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No Teletrack Payday Loans

To Borrow or Not To Borrow?

There is an ongoing debate right now about borrowing from online no teletrack payday loans direct lenders. People are split as to whether this financial product is beneficial or more harmful. It has certain unique characteristics that are being cited by both sides for their argument.

The Pros of Cash Advance Loans

Fast 1 Hour Application Time

The first thing about this loan that makes it so attractive to some people is the fact that it’s done so fast. The processing time from the application period up to the approval can be done in one hour. If it takes longer than that, you can rest assured that it would be the same day process.

No Teletrack Loans With No Documents

Another advantage that can be derived from it is the fact that there no hassles in taking out one. The payday companies would be asking no documents from you, it is a faxless transaction. They would merely depend on the information that you are going to provide them. Perhaps one of the biggest advantages of these instant personal loans is the fact that there is no credit check needed in order to get an approval. So it would not matter even if your credit is still in a mess. You would still get your money.

Those are just some of the things that make this loan attractive to so many today. It is fast, even instant, hassle free and can be done online.

Downside of Cash Advance Loans

Limits on Cash Advances

Now we come to the negative side of things. First of all, the amount that you can get from online loans is limited. If you need a substantial amount in order to cover for certain expenses, then this is not the best option for you. You might have still to look for other sources of money even after you have taken out this kind of loan.

High Interest Rates

Then the negative aspect of course is the high interest that you would be getting along with your online no teletrack payday loans from direct lenders. If calculated on an annual rate, the interest for these loans could be anywhere from 500% to 800%. The only reason why you would not feel that right away is because the period term for these loans is usually very short, lasting anywhere from a week to a month. It is normally dependent on your pay date.

Made To Pay for Extending Your Loans

You can feel the real pain having to pay an increased interest rate when you are forced to extend the term of the loan.

Too Easy To Get?

Another major downside, one which has caused many financial experts to become concerned with the online loans is how easy one can get them. Even those who have very low credit scores, who are usually unqualified to borrow money from banks, are given a shot at it.

Credit System Failure and Its Consequences

The credit system is actually being bypassed, which is a risky thing, because it was out in place to serve a purpose. While the credit system protects banks from lending money to high risk borrowers, it also helps to prevent those who might have a hard time in dealing with additional financial burden from taking on additional obligations.

So these are the upsides and the downsides of this form of loan.

Rules in the USA

Payday loans are illegal in: Arizona (AZ), Arkansas (AR), Connecticut (CT), Georgia (GA), Maine (ME), Maryland (MD), Massachusetts (MA), New Jersey (NJ) New York (NY), North Carolina (NC), Pennsylvania (PA), Vermont (VT), West Virginia (WV), the District of Columbia (DC). Amounts: $100, $200, $300, $400, $500, $600, $700, $800, $900, $1000

Rules in Canada:

British Columbia – capped at 23% of the principal (including interests and fees) Alberta – up to 23% Saskatchewan – an interest rate cap of 23% of the principal, a cap of 30% on a defaulted loan Manitoba – at 17% per two weeks Ontario – $21 per $100 borrowed for a period of two weeks New Brunswick – illegal at any rate over 60% per annum Nova Scotia – the maximum rate to 25% Prince Edward Island – $25 per $100 borrowed for a period of two weeks Newfoundland and Labrador – no legislation