Do I Need A No Fax No Teletrack Payday Loan?

by : Apurva Shree

The technological advances these days have made it easy to get an no faxing no teletrack payday loan against your next paycheck. The speed of approval and processing is so fast these days that the amount is directly deposited into your bank account within 24 hours of applying for the loan this is quite unlike the previous experiences that you might have had regarding a conventional loan.

There is no need for you to step out of your home; you can apply for the money online. The approval procedure is done through various internet resources. With a no teletrack no fax payday loan, you dont have to fax any documents for verification. No telecheck is done to get a report on your credit history. So you can get approved for such quick cash loans even if you have a history of skipping payments, late payments, arrears and CCJs Now, let us know what the catch is?

Meant For Short-Term Emergencies Only

The catch, my friend, is that these no teletrack no telecheck payday loan are very expensive for every $100 that you borrow against your paycheck for just 2 weeks, you end up paying another $15-$30 as interest on an annual basis, this figure adds up to a phenomenal 400%-800%

This is the reason why paycheck loans should be taken only in case of real emergencies-when expenses just cant be avoided or delayed like medical bills, vehicle repair expenses, or other pending bills that might pull down your credit score if not cleared on time.

You should always avoid taking a no teletrack no fax payday loan for non-emergency needs and when you are not 100% sure that you will be able to repay it on schedule The high interest cost applicable makes it very impractical to use this quick cash resource for long term purposes

Watch Out For Scammers

Not all websites that claim to sell paycheck advances actually do that Some of them are simply interested in gathering your financial information so that they can misuse it, or sell it to someone else who might misuse it further So beware of entering your details on such sites.

An easy way to make out if a website is secure or not is by checking the address bar. If the address starts with an https instead of the simple http, it is a sure indication that the site uses encryption security measures for safeguarding your data. A no fax no teletrack payday loan can only work to your advantage; if you use proper judgment and wisdom.