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Payday Loan No Teletrack - The Facts about a Payday Loan with No Teletrack - Requirements, Very High Interest Rates, Wire Transfer Fees

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A payday loan with no Teletrack is basically a loan that is deposited in your checking account without the use of Teletrack. Teletrack is a service that most payday loan companies use to verify information, so companies that do not use Teletrack offer a payday loan with no Teletrack. The reason some borrowers choose to use a lender that does not use Teletrack is because they do not want anything to get on their credit report. Without Teletrack, there is no way to link the loan back to the borrower if it is paid back in a short amount of time.

Even borrowers who have bad credit can usually get a payday loan with no Teletrack. The loan is secured by the borrower’s payroll check. This also means that the lender does not check the borrower’s credit. Of course while all of this does sound like a good thing, there are some important things that should be understood before the borrower signs on the dotted line.

Requirements

The requirements for taking out a payday loan with no Teletrack are pretty standard from company to company. Borrowers must be at least 18 years old and have had a job for at least six month. The job must be secure, and the borrower must earn at least $1,000 per month. Borrowers also must have a bank account, proof of address, and a social security number. Some companies offer loans with instant approval that do not require the borrower to fax any verification of anything, while others will require at least two months of paystubs in order to prove that the borrower is actually employed. Beyond that, approval is usually instantaneous, and the cash gets deposited in the checking account about 24 hours later.

Very High Interest Rates

The first thing borrowers have to realize is that the interest rate on a payday loan with no Teletrack is much higher than a standard loan. Some companies charge as much as $30 per $100 over just two weeks. Of course sometimes it may be necessary to pay these extremely high rates if there are no other options, but usually the interest rate alone should be enough to cause borrowers to think twice before taking one out. Above all, borrowers who do decide to go this route should make sure that they can definitely pay it back within the required time frame. Most companies offer an extension, but then the loan costs even more. Borrowers should think twice before even beginning this high cost loan, and probably four or five times before extending it.

Wire Transfer Fees

Another way some of these companies will try to sneak in hidden charges is through wire transfer fees. The service works by automatically depositing the loan into your checking account the following day, but sometimes there are wire transfer fees that are charged by both ends of the service, which means you might see this fee show up twice.

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over 5 years ago

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over 5 years ago

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