Thursday, October 31, 2013
The Good and Bad Sides Of A No Teletrack Payday Loan
Are you familiar with the name: no teletrack payday loan? If you have ever been caught in a situation where you need some cash urgently, then chances are you must have taken help of these cash advance loans. For those who are unfamiliar with these loans, here's a story:Imagine This: You have suddenly run up a high car bill, or medical bill, or you need to travel to some place urgently, and you do not have the necessary money to finance it. What do you do? Your answer is most likely going to be: use a credit card. But, what if you do not have a credit card? Or your credit card is maxed out. Now, what do you do?The answer is to take the help of no teletrack payday loans. These loans are also referred to as payday loans; cash advance loans and instant payday loans. Whatever, be the name, these payday loans are quickly becoming a way of life for a lot of people all over America, including Georgia.What Is A No Teletrack Payday LoanA payday loan is a small loan that you avail for a short period of time. You are required to return the borrowed sum by your next payday.Why Is It Called a No Teletrack Payday Loan? Unlike other loans, these loans do not come with the baggage of a complicated processing process. Your credit history is not pulled out, neither are you and your references checked by the numerous irritating telephonic conversations.Why Are These Payday Loans So Popular In Georgia? Not only in Georgia, these loans have taken the entire lending industry of America by a storm. The reason: The payday loans bring with them a whole lot of advantages.The AdvantagesYou don't have to go through the hassle of those embarrassing questions about your credit history. These instant payday loans are so called because these can be easily and quickly procured. You can apply in person, through phone, or even through the Internet. The entire process takes less than 20 minutes. Chances are that your requested amount will be deposited in your account within 24 hours of your applying. These loans also do not come with any hidden or upfront fees. Moreover, absolutely privacy is maintained about your financial information. The most vital reason why you should go in for a no teletrack payday loan is that these loans help you solve your financial problem immediately.The DisadvantagesJust as every coin has two sides, these loans also have a good side and a bad side. The disadvantage of these payday loans is that these have very high rates of interest. If you fail to pay these loans in time, it spells more financial doom for you. However, you can avoid all such consequences by being regular with your payment. Also, make sure you read the fine print of your lender's agreement. You can avoid being entrapped by a high interest deal by researching the market for different offers and then selecting the one that offers you the most reasonable rate of interest.