No Teletrack Payday Loans: Access to All

Yara Zakharia, Esq.

Like an agonizing ulcer, a financial emergency needs to be treated immediately in order to prevent further endangerment or damage.  For the average American living paycheck to paycheck and confronting a short-term cash crunch, the only quick fix appears to be a loan from a relative or friend.  An equally attractive alternative for consumers desiring privacy, confidentiality, expediency, and credit-blind qualification is the innovative borrowing concept known as the no teletrack payday loan.  Traditionally treated as outcasts by conventional lenders, individuals with a battered credit history and/or with a bankruptcy filing on their credit report can now easily qualify for no teletrack payday loans.  Urgent financial circumstances necessitating short-term cash advance range from household purchases and hospitalization expenses to utility bills and auto repair expenditures.  Also known as no telecheck payday loans, no teletrack payday loans help borrowers cover unforeseen expenses and tide them over to their next payday by providing them with a quick cash advance for a period of two weeks.

Teletrack is a credit organization that records most of the loans in the marketplace and provides information to financial companies.  Specifically, it collects data relating to subprime consumer credit and assists creditors in ascertaining whether a particular borrower is creditworthy or poses a risk.  Teletrack furnishes its clients with information concerning the financial status of prospective borrowers, which typically includes items such as credit and checking account history, outstanding checks against existing loans, and bankruptcy.  No teletrack payday loan providers do not utilize teletrack services.  The rationale is that since payday cash loans are short-term loans of a small amount, there is no urgent need to verify the data submitted by applicants.  The appeal of no telecheck payday loans can be explained by the fact that they do not take into account whether a prospective borrower has a good or bad credit report.  This type of fast payday advance waives the credit check requirement and approves applicants irrespective of poor credit.  The absence of teletrack makes this loan category an extremely convenient and practical financing option for consumers with damaged credit.  No teletrack payday loan companies do not examine a client’s credit report because the latter’s payroll check secures the loan.  Since the applicant need not pledge any security to obtain the funds, a no teletrack payday loan is also referred to as a no-collateral cash loan.

In the United States, there are a multitude of no teletrack payday loan providers who specialize in assisting consumers caught in a financial bind.  A growing number of cash advance lenders offer no credit check, no fax and no telecheck payday loans.  Consumers may apply for a no teletrack payday loan online from the comfort of their home, the process being simple and consuming two to three minutes on average.  Instead of commuting to and waiting in line at a bricks and mortar cash advance store, prospective borrowers may preserve their privacy and anonymity as well as expedite the process by applying online.  Typically, no telecheck payday loans are available for an amount ranging from $500 to $1500.  Amounts vary depending on the fast payday advance creditor’s policies and the applicant’s salary.  The borrower may utilize the funds for whatever purpose he or she desires.

All that an applicant needs to supply is basic personal information, a designated checking or savings account, and employment details.  Upon completion and submission of the short application, processing and approval is issued typically within minutes.  No teletrack payday loans enable borrowers to receive the funds in their bank account within a few hours and no later than one business day from submission of the loan application.  After approving the client’s application, the quick cash advance lender directly deposits within 24 hours the moneys into the former’s checking or savings account.  It is a hassle-free transaction since customers are not required to fax any documents or undergo a credit check.  On the due date, the no teletrack payday loan company electronically debits the loan amount and finance charge from the borrower’s bank account.