A no telecheck payday loan allows a borrower take a loan ranging from $100 to $1500. The cash is deposited into the applicant's account within 24 hours of approval. Though the loan period varies from lender to lender, the usual time period for repayment is four weeks.
Whenever you apply for a loan with a bank or any other financial institution your loan is approved only after the authorities conduct a telecheck. They first speak to you and see how bona fide you are as a customer. You are also asked to produce several documents like your employment details, your identity proof etc. These documents have to be either faxed to the lender or you need to go and deliver them yourself.
The above procedure takes a lot of time to complete all the tasks mentioned. In such a scenario, a no telecheck payday loan is a better option.
With a no telecheck cash advance, you needn't go through any of the above mentioned chores. All you need to do is to fill up an online application form and you're done. Unbelievable, isn't it?
Once you've submitted all the details and they are validated by the lender, your loan would be sanctioned to you. Once approved your loan amount would get automatically deposited in your bank within 24 working hours.
Like any other loan, no telecheck payday loans come with both merits and demerits. The benefits of no telecheck payday loans that make them so popular are no need to fax or mail any documents and no need to go through a credit check. This means that even if you hold a bad credit history, it would not reflect in your eligibility for the loan.
But the demerits are only a small amount can be applied for. Larger loans are not permissible and the payback terms and conditions are very stringent and strict. Also interest rates tend to be high.