Financial Aid for the Needy

Payday Loans—A Source of Financial Aid for the Needy

While leading our lives, we often come across unexpected and unwarranted expenses, such as additional bills, minor surgery of any family member, an automobile accident, money for occasional incidents, and money for a long awaited vacation. In such situations, you have the option of utilizing a payday loan offered by different money lenders. There are two types of payday loans: payday loans and no teletrack payday loans

An Overview of Payday Loans:

Payday loans are offered on the basis of current income. These loans are known by different names due to different advantages they offer. Payday loans provide instant cash to fulfill small and urgent financial necessities. The loan is generally a short-term advance, which needs to be paid by your next paycheck. You can easily get instant cash up to US$ 1,500 through an emergency payday loan. The time required for loan processing is much less, and it is quite possible for you to have the money in your checking account on the same day or next business day. Hence, these loans are also called instant payday loans or cash advance loans.

The lender will not pull up your credit report from any credit reporting agencies when you apply for these loans. You are also not asked to provide any collateral as security for these loans. Due to the characteristics of these loans, they are also called bad credit payday loans or no credit check payday loans.

There are a few mandatory eligibility requirements of payday loans that the borrower needs to fulfill:

  • Being above 18 years of age

  • Employed at current workplace for at least three months

  • A steady income above US$ 1,000

  • No outstanding payday loan

  • An active checking account

There are no other requirements other than those previously mentioned to utilize these loans. The lender charges anything between US$ 10 to US$ 30 for each US$ 100 borrowed. The interest fees are not fixed, and they change with each lender and the borrowed amount. You can apply for a payday loan online from the comfort of your own home. The payday loans offer convenience as you will be not required to visit the lender in person to collect the cash or check after the loan is approved.

An Overview of Payday Loans:

Teletrack is a consumer reporting agency, which functions under the fair credit reporting act. It is an agency that tracks your past credit history. A person whose name is listed on teletrack is considered to be the sub-prime loan holder, and the majority of lenders avoid granting loans to that person.

Lenders offering no teletrack payday loans do not refer to the teletrack database while approving loans. The interest on no teletrack payday loans is higher than for normal payday loans. Such loans are beneficial for people who have defaulted on their loans. These loans are similar to bad credit payday loans or no credit check payday loans. No teletrack payday loans do not check your credit history, and they do not check the teletrack database. The eligibility criteria for utilizing this loan are similar to the criteria for the payday loan.

Payday loan s are your best bet when you need urgent money to fulfill unexpected expenses. They offer convenience as you are saved from hassles of credit checks, collateral, or teletrack tracking.

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