No Teletrack Guaranteed Payday Loan
There is a fast cash advance loan available that is advertised as a no teletrack guaranteed payday loan. These are the easiest and perhaps the least desirable cash advance loans to obtain. The lender runs no credit check, and does not use the teletrack system that many payday lenders use to identify persons who may have problems with repayment of fast cash loans. Most states restrict borrowers to having only two payday loans active at any one time, but without using teletrack, these other easy lenders do not have knowledge of any other loans you may have outstanding, or your payback history.
No Teletrack Loans Carry Far Greater Risk for Lender
A responsible lender will want to be fairly assured that lending you money is a good risk, and that they will be repaid in a timely manner. Similar to a no fax guaranteed payday loan, the no teletrack guaranteed payday loan is riskier for the lender, and they will make up for the risk by charging you additional fees, higher fees, and sometimes extremely high interest rates. These interest rates can be as high as almost 2000% APR. The fee for the loan is also much higher than the other lenders who charge only $15 to $20 per $100 borrowed. The loan term is until your next payday, usually a week or two. It is essential to read and understand all the fine print if you are dealing with a no teletrack payday lender.
Higher Fees Typically Associated With No Teletrack Loans
Virtually anyone can obtain a no teletrack guaranteed payday loan. You must have income of at least $1000 a month, be of adult age, have a direct deposit bank account, and provide identification proof, and mailing address. Since these are the same requirements for other payday loans, if it is possible to avoid the no teletrack lenders, you are better off to find a regular payday loan lender who does not charge the high fees that no teletrack lenders list.
You might wonder why a lender would take on a risky loan? Simply for the money that they do receive. They charge significantly higher fees and interest, and there are plenty of people who use their services. If you have an emergency and need fast cash, sometimes you do not care about the fees or interest. If you already have a couple of payday loans, or have not repaid previous loans in a timely manner, the only place where you will be able to get another payday loan is from a lender who does not use teletrack. It is fairly obvious that this practice is good neither for the lender nor the borrower. But, it does exist, and every day people are getting no teletrack guarantee payday loans.
Defaulting on These Loans Will Result In Stiff Penalties
The loan will be deposited directly into your bank account, and repayment will be withdrawn through an ACH form that you have pre-approved. If you do not have enough money in your bank account when the loan is due, you will be charged high fees by the lender, and your bank will also charge a fee. The transaction would then be put into a collection mode. It could have very expensive results, so be sure that you do have the cash available when due. Keep copies of all correspondence from any no teletrack guaranteed payday loan lender, as some have been known to be unscrupulous. Like everything else, this is a “buyer beware” situation.