Understanding Payday Loan Stores, Teletrack, Direct Lenders, Guaranteed!
From time to time, especially in today’s economy, we sometimes need a small loan for an unexpected emergency or problem. The quickest way will be to get a payday loan either from an online store or a physical payday loan establishment. The usual amounts available will be from $50 to $1000.
While searching for a payday loan store, you may find certain phases and wording that you do not understand, but it is all pretty simple.
On many Internet loan stores as well as actual physical stores you will find some of the following being advertised:
“guaranteed payday loans direct lenders no Teletrack”
“guaranteed payday loans no Teletrack direct lender”
“payday loans no credit check no Teletrack direct lenders”
The most common is “no Teletrack.” Teletrack is a credit bureau similar to a large credit bureau but it specializes in supplying credit information to a payday loan store. The information usually pertains to your past credit history with small loan companies. So if you see that phrase, it means that your loan will be approved by the information you provided on the application only.
Another phrase which is also very important is “direct lender.” Many payday loan companies use brokers or other third party middlemen to help find customers. While this may seem advantageous to the loan seeker, it may actually cost you more money as the brokers charge the stores a commission rate and it will be you who pays part or all of that commission. A “direct lender” store does not use any outside brokerage to find customers. This is also advantageous to the applicant as their personal financial record will only be available to the payday loan store and not to unknown individuals.
Last of the set of phrases is a “guaranteed payday loan.” While no loan is actually guaranteed, stores that provide this service will usually provide a loan but it will be at a higher interest rate. Even if a customer has a bad credit history, he will usually be given a loan. The customer will issue a check for the amount of the loan including the interest rate and it will be deposited usually within one month depending on the agreement.
So regardless of the need for a small loan, it should be easily obtained at a payday loan store. Be sure to shop around and make sure that you understand everything that is written on the contract. It is never wise to borrow money for frivolous reasons but when you have an actual need, a store advertising, “Payday loans, no credit check, no Teletrack, direct lenders, ” may be the answer to your short term financial dilemma.
Extra keyword: payday loan, Payday loans