An instant cash loan, no teletrack is your answer when you are faced with a financial crisis in the middle of the month before your next payday. All you need to overcome such short financial crises is a small loan. There are many companies which are in the business of providing small cash loans of $100 to $1500.
No Credit Checks
Nowadays as the payday loan lending industry is booming, procedures for these loans have become very convenient for the customer. The loan companies give the cash loan instantly without carrying out any teletracking which means that they do not check your credit history, repayment history and debts. The entire process of applying for the loan can be done from the comfort of your home via a computer. All you have to do is go to the required company's website and fill out their online application form.
The form requires the borrower to provide basic details about himself and his work like his name, age (it is mandatory to be at least 18 years,) employer's name, salary, and bank account and a post dated check for the principal plus the interest. Once you are done you click on the submit option and await approval which the company gives almost instantly without any teletracking.
The cash loan is then transferred electronically into your bank account within 24 hours. This is especially useful if a person has a bad credit history since even his cash advance application will be approved immediately without any teletracking. However, one must remember that such a convenient loan system will definitely have some loopholes as well.
About the Interest Rates
Such cash loans have a very high rate of interest which is about 15%to 30%. Such a high interest rate has a valid reason. Since no teletracking or credit check is done, the lending company has to make provisions for those borrowers who do not repay or whose checks bounce. The high interest rate takes care of such incidences.
Considering the high interest rate it is advisable to avail of such loans only when one is in a dire emergency. One must not make it a habit since in the long run the customer will be the loser. Also try to repay the loan on the next payday, to avoid extra fees. Since there are many companies in this business, check out the interest rates and other policies of different companies, not forgetting the fine print and choose the one which seems the most suitable.