According to recent studies, the average profile of a payday loan borrower is an educated, hard-working, middle-class American who, from time to time seeks a short-term cash flow solution. Since there are only a limited number of options available to consumers with emergency cash needs, payday advances provide a service that is in high demand and thus fill a societal need. Whether it is an extra purchase or money to cover such expenditures as the arrival of a new baby, a medical procedure, school supplies, or overdue rent, consumers can see light at the end of the tunnel with the help of a paycheck loan. Even individuals with bad credit or no credit are eligible for payday loans, which provide immediate financial relief. Presently, an increasing number of online lenders are offering no credit check, no teletrack and/or no faxing payday advance loans. The online application process is simple and convenient, and the approval process is expeditious. The no fax payday loan and the no teletrack payday loan are short-term loans of a small amount that serve as a gap-filler between paydays:
1. No teletrack payday loan
The concept of teletrack is prevalent in the payday advance industry, the reason being that most loans, including payday loans use this tracking system to manage their application procedures. Teletrack refers to a credit agency that gathers information about loan applicants' financial status, including credit and checking account history as well as bankruptcy. Lenders that rely on teletrack may deny an application due to a poor credit history. The good news is that a considerable number of payday advance providers do not consult teletrack as part of their verification process. Due to the fact that payday advances involve a small monetary sum and are for a short duration (typically 7-21 days), no teletrack payday loan businesses find it unnecessary to verify information submitted by customers. Instead, these lenders usually grant approval to any prospective borrower who can reassure them that he or she is able to repay the loan with the next paycheck.
Because teletrack payday loan companies waive the credit check, this type of loan is extremely convenient and beneficial for individuals with a bad credit history or who have filed for bankruptcy. Applicants with bad credit scores or who are unable to obtain financing from other sources can qualify and are eligible for this type of no credit check payday loan. The maximum loan amount that a borrower may apply for is $1500. The teletrack payday loan application process is speedy and straightforward and may be completed online. All that an applicant needs to provide is basic personal and employment details. More specifically, consumers will have to meet the following requirements:
- Be at least 18 years of age;
- Have an active checking or savings account;
- Hold a permanent or steady job for at least six months; and
- Have a minimum monthly income of $1000.
Some teletrack payday loan providers also require that applicants fax a form of identification, such as their driver's license, and a utility bill. Processing is instantaneous, and the funds are wired to customers' checking account and are accessible to them within 24 hours or less.
2. Faxless payday loan
Prospective borrowers will find it equally easy to qualify for no faxing payday loans. The short, simple, and secure online application takes only a few minutes to complete. Applicants must generally meet minimal requirements, namely 1) minimum age of 18, 2) steady employment, 3) a minimum monthly income of $1,000, and 4) a valid savings or checking account that was opened at least three months prior to the application. No fax payday loans are an ideal option for tapping into fast cash when one lacks access to a fax machine. This is because applicants are not required to fax any documents such as pay stubs, phone bills, bank statements or other personal data. By eliminating paperwork, the faxless payday loan saves customers time.
Another benefit that these loans offer is convenience, since consumers with internet access can apply from their home or office, or even from a library, instead of waiting in line. The online process offers greater efficiency, speed (instant processing and faster approval) and affordability. Furthermore, borrowers qualify for this loan even if they are plagued with bad credit. No faxing payday loan companies disregard credit issues such as bounced checks, charge-offs and bankruptcies. In view of the fact that no paperwork is involved and that the transaction is completed in a faster time frame, borrowers can receive the loan proceeds on the same day. Once the faxless payday loan application is approved, the funds are deposited directly into the customer's bank account and are available for any intended use and purpose.