During emergencies, when cash is required instantly, applying for no teletrack payday loan is an option to consider. Payday loans are short-term, small amount cash advances, amounting to a maximum of $1500. The maximum time period for which the loan can be given is up to twenty days. Normally, a no teletrack payday loan is given for one or two weeks. But what is a teletrack?
Have you ever heard of good and bad credit? Good credit would mean that a consumer pays his credit on time. Logically, a bad credit would mean that the borrower had a time when he failed to pay off his loans. So a teletrack report would only mean your credit history being checked.
Payday Loans that are approved without the use of Teletrack check are synonymous with payday loans for bad credit. Your loans can be approved even if you have had a history of not being able to fulfill your previous payment terms. Nice, right? Of course, this kind of offer is a temptation when you need cash badly. Lenders are businessmen after all. Why will lenders approve applications for cash advances from borrowers with bad credit? It’s because they can afford the risk to do so. I say they can afford because they charge high interest rates plus additional service charges that you can only think of. In the end, the consumers always lose. Some individuals I’ve known ended up homeless because of payday loans.
Searching for cash advances with no teletrack, often means that you want to apply for another loan to pay off your first loan. If this is correct, let me tell you that what you are about to do is a financial suicide. There is a saying that goes, “You cannot make your mistakes right by another mistake.” This quote runs true with payday loans. Calculate how much you will be adding up to your pile of debts! Say, now you have the principal amount you borrowed plus the interest rate that you need to pay to your lender. Because of certain circumstances, you won’t be able to pay it on time so you decide to take in another loan. Let P represent the principal amount and R the interest rate from your first loan. So you owe PR to lending company A. Now, let S be the interest rate from your second loan. In the end, you will have a debt worth PRS, meaning you will have tripled your loan! This is not mentioning how much the interest rates really are. Some cash advance companies charge 300% for the principal amount of loan applied for.
You may have had a bad experience with a previous lending company which yield you a bad credit score. Fortunately, you were still able to repay your debts, although your record will show that you have not paid your credit on-time. If you were lucky enough to get out of debt, why would you want to apply for another headache? Haven’t you learned your lesson yet?
Payday loans can be an option in your financial distress but getting out of them is very difficult once you don’t succeed in repaying your debts on a scheduled date. Cash loans should be the last resort solution to take up if you really want to be financially stable.