What Are "No TeleCheck Payday Loans"?
No TeleCheck payday loans are the fastest way of financing unexpected expenses. Is your credit card maxed out and you are days away from your next pay check? No TeleCheck payday loans allow you to borrow money for short terms (usually two weeks or one month) with hardly any paperwork.
With payday loans, you don’t need to fax in piles of documents. The application process is as simple and straightforward as it can be: it doesn’t take you more than ten minutes to fill in an application form, and money gets wired to your account within one business day. Depending on the time of day you have filed the request, you could get the funds within one hour.
A no TeleCheck payday loan can be contracted both in a brick and mortar store and online. Applying over the Internet has its obvious advantages. It can be done from the comfort of your home or office, without having to drive to the other side of town (if your town even has such a store) and at any time of day or night, 24/7. Applications usually get approved instantly.
A no TeleCheck payday loan can be contracted even if you have a less than perfect credit score. No credit checks are done before the money is wired to your account. Hence, it can be used to help you repair your credit history. However, you should keep in mind that payday loans are quite expensive (interest rates start at $15 for every $100 borrowed), so only attempt to use it as a credit repair mechanism if you have the necessary funding to back up the expenses.
If you cannot pay the amount in full at the maturity date, the credit can usually be rolled over to your next pay check, in exchange of a small fee, which can be either a flat rate or a percentage of the amount unpaid. This way, a payday loan can be extended and work like a long term loan. Certain criteria have to be met – like no previous payment incidents and a minimum of 50% of the amount paid by the maturity date. However, if you are a returning customer, you will find that the lender is way more open to negotiations than a bank.
Failure to comply with these minimum refinancing conditions, however, can have negative impacts on your credit history. If you miss more than several payments, the lender can contract a collection agency that can eventually take you to court. Besides paying quite hefty collection fees, your credit scoring will go down as well.
All in all, you should remember that payday loans shouldn’t be used as a permanent source of extra cash, but rather as a way of covering unexpected expenses over very short time spans – a month or less. Otherwise, the costs will become overwhelming and you will find that you are paying more in interest rates, commissions and fees than the amount you have initially borrowed.
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