over a year, you would be paying something like 400%! That is if you borrowed $100 you would pay back $500 after a year! But the entire concept hinges on the fact that instead of dragging on for 52 weeks, such loans are normally cleared in two to four weeks. Thus instead of $400 as interest, you actually end up paying a service charge of around $15 to $20 for a $100 loan over 4 weeks.

These loans makes it possible to meet unforeseen cash crunches if you meet certain very basic criteria. It has saved many people from embarrassment. It could save you too.

Payday Loans
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