No Teletrack Payday Loans
Living from paycheck to paycheck can be so tough. You sometimes find yourself wondering what to do with those last few days before your salary gets released. One of the solutions to your problem is a payday loan. Most payday lenders, however, check on your credit card score and other background information. With no teletrack payday loans, the lending company does not perform those checks. All you need when applying for a loan is to present your state-issued ID. No teletrack payday loans seem too good to be true so better study the pros and cons before applying for a loan:
Pros of No Teletrack Payday Loans
I – No Hassle
You do not have to go through the paper work. So, you get to submit your application as fast as you can. After all, you may be borrowing money because of an emergency. If it were not an emergency, you could have waited for salary day.
II – Chance to Borrow Even with Poor Credit Scores
Because most lending companies perform background checks, borrowers who have poor credit scores are in trouble of not being approved. Lenders will also take a look at your history with other payday lenders. If you have a history of borrowing money and not being able to pay on time, your application will get rejected. If there is no need for background checks, you can have a second chance at borrowing money for your emergency. You just have to know how to handle your money better next time.
Cons of No Teletrack Payday Loans
I – High Interest Rates
Because a payday lending company not performing any sort of background check is taking a big risk, it will ask for a bigger compensation. So expect higher interest rates. These high rates could get you in further debt. If you are in debt, the more you will have trouble surviving until another salary day.
II – Higher Annual Percentage Rate
Without teletrack records to assure the lending company that you are a responsible payer, the company is hitting back on you with a higher annual percentage rate (APR). High interest rates and high APR are sort of insurances for the company. If you are really desperate, you have no choice but to swallow the hard deal.
III – Possible Illegal Activity
It should make you wonder why no teletract payday loans actually exist. The deals these lenders are offering are impossibly good. So, there is a possibility that the whole deal is illegal. If your lenders are a bunch of criminals, they do not have to worry about you not paying back. You probably will get threats if you fail to meet a payment deadline.
The most basic lesson to be learned here is to investigate every new offer that comes out in the market. Although you may be desperate to get a loan, some lenders will offer you more problems instead of solutions. Research is your best weapon here. Do not be swayed by unbelievably good offers even though you need the money that very day.