No Teletrack No Fax Payday Loan - Get Instant Cash
Following are some frequently asked questions associated with a no Teletrack no fax payday loan. Some people have the misconception that these lending methods charge a very high rate of interest and therefore cannot be a good option. There are several other misconceptions as well, such as people with bad credit cannot apply for cash advance, which is not true. The following frequently asked questions would help you make an informed decision.
What Is The Role Of Credit History?
The most confusing part is associated with the credit history of the applicant. An applicant with poor or bad credit is usually hesitant in applying for cash advances. That is the reason why lenders have now introduced a new format of loan, which is termed as no Teletrack payday loan. As the term suggests, this process of lending does not involve any sort of Teletracking. Teletrack is a verification method that is done in order to check the credit records of the applicant. The process will look into the applicant's credit history in order to find out any flaws, such as whether the applicant has filed for bankruptcy recently, whether they have been making defaults on existing loans etc. However, since the verification process of no Teletrack no fax payday loan does not include any sort of Teletracking, you do not have to worry about credit history. If you have a good employment status with a handsome figure salary, you will get guaranteed approval for cash advances.
What If I Am Unable To Repay On The Due Date?
The usual due date for no Teletrack no fax payday loan is the next payday when you get the salary credited to your checking account. However, if you are still not in a position to repay the amount, you can apply for an extension. The lenders will usually do not mind allowing you an extension of one month. Howeverž you can be allowed a maximum of two such extensions only. Things will get complicated after that. Therefore, it is always prudent to repay the no teletrack No Hard Credit Check payday loan on the fixed due date. Extensions in due date will result in substantial amount of penalty. What is more, it will also accumulate a much larger amount of interest.
The rate of interest charged on no Teletrack no fax payday loan is usually very high, but keeping in view that you have to pay interest only for a couple of weeks, the real amount is not more than a few dollars.