Payday Loans

Understanding The Cost Of Payday Loans With No Faxing

Payday loans with no faxing are very easy to borrow because lenders offering such loans further simplify the application

process. Where other payday loan companies may require you to fax certain

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documents, such as salary stubs, proof of employment, proof of residence and a copy of bank account statement, no-fax lenders do not require any such thing. They just require you to fill out all the details completely in the application form. But, there must be certain questions that might arise in your head, such as how they verify the details submitted by you, whether they do any kind of verification at all or not, and whether they charge higher rate of interest as compared to other lenders. The following information will answer these questions.

Verification Without Documents – How Does It Work?

Since payday loans with no faxing does not require you to send copies of documents for verification, you might be wondering how lenders verify the details submitted in the application form. Payday lenders do this through Teletrack. Teletrack is an agency that prepares and maintains credit records and other financial activities of US consumers. They work very much on the same line the major credit bureaus work on, but Teletrack reports are not considered by conventional lenders. The reports prepared by Teletrack are used mainly by payday loan companies, retail stores (when they sell something on installment) and sometimes, also by landlords. Besides preparing consumers’ financial reports, Teletrack also provides an array of other services. For example, they can verify the details submitted by you in application form on behalf of your payday lender. Since Teletrack has already established a vast network, it is very easy for them to verify whether the bank account details or the information about employment that you have submitted are correct or not.

Processing And Verification Charges

It is very important for you to keep in mind that Teletrack charges a certain amount of fee for their services, which your

lender deducts from the approved amount of loan. For example, if they approve $600 of loan to you, they may deduct around $100-$125 just in the name of processing and verification charges. It means you will actually

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get $500 to $525 only, but you will be required to pay interest on the approved sum of loan, which is $600. If your lender charges $45 of interest on every $100, the total sum of money that you will have to repay on the scheduled due date is $870. This way, you receive $525 and pay back $870, which means the total cost of the loan amounts to $345.

Overall, even though payday loans with no faxing look like a very attractive, easy and cheap option to borrow quick money, but it is an extremely costly affair, not something that people with low-income can ever afford. Failure to repay in time pushes borrowers into a never ending spiral of debt.

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