There are several different creditors who do not do a credit check before giving payday loans. This is mainly because of one reason - they want to build up their lending business. Irrespective of the motive, this is quite advantageous for people with a bad credit history. A payday loan which does not require credit checks is popularly known as no teletrack payday loan.
Teletracking is a service offered to payday loan lenders. This service is utilized to take out information regarding the applicant’s credit history and whether he/she has a history of default in payment. This information is utilized to decide whether a borrower is eligible for a loan or not.
The Eligibility Criteria For No Teletrack Payday Loan:
The qualification norms for no teletrack payday loan are very similar to normal payday cash advances. Following are the eligibility criteria:
• He/she should be eighteen years of age or more
• He/she should be the citizen of the country they apply to
• He/she should have an active checking account
• He/she should have a regular job
• He/she should earn a regular income of more than $1000 a month
Cash Amount:
The loan amount ranges from $100 to $1500. However, the total cash available for borrowing differs from lender to lender. It mostly depends on the borrower’s monthly salary and a few other elements.
Since these loans are unsecured, the lenders do not ask the borrower to submit any collateral as security. However this very fact compels the creditors to charge a high rate of interest. The interest rate usually is $10 to $15 on every $100 borrowed.
No Teletrack Payday Loan can be got online. This means that a borrower can apply for these loans via the internet by simply filling up an application form online. The application is verified in no time, as the lenders do not go in for a teletrack. Once the application has been approved, the cash advance is processed and transferred into the borrower’s bank account. The whole process does not take more than a day.
No Teletrack Payday Loan is an easy to get loan, available to almost everyone. However, before applying for this cash advance make sure that you do your research well on the interest rates being charged by different companies so that you strike the best deal.