No teletrack payday loans are the latest offer from many lending agencies. Payday loans are those loans which are given to the borrowers to meet their emergency cash requirements. This normally happens towards the end of the month and before the next pay check arrives. The loan is given for a short term period of 1 to 2 weeks at a rate of 10 to 15 % for the period of lending.
One characteristic of the payday loan is that there is no credit check done on the applicants. Hence people with bad credit also are able to get the loans. Initially there used to be one to one interaction between the borrower and the lender and there used to be some kind of security in terms of post dated checks so that the lender is protected to some extent.
Once the lenders start offering the loans online, the risk had become much larger since there was no personal contact between the borrower and the lender. Then the lenders started depending on information from Teletrack, an agency tracking the behavior patterns of the borrowers availing the loans.
Teletrack is an agency who cross verifies the account details of the borrowers giving valuable information such as bounced checks, payments to the other lending institutions and the general credit behavior of the checking accounts. Lenders could verify the details of the borrowers thus minimizing the repayment risk to some extent.
No teletrack payday loans are those where the process of referring to Teletrack has been dispensed with. Here there are no requirements of any documentation and no checks on employment status and income are done. The loan application is to be submitted online and if you meet some simple primary conditions the money is yours in a matter of 24 hours.
No teletrack payday loans are indeed a risk to the lenders. However, considering that the basic information is checked and the interest charged are very high, the risk is managed to a very great extent.